Saudi Arabia’s budget for 2019 set a record-high expenditure level of SR1.11trn ($295.9bn), a rise of SR76bn ($20.3bn) over the previous year. The expansionary stance means the government is able to boost its current spending, which rose by 4% to SR860bn ($229.3bn), and thereby maintain its commitment to education, health care and social...
Global trade faces protectionist headwinds that are dampening the outlook for growth in the coming years. According to the World Trade Organisation, trade volumes grew by 4.7% in 2017 and are expected to have moderated slightly to 4.4% in 2018 and dip to 4% in 2019. Although this means growth will fall below the 4.8% average recorded since...
Firming oil prices have brought about an improvement in Saudi Arabia’s trade balance in 2018. The government’s longer-term ambition, however, is to protect itself from the uncertainty of the energy market by a diversifying the export base away from hydrocarbons. The Kingdom’s newly formulated economic strategy also aims to boost the level of...
Decades of growth in trade and foreign investment have made the economies of the world more interdependent than ever before. The production of goods and, increasingly, the provision of services has become fractured across borders as corporations integrate into regional and global value chains – a process reinforced by international trade and...
As one of the biggest banking sectors by assets in the MENA region, Saudi Arabia has been something of a sleeping giant in recent years. Economic uncertainty and the effects of low international oil prices have seen both muted lending growth and deposit acquisition. The Kingdom’s lenders have, however, remained profitable throughout this...
Once reserved for ambitious start-ups and industry-leading operators, financial technology (fintech) has caught the attention of private sector firms and government planners alike, becoming a regular feature in budget speeches and development plans. As fintech plays a larger part in the lives of consumers, investors have come to recognise its...
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