President of the Arab Federation for Digital Economy to (Al-Bilad): Huge opportunities for growth and sustainability of the Saudi economy

Date: 18 - 12 - 2022

Source:  Albilad Saudi newspaper, Saudi Arabia

Maha Suleiman

Dr.. Ali Mohamed Al-Khouri

Dr. Eng. Ali Al-Khouri, Advisor to the Council of Arab Economic Unity and President of the Arab Federation for Digital Economy, said that the process of economic transformation in the Kingdom of Saudi Arabia is moving steadily towards achieving the reforms announced in the Kingdom’s Vision 2030.

He assured Al-Bilad that the economic policy is proceeding with a well-thought-out approach, and determination to implement initiatives and projects that serve the realization of the vision and national goals, pointing to the acceleration of the Kingdom’s record general growth and the strong performance of the public budget.

The President of the Arab Federation for Digital Economy said at the beginning of his speech:“Given the results of the actual and estimated general budget for the period 2019-2023 AD, it can be noted that the expected estimated nominal domestic product for the year 2023 AD increased by nearly one trillion dollars – that is, by more than 30% compared to 2020 AD – which highlights the success of the Kingdom’s financial and economic policies, pointing to the The financial results show the recovery of the Saudi economy from the repercussions of 2020 AD (the year of Corona), and that the financial tools used have tamed inflation rates and returned them to their previous rates at 2% despite the global inflation wave, which has become the greatest threat to developed, developing and emerging economies, as the financial results show. In the areas of exchange, economic development rates are close to three times the annual growth rate, taking advantage of the annual trade surplus, which means that the pace of development is much faster than usual for countries, which reflects the degree of enthusiasm and racing against time in the course of developing economic capabilities.

the significance of the main economic indicators to some positive and important readings, he said that the most noticeable thing is the decrease in the budget deficit and its approaching zero in an important precedent for the first time in more than seven years. As for revenues, it is expected to increase by more than 20% compared to 2018, benefiting from the rise in oil prices, while expenditures will witness a decrease of more than 12% compared to before Corona, which are the years that witnessed the launch of the vision.

He added, “What can be said in general, based on this quick and brief reading, is that the Kingdom has clearly and clearly reaped amazing financial successes as a result of its balanced oil policies by supporting the stability of the global market, investing in oil derivatives industries with increasing demand, and successively increasing non-oil revenues to reach the desired levels.” By the year 2030 AD, and work to develop the national manpower.

On the future features of the world, he explained that all Arab strategies – especially in oil-exporting countries – were based on economic sustainability, strengthening and diversifying their tributaries, while continuing to invest oil revenues in supporting development plans and strengthening its financial reserves, which is what the Kingdom adopts as part of its ambitious vision to reduce dependence on oil as a primary source of income. Creating huge opportunities for sustainability, enhancing the added value of the production and service sectors, entering new promising sectors, huge projects, and a growing attraction for domestic and foreign investment in the future economy.

Enormous Opportunities
Dr. Al-Khouri emphasized that the Kingdom possesses enormous economic opportunities in the Arab region and is preparing for the future in a thoughtful manner, anticipating the risks it may face and placing them within its calculations and plans. We can actually see this path from the repetition of global summits that are now being held on the land of the Kingdom, and the visits of leaders of major economies such as America, China and Russia, which are aware of the importance of the Kingdom’s regional and global role. He added: Here lies the importance of the mechanisms for implementing the development vision in the Kingdom and its reliance on a number of strategic axes to ensure the effectiveness of achieving national goals. Among these axes: Emphasis on the localization of knowledge in the national system, which can be seen in the steps taken to support the establishment of regional centers for international companies in the Kingdom.

On the Arab level, Dr. Al-Khouri stressed the need to strengthen Arab regional alliances and regional action to achieve Arab economic unity, which is the most secure path in light of global challenges and crises, stressing that the Arab market represents a purchasing power that can lead to self-sufficiency and protection from global fluctuations. The principle of common interests on the one hand, and balance in international relations and stand at close distances from the global economic blocs and emphasize positive neutrality as much as possible, and here the Kingdom has great ingredients as a great economic and geopolitical power and an influential center of gravity in its modern civilized face.