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Minister highlights the rapid growth of Saudi Arabia

Our economy is the highest among G20 countries, says Majid Al-Qasabi

Minister highlights the rapid growth of Saudi Arabia
[Source photo: Anvita Gupta/Fast Company Middle East]

Saudi Arabia has seen remarkable economic growth in recent years as it diversifies its economy and creates new opportunities for its citizens. According to a report by the Organization for Economic Co-operation and Development (OECD) published last October, Saudi Arabia’s gross domestic product (GDP) growth is expected to reach 9.9%, the highest level among G20 nations. 

During a recent briefing by the Center for Government Communications, Saudi Arabia’s minister of commerce, Majid Al-Qasabi, and minister of municipal and rural affairs and housing Majid Al-Hogail reviewed some of the major developments and achievements in the kingdom during 2022. 

Al-Qasabi said, “our economy is the highest among G20 countries, and the kingdom ranked first in terms of ease of starting a business.” 

Al-Qasabi also emphasized the kingdom’s commitment to humanitarian aid, citing a pledge of “more than SAR 324 million” ($86.4 million) to help those affected by recent earthquakes in Syria and Turkey. 

Highlighting crown prince Mohammed bin Salman’s achievements in 2022, Al-Qasabi said the prince undertook more than ten international visits, received visits from 65 leaders, and launched 21 projects and strategies. In addition, the kingdom hosted 26 international conferences and 15 international sporting events and won 94 international scientific awards.

Meanwhile, Al-Hogail discussed several issues, including the supply of real estate, housing loan facilities, urban landscape improvements, and heavy rain effects. He said that the ministry provided 30,000 housing units in 2022 for families in need and aims to provide 95,000 by 2025. He said that home ownership is rising among locals and has reached 60% of the population. He also mentioned that the budget for drainage and flood-prevention projects is $4.3 billion for the country and $2.4 billion for projects in the Jeddah governorate.

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