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Crown Prince Upbeat on Growing Investments

Middle East : 11 January 2013

Source: Arab News 2013

Crown Prince Salman, deputy premier and minister of defense, yesterday held talks with Commerce and Industry Minister Tawfiq Al-Rabiah and business leaders and underscored the growing foreign investments and trade activities in the Kingdom.

Prince Salman attributed the diversified investments and increasing trade activities to the country’s security and stability and to the wise policies adopted by the government.

The crown prince wished every success for the Council of Saudi Chambers’ programs aimed at strengthening the national economy and accelerating the Kingdom’s development.

Earlier, CSC President Abdullah Al-Mubti briefed the crown prince on the Kingdom’s attractive investment climate and the council’s services for boosting economic development with the support of chambers across the country.

“We also try to strengthen Saudi Arabia’s economic and trade relations with other countries and establish partnership with them,” Al-Mubti told the Saudi Press Agency.

According to the Central Department of Statistics and information, the Kingdom’s gross domestic product is estimated to reach SR 2.72 trillion ($ 727.3 billion) in current prices in 2012, reflecting a growth of 8.6 percent compared to 2011. The private sector is estimated to grow by 11.5 percent in current prices in 2012.

“In real terms, the GDP for 2012 is estimated to grow by 6.8 percent, with the oil sector growing by 5.5 percent and nonoil sector by 7.2 percent,” the Finance Ministry said in a recent statement. In real terms, the public sector is estimated to grow by 6.2 percent and the private sector by 7.5 percent.

Total revenues are projected to be SR 1.23 trillion ($ 330.5 billion) in 2012 and expenditure to be SR 853 ($227.5) billion.

According to Saudi Arabia Monetary Agency’s (SAMA) preliminary data, total exports of goods are estimated to be worth SR 1.49 trillion ($ 396 billion) in 2012, representing an increase of 9.0 percent over 2011.

Nonoil exports are estimated at SR 183 billion ($ 48.8 billion), reflecting an increase of about 4.0 percent and representing 12 percent of total goods exported. The trade balance is estimated to record a surplus of SR 1 trillion ($ 268 billion) in 2012, an increase of 10 percent compared to 2011.

The talks were attended by Prince Muhammad bin Salman, special adviser to the crown prince, and Gen. Abdul Rahman Al-Binayan, director general of the crown prince’s office.

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