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Saudi Round-Up: Tourism & IT Sectors to Witness Upswing
This week's developments underscore Saudi Arabia's multifaceted approach to economic growth – from AI investments and cloud infrastructure to wellness tourism
From 21 October to 28 October 2024
This week's Saudi Arabia business roundup showcases the Kingdom's robust economic resilience and strategic growth across multiple sectors. From record-breaking entertainment events to groundbreaking technological investments, significant trade partnerships, and milestone developments in NEOM, the news reflects Saudi Arabia's dynamic transformation.
General Business and Economy
Saudi Economy Shows Remarkable Resilience Amid Global Challenges
According to SAMA's Governor, Saudi Arabia's economy is displaying strong resilience despite worldwide economic headwinds. At the IMF-World Bank meetings, the governor highlighted the Kingdom's achievements, including low inflation, robust non-oil sector growth, and record-low unemployment rates.
Saudi Arabia has demonstrated its global commitment by contributing over $200 million to IMF's Poverty Reduction Trust and providing $36 billion in developmental aid since the pandemic.
Saudi Arabia Reports SAR 96 Billion in FDI for 2023
Saudi Arabia secured SAR 96 billion in foreign direct investment during 2023, ranking 11th globally in net FDI inflows.
Investment Minister Al-Falih expects continued investor interest, citing the Kingdom's economic stability, strategic location, and strong fundamentals. Saudi Arabia now ranks among the top G20 nations for FDI growth.
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