Justice minister, DGA chief discuss partnership to boost digital judicial services    Netanyahu does not rule out further strikes on Hamas leaders    US farmers are being squeezed – and it's testing their deep loyalty to Trump    Romania condemns 'irresponsible' Moscow after Russian drone breaches its airspace    Kirk's assassination is forcing US politicians to make difficult choices about their safety    India players refused handshakes, says Pakistan coach    Final stage of Spanish Vuelta cycling race abandoned after disruption by pro-Palestine protesters    Mané fires Al Nassr past Al Kholood to keep perfect start as Ronaldo honored    Lacazette brace earns NEOM SC first Saudi Pro League win    Adolescence star Owen Cooper makes Emmys history at 15    Saudi liquidity grows 8.4%, reaching SR3.1 trillion in July 2025    Over 434,000 people acquire first aid skills during nationwide health campaign    Saudi Arabia's legislative advancement highlighted at International Conference on Judicial Training    Sudden swerving among 3 major causes of accidents in Riyadh in 2024    Princess Haifa emphasizes pivotal Saudi role in shaping future of tourism    Sahm Capital names Saudi Olympian Fayik Abdi as brand ambassador    SR9000 fine for copyright infringement using AI    King Charles and Prince Harry finally reunite after 19 months apart    Anastacia: Arnold Schwarzenegger made me sing Whatta Man 12 times    Thousands pay their last respects to Giorgio Armani, private funeral on Monday    The key to happiness    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi economy to maintain robust growth — SAMA
Published in The Saudi Gazette on 10 - 06 - 2015

Custodian of the Two Holy Mosques King Salman receives annual reports of the Saudi Arabian Monetary Agency for the financial years of 2013 and 2014 during a reception at Al-Salam Palace in Jeddah on Tuesday. SAMA Governor Fahd Al-Mubarak handed the reports to the King. — SPA

Saudi Gazette report


JEDDAH — Custodian of the Two Holy Mosques King Salman commended the Kingdom's excellent financial position thanks to the security and stability prevailing in the country.
The King praised the role of the Saudi Arabian Monetary Agency (SAMA) for the continued robust growth of the economy.
King Salman made these remarks while receiving the annual SAMA reports for the financial years of 2013 and 2014.
SAMA Governor Fahd Al-Mubarak handed the reports to the King during a reception at Al-Salam Palace here on Tuesday.
The reception was attended by Crown Prince Muhammad Bin Naif, deputy premier and minister of interior, Minister of Finance Ibrahim Al-Assaf, Foreign Minister Adel Al-Jubeir, Minister of Culture and Information Adel Al-Turaifi, Deputy Governor of SAMA Abdul Aziz Al-Fareeh and other senior officials of the central bank, the Saudi Press Agency reported.
A copy of the report was also presented to the crown prince. Speaking on the occasion, SAMA Governor Al-Mubarak expected that the Kingdom's economy would witness comprehensive growth during the year 2015 and in the coming years.
The reports showed that the gross domestic product (GDP) posted a growth of 3.5 percent against the global average of 3.4 percent and the growth rate of 2.7 percent in 2013.
The private sector recorded a growth of 5.6 percent last year. The report pointed out that the public funding witnessed the highest-ever spending in its history with around SR1,100 billion, representing 40 percent of the GDP while public debt shrank to 1.6 percent of the GDP.
The balance of payment achieved surplus for the 16th year in a row, reaching around SR288 billion in 2014.
The general index of cost of living maintained a steady decline from around six percent in 2008 to less than 2.8 percent last year, the report said.
The SAMA governor praised the King's decision to merge the economic and development affairs in a single apex body so as to unify economic decisions and improve efficiency, besides coordinating the visions, strategies and activities of the concerned government agencies to realize integrated and sustainable development.
“Decisions were taken to revamp and reorganize economic sectors with an objective to raise the standard of efficiency and competitiveness as well as supporting best utilization of the economic resources,” Al-Mubarak said.
“The Kingdom's economic policies focused on certain vital fields, including developing human resources and infrastructure projects, diversifying the base of production, and enhancing the state's financial reserves with the objective of tackling unexpected developments in the global oil market,” he said.
Al-Mubarak said the good position of the global oil market over the last few years has produced positive impact on the Kingdom's public finance sector, resulting in a surge in the volume of actual spending during the last five years to SR4.4 trillion, of which 30 percent was spent on various capital projects.
“However, a fall in prices of oil since the second half of 2014 has become a renewed challenge to the national economy and this necessitated taking measures aimed at ideal exploitation of the available resources to continue development,” Al-Mubarak said.
The central bank chief also highlighted the Kingdom's global role in maintaining the stability and balance of the oil market in the medium and long run in view of serving the nation's interests through safeguarding the market and consolidating its relations with its customers worldwide.
The reports highlighted the Kingdom's monetary and banking developments as well as balance of payment, in addition to the latest developments in the external sector, public finance, oil and non-oil sectors including insurance, finance and capital market.


Clic here to read the story from its source.