Farmers have scaled back fertilizer use due to high prices, and cut the amount of land they plan to cultivate. Total proven oil reserves at end-2018 were estimated by BP at around 297.7bn barrels. President Joe Bidens administration has not blacklisted Russian agricultural commodities, including fertilizers, in the aftermath of the Ukraine invasion. New financing provided during 2021 amounted to SR25.4 billion, a 47 percent increase from 2020. In 1744 Muhammad ibn Saud, then-head of the Al Saud family, established an alliance with the imam Al Wahhab to unify the Arabian Peninsula under the banner of Islam. Through the Hajj and Umrah pilgrimages, which are considered to be religious obligations and cornerstones of Islamic life, Saudi Arabia attracts around 19m pilgrims annually from around the world. Speaking to Argaam, Aldrees CEO Abdulilah Saad Aldrees attributed the profit decline to the drop in wheat cargo transport, driven by the fall in number of incoming ships amid the Russia-Ukraine war. Moreover, the share of non-real-estate finance companies in the total credit portfolio was 62 percent versus 38 percent for real estate finance ones. HOUSTON/WASHINGTON: A tanker carrying a liquid fertilizer product from Russia is about to arrive in the US, sources and vessel tracking data showed in recent days, at a time of widespread worry that sky-high global fertilizer prices could lead to food shortages, according to Reuters.

Each province has its own provincial capital. The Crown Prince indicated that investment constitutes an essential and pivotal element in the system of economic growth and sustainable development under the umbrella of the Kingdom's Vision 2030. Innes said investors had next weeks US Federal Reserve decision on interest rates firmly on their minds. Aldrees expects the company to post better results in the third quarter, compared to the year-ago period. This law helped facilitate a smooth transition in 2015, with the accession of then-Crown Prince Salman to the throne. It features eight key economic transformation targets translated into very specific objectives. The large expatriate population means that a number of other languages are also spoken, including Urdu, Malay and Tagalog. For the week, major European bourses were set to end higher, with the STOXX 600 up almost 3 percent.

The majority of the expatriate population lives in Riyadh and other major urban centres. Over the next few years the young ruler worked to consolidate his control over most of the Nejd region, where the Al Saud family remained popular among the local inhabitants. Saudi Arabia is one of the most important oil producers in the world, boasting 17.2% of total crude reserves at the end of 2018, according to BPs Statistical Review of World Energy 2019 report. However, the Kingdom saw its FDI level drop from $8bn in 2014 and $7.5bn in 2016 before the prolonged oil price slump, to $1.4bn in 2017. The number of petroleum transport stations reached 698 by the end of second quarter, while the number of trucks reached 1,405. This week, the US International Trade Commission revoked hefty anti-dumping and anti-subsidy duties on urea ammonium nitrate fertilizers from Russia in an effort to ease fertilizer shortages and price increases. The latter is the founder of the third Saudi state, which is synonymous with modern-day Saudi Arabia. By achieving these goals, it is expected that the investment-to-GDP ratio of the Kingdom will rise from 22 percent in 2019 to 30 percent in 2030, which will contribute to the growth of the Saudi economy to become one of the 15 largest economies in the world. Temperatures cool in the winter months of November to February, to average 19-25C. The World Bank forecasts the population to reach some 35.3m by 2021 and 39.3m by 2030.

The Eastern Province and its capital of Damman held over 5m people. The aggregate share of such loans for all finance companies stood at 8.6 percent in 2021. The fifth census in the Kingdoms history is taking place in 2020, and all phases except the final phase of physical counting had been completed by early March.

Russia and Ukraine are major exporters of fertilizer, key to keeping corn, soy, rice and wheat yields high. Average annual precipitation is around 8 cm, almost all of which falls between December and March, when tropical winds can cause monsoons in the south and south-west. Since its establishment in September 1932, the Kingdom has poured its considerable financial resources into a series of large-scale economic development, diversification and modernisation initiatives. English is widely spoken by Western expatriates and in places of business. Another 22 percent of loan facilities went into other services not mentioned in detail. The firm recorded a SR46 million ($12.24 million) profit in the three months to the end of June, down from SR62.4 million in the first quarter of 2022. Therefore, Islam informs and defines all areas of life, including the legal system, public behaviour, marriage relations, culture and the calendar. The program concerns the development of the infrastructure in the country and an environment required to achieve the Saudi Vision 2030. The PIF is also set to benefit from staggered payments from the funds sale of its 70% stake in SABIC to Saudi Aramco, valued at SR259bn ($69bn). While Russian gas flows to Europe resumed after a scheduled maintenance outage, market participants fretted as euro zone business activity unexpectedly shrank in July, due to a speedy downturn in manufacturing and a near-stalling of service sector growth. Until proven evidence for softened demands comes into sight, the (Ukraine) war-intensified supply shortage will keep the oil prices staying strong, said Tina Teng, an analyst at CMC Markets. Looking at net profits breakdown by type of finance company, the non-real-estate ones have recorded SR1.4 billion while real estate finance companies received a net profit of SR0.4 billion in 2021. In addition, the council advises the king on a variety of issues, including the annual budget and long-term economic development plans. Despite the fact that the vast majority of the Arabian Peninsula is covered by inhospitable desert, nomadic tribes have called the area home for thousands of years. The official language of the Kingdom is Arabic, of which there are two predominant dialects: Najdi and Hejazi. FDI inflows then rebounded to around $3.2bn in 2018. Religion is central to social, political and economic life in Saudi Arabia, and under the Basic Law of Saudi Arabia, which was issued by King Fahd bin Abdulaziz Al Saud in 1992, the Quran serves as the basis for all the Kingdoms laws, rules and regulations. RIYADH: Aldrees Petroleum and Transport Services Co. saw its profits dropin the second quarter of 2022, thanks to the impact of Ramadan and losses from investment portfolios. Find our research on the Bloomberg Terminal, Dow Jones Factiva, Eikon, S&P Capital IQ, LexisNexis and more. Since then King Salman has abolished a number of government councils, subesquently replacing them with two major councils, the Council for Political and Security Affairs, and the Council for Economic and Development Affairs, both of which are currently chaired by Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. Shareholders equity increased 30 percent to SR25.5 billion in 2021 compared to SR19.6 billion in 2020, the report added. Unlike the Russian government, we have no interest in weaponizing food to create humanitarian crises at the expense of vulnerable populations.. You agree to our use of cookies by accessing the website.

Washington sanctioned Russian crude, refined products, coal and liquefied natural gas, and imposed an April 22 deadline to wind down imports.

Another goal of the strategy is positioning Saudi Arabia among the top ten economies on the Global Competitiveness Index by 2030, the Crown Prince said. The appointment of Prince Mohammed bin Salman as crown prince overturned decades of royal custom, as succession from father to son had only taken place once before in Saudi Arabias history. The King Abdullah Petroleum Studies & Research Center (KAPSARC) published a paper titled Economic Diversification Under Saudi Vision 2030: Sectoral Changes Aiming at Sustainable Growth to mark the fifth anniversary of the launch of the vision. The FBP focuses on various areas, including social welfare reform, scrutiny of government expenditure in the wake of low oil prices, introduction of new fiscal measures such as expatriate levies and value-added tax, and private sector growth. Despite the sharp decline in oil prices, the outlook for the supply issue remains problematic. By the mid-1950s oil exports accounted for the majority of the states income, and Saudi Arabia embarked on a series of large-scale, government-led economic development projects funded by this new revenue stream. (Reporting by Jeslyn Lerh in Singapore and Sonali Paul in Melbourne; Editing by Kenneth Maxwell). While 75 is in the cards, guidance will be important and any softening in the rate hike outlook would be great for global growth, Innes added. The Saudi Vision 2030 focuses on the aims and intentions of the Kingdom of Saudi Arabia to be achieved by 2030. Further, the country is targeting an improvement of the position in global logistics, increasing travel and tourism including the capacity for pilgrimage and promoting household spending on entertainment activities. CAIRO: Saudi Arabias finance companies have demonstrated outstanding performance as their total assets reached SR67 billion ($17.85 billion) in 2021, a 26 percent increase from 2020, according to a report by the Saudi Central Bank, also known as SAMA. During the second Saudi state, which was formed in the wake of the war and based out of Riyadh, the Al Saud family ruled over a substantial area in central Arabia from the early 1820s until 1891, when it succumbed to tribal infighting. Investments at best accounted for 22% of the Saudi GDP, he added.By 2030, total investments will exceed SR2 trillion per annum, or three times the current level of nearly SR650 billion. However, Aldreesis still upyear-on-year, bringing in SR10 million more in 2022s second quarter compared to to the same period last year. Register now and also receive a complimentary 2-month licence to the OBG Research Terminal. Lloyds of London insurer Beazley topped the STOXX 600 as it raised full-year profitability outlook. The breakdown of credit portfolio by customer segment is 75 percent for retail customers, 22 percent for micro, small and medium enterprises, and 3 percent for corporates. Hydrocarbons income has traditionally accounted for the vast majority of state revenue; however, in 2016 the government launched Vision 2030, a bold economic diversification plan with the central aim of transitioning the economy away from oil. But fears of rising borrowing costs sparking a recession, a weak euro and the Ukraine war have pushed the index down more than 12 percent for the year. The paper emphasized evidence that economic diversification would make the economy more resilient to external demand shocks, help to create higher-skilled jobs and establish a knowledge-based economy. The strategy aims to raise net foreign direct investment flows to SR388 billion annually, and increase domestic investment to reach about SR1.7 trillion annually by 2030. Details on the seller and buyer were not immediately available. By 800 CE, as a result of rapid expansion by the early Muslim caliphs and other leaders, Islam had become the predominant religion over a wide geographical area, spanning from what is now Spain and Portugal in the west, to Central Asia in the east. With regards to nonperforming loans by type of activity financed, the loans provided to finance equipment recorded the highest share in total lending provided for that particular activity at 28.9 percent, followed by auto finance at 12 percent, other activity and commercial real estate at 8 percent each, consumer finance at 7 percent. On October 25, 2017 a third VRP was released, the Public Investment Fund (PIF) Programme, which outlines a number of initiatives to be undertaken by Saudi Arabias sovereign wealth fund to 2020. Saudi Arabia is hot and extremely arid year-round, like much of the rest of the Gulf, and does not have clearly defined seasons. The current crown prince is widely seen as a moderniser, seeking to meet the needs and aspirations of the population in a rapidly changing, globalised world. Brent crude futures rose $1.61, or 1.6 percent, to $105.47 a barrel by 0630 GMT, while US West Texas Intermediate crude futures gained $1.43, or 1.5 percent, to $97.78 a barrel. SINGAPORE: Oil prices climbed in Asia trading on Friday, rebounding from previous declines amid supply tightness and geopolitical tensions, even though weakened demand in the US has cast a shadow on the market this week, according to Reuters. The Kingdom is covered by a series of interconnected deserts and scrubland, the largest of which is the 650,000-sq-km Rub Al Khali (Empty Quarter) in the south, which is the biggest continuous sand desert in the world. There is a real appetite for change, and you see the transformation not just socially, but also in terms of benchmarking best international practice across business and the adoption of technology, he added. Evaluating the credit portfolio breakdown by economic activity, the top three sectors with the highest shares were trade at 21 percent, construction at 20 percent, services at 14 percent, and transportation and telecommunications at 9 percent. One of the many reasons for the growth is the national transformation program launched in 2016. The Al Saud family, which today rules Saudi Arabia, has held intermittent control of the Nejd and other parts of central and eastern Arabia since the mid1700s. After a volatile session following the resignation of Prime Minister Mario Draghi on Thursday, Italian shares rose 0.5 percent as the country prepared for a snap national election on Sept. 25. The US Treasury Department and the US Customs and Border Protection agency declined to comment.

The provinces are further divided into between three and 20 governorates, with a total of 118 throughout the country.

Stay updated on how some of the worlds most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues. The Crown Princehighlighted that out of the SR12 trillion,the Shareek program initiatives will inject SR5 trillion, the Public Investment Fund is set to contribute SR3trillion, and the remaining SR4 trillion will come from investments facilitated by the NIS. During the seasonal transition period from February to May, violent sandstorms sometimes occur. The government has worked hard to open up the Kingdom to foreign direct investment (FDI) in recent years. The Majlis Ash-Shura, or Consultative Council, has an advisory role in the government and is made up of 150 members, all of whom are appointed by the king. The NIDLP aims to guide growth in the industry, mining, energy and logistics sectors (see Industry chapter). Your contribution to building a prosperous economy following #SaudiVision2030 will forever be remembered. The pan-European STOXX 600 index rose 0.4 percent on the day after struggling for direction in the prior session following an aggressive 50-basis point rate hike, the first increase by the European Central Bank in 11 years. Aluminium-maker Norsk Hydro rose 6 percent after proposing an extra dividend and offering share buybacks. Today, the Kingdom embarks on a new investment era to empower Saudi and international private-sector investors with more and better opportunities. 2022 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. It is also connected to Bahrain off the east coast by the King Fahd Causeway, a 25-km road bridge. Following the death of the reigning monarch, a committee composed of male heirs of King Abdulaziz is convened to officially name the crown prince as the new king. While signs of softening US demand weighed on oil prices and sent benchmark contracts sliding around 3 percent in the previous session, tight global supplies continued to keep the market buoyed. "We will continue to work towards a bright future, enhanced by a diversified and sustainable economy, and this strategy is one of the tributaries formed to achieve this.".

TheNIS will target keysectors such asmanufacturing, renewable energy, transport and logistics, tourism, digital infrastructure, and health care, the statement said. Saudi Arabia is a monarchy and the royal family is the Al Saud, the direct descendants of King Abdulaziz, the countrys founder. As for nonperforming loans, their share in the total lending portfolio of real estate finance companies stood at 4.9 percent in 2021, while the figure for non-real-estate finance companies was double that at 10.1 percent.

opportunities and possibilities in the Kingdom of Saudi Arabia. Women make up one-fifth of its total membership. Net profits also skyrocketed by 114 percent in 2021, achieving SR1.9 billion, the report stated. This represents a total injection of SR27 trillion ($7 trillion) by 2030, he added in a statement carried by Saudi Press Agency. Each of the governorates are divided into sub-governorates for greater local oversight.

You have reached the limit of premium articles you can view for free. Demand in India for gasoline and distillate fuels rose to record highs in June, despite higher prices, with total refined product consumption running at 18 percent more than a year ago and Indian refineries operating near their busiest levels ever, RBC analysts said. The population is young, with an estimated 39% of nationals under the age of 25 as of mid-2019. Power has traditionally been held by King Abdulazizs sons, with accession passing from brother to brother. Investment is without a doubt one of the main routes for us to achieve the ambitions and aspirations of Vision2030, among them economic development, diversification and sustainability; technology transfer and localization; infrastructure development; better quality of life; job opportunities and the upskilling of our human resources, leaving a legacy of prosperity for future generations, Saudi Arabia's Crown Prince Mohammed bin Salman. In the next phase, we will be achieving the Vision 2030 objectives; we need to boost the Kingdoms investment performance in qualitative and quantitative terms, Al-Falih said.In quantitative terms, we are looking forward that those investments would account for 30% of GDP, toeing the line with the developing economies. RIYADH - The Minister of Investment Khalid Al-Falih said that Saudi Arabia targets a gross domestic product (GDP) of SR6.4 trillion by 2030.The Kingdom also seeks over SR12 trillion worth of investments in order to emerge as one of the worlds 15 largest economies, the minister said on a meeting to highlight the National Investment Strategy (NIS) on Wedensday.The NIS will help achieve, in collaboration with other government entities, the objectives of the Vision 2030, Al-Falih said.He also indicated that the Kingdom has the strongest financial solvency among the G20 countries.The Kingdoms investment performance is below expectations, compared to its ability to attract, absorb and generate investments. Among the most powerful of these groups were the Hashemites, or Banu Hashim, a clan within the larger Quraish tribe that is descended directly from Prophet Muhammad, who came to control much of the eastern Hejaz region of Arabia during the second millennium CE. All Saudis are required to abide by sharia law, which mandates daily public prayer, the separation of unrelated men and women, and the paying of zakat, or religious charity. - SG, COPYRIGHT 2022 WWW.SAUDIGAZETTE.COM.SA - ALL RIGHTS RESERVED, Saudi arrested for facilitating entry of non-Muslim journalist into Makkah, Royal Saudi Navy takes over CTF-150 Command from Pakistan, Saudi Arabia, Czech hold first round of political consultations, Shoura member: Saudization index should focus on jobs suiting to qualifications. Saudi Arabia shares land borders with Jordan, Iraq and Kuwait in the north, Qatar and the UAE in the east, and Oman and Yemen in the south. As the birthplace of the Prophet Muhammad and the home of Makkah and Medina, Saudi Arabia is an Islamic country, with the king holding the title of Custodian of the Two Holy Mosques. Explore other chapters from this report. Winter temperatures can drop below freezing in central and northern Saudi Arabia, especially at night, with occasional snowstorms in the north. The abandonment of forward guidance will likely spur rate volatility ahead of the next ECB meetings, as investors are left to speculate about the size of future hikes.. This leap requires an integrated work, empowerment of investors in the private sector and investment institutions, as well as achieving profitability and sustainability of investments, he added. At the administrative level, the Kingdom is organised into 13 provinces, including the Eastern Province which is home to the bulk of Saudi Arabias oil reserves Riyadh Province, Makkah Province and Medina Province. In recent years Saudi Arabia has attracted international attention for the momentum of its socio-economic transformation taking place under the auspices of the Vision 2030 development plan. In the first millennium BCE, the ancient Thamud tribe moved from southern Arabia to what is now the Medina region, where they occupied a series of towns until the middle of the first millennium CE. The history of the Arabian Peninsula from 600 CE onward was largely characterised by the rise of Islam, which began with the birth of the Prophet Muhammad in Makkah around 570 CE. Saudi Arabia is one of the five founding members of the Organisation of the Petroleum Exporting Countries (OPEC) and was traditionally considered the global swing producer. RIYADH/JEDDAH: Saudi Arabia's Crown Prince Mohammed bin Salman on Monday said that the Saudi economy is expected to get SR27 trillion in government spending and investments by 2030as the Kingdom plans to be among the top 15 global economies. In 2017 Saudi Arabia also redesigned the governance structure of Vision 2030, announcing that its implementation would be detailed by 12 Vision Realisation Programmes (VRPs), two of them being the FBP and a revised version of the NTP, referred to as NTP 2.0. Its reputation for political stability has historically made it a popular destination for FDI in the MENA region. The population was largely nomadic until the early 1960s, when rapid economic development fuelled by new oil revenue prompted a process of urbanisation, and by 2010 more than 95% of the countrys citizens were settled. Saudi Arabia is home to a young population and the country is moving forward at an incredible rate, John Brash, founder and CEO of Brash Brands, told OBG. The Kingdom is home to a substantial Western population as well, including residents from the UK, the US, the EU and Canada. Experts forecast that the economy of the Kingdom of Saudi Arabia will grow more significantly in the next years as the country looks towards economic diversification, self-sufficiency and sustainability in a bid to minimize the reliance on oil. Jeddah, meanwhile, is located on the Red Sea coast and is bordered by the Sarawat Mountains to the east. Explore any of the chapters below to select an article. In 2015 King Salman named Prince Mohammed bin Naif Al Saud as the crown prince, but he was relieved of the title in June 2017 and replaced by the then-deputy crown prince, Mohammed bin Salman, the son of King Salman bin Abdulaziz Al Saud. The strategy will contribute to the growth and diversification of the Kingdoms economy, which, in turn, will achieve many of Vision 2030s goals, including raising the private sectors contribution to GDP to 65 percent while increasing the contribution of foreign investments to GDP to 5.7 percent, the Crown Prince said. Home to an estimated 17.2% of the worlds proven oil reserves and the largest economy in MENA, Saudi Arabia is a key player not only in the region, but also on a global scale. The credit portfolio stood at SR68.1 billion at the end of 2021, a 26 percent rise from its value in 2020.

For example, its mandate now includes participating in the Kingdoms complex budgeting process, which was considered to be a significant increase in responsibility. This signals much more than a strong recovery from COVID-plagued years, RBC analyst Michael Tran said in a note. "Today, the Kingdom embarks on a new investment era to empower Saudi and international private-sector investors with more and better opportunities. If you have already purchased this Report or have a website subscription, please login to continue. The latest statistics suggest that the financial, insurance, real estate and service sectors will grow by 9% per year in the next years.