Skip to content Skip to Search
Skip navigation

Saudi Arabia plans to invest $24bn to support local economy

Creative Commons
UM6P is looking to invest in deep technologies including in agriculture, food, climate tech and precision fermentation.

Saudi Arabia will invest SAR 91 billion ($24.20 billion) to develop the domestic economy, Arab News reported, citing Abdulrahman Al-Fadhli, Minister of Environment, Water and Agriculture.

The agriculture sector contributed SAR 72 billion, or 2.3 percent, to the kingdom’s gross domestic product last year, the minister said, adding that the 2022 development fund for the sector is likely to hit SAR 7 billion, compared to SAR 465 million in 2015.

Al-Fadhli stated that the agricultural sector’s strategy and targets had been recently updated.

Meanwhile, a sharp surge in exports in the second quarter of 2022 has helped business activity in Saudi Arabia’s non-oil sector rise to a ten-month high.

The General Authority for Statistics reported that exports increased by 85.1 percent year-on-year in Q2 to SAR 429.8 billion ($114.61 billion).

Oil accounted for 80 percent of exports, up from 71.7 percent in Q2 2021, the statistical agency said.

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]