Saudi Arabia: A Rising Destination You Won’t Want to Miss

The Council of Economic and Development Affairs recently discussed the impact of interest rate cuts on global and Saudi economies, along with progress on Vision 2030, highlighting unemployment reduction, increased foreign investment, and non-oil export growth. The Saudi Central Bank governor addressed growth opportunities and challenges, stressing collaboration to manage inflation and debt. The Arab Monetary Fund projected regional growth despite challenges. Saudi Arabia saw a 62% rise in commercial registrations in Q3 2024, while the energy minister emphasized balancing economic growth, energy security, and climate action through clean energy leadership and expansion.

Interest rate cuts and Vision 2030 progress discussed by Council of Economic and Development Affairs

The Council of Economic and Development Affairs focused on interest rate cuts and their impact on global and Saudi economies during a recent meeting. A report from the Ministry of Economy highlighted how these reductions affect major economies, including Saudi Arabia. The council also reviewed progress on Vision 2030, noting a drop in unemployment, increased foreign direct investment, and non-oil export growth. Public sector performance and future strategies for economic growth were discussed, with many Visions 2030 goals being achieved or on track.

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Arab countries urged to adopt decisive policies amid economic challenges

The Saudi Central Bank governor highlighted both growth opportunities and challenges for the global economy, stressing the need for collaboration to navigate economic turbulence. Speaking at the 48th Council of Governors of Arab Central Banks, he emphasized central banks' roles in managing inflation, debt, and financial technologies. Despite challenges, the Arab Monetary Fund projects regional economic growth, with inflation expected to decrease. Addressing unemployment and rising debt is critical for the region's economic aspirations.

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Commerce Ministry issues 135,000 commercial records in 3Q 2024 

During the third quarter of 2024, the issuance of commercial registrations in Saudi Arabia increased by 62% compared to the same period in 2023, with 135,000 records issued. This brought the total to over 1.5 million. The Ministry of Commerce's quarterly bulletin also highlighted developments in sectors like fintech, AI, and e-commerce, which saw a 9.4% growth, alongside five new laws aimed at strengthening the business environment under Vision 2030.

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Saudi Arabia stresses balance between economic growth, energy security, and climate action

Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, emphasized balancing economic growth, energy security, and climate action during meetings in Brazil on October 3-4, 2024. He highlighted Saudi Arabia's leadership in Carbon Capture, Utilization, and Storage (CCUS) and its commitment to clean energy. The Kingdom aims to expand renewable energy capacity to 44 gigawatts by 2024 and establish a hydrogen hub, supporting global efforts for sustainable and equitable energy transitions.

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More from Halian:

• Headhunting Executive Talent in Saudi Arabia: Tips and Best Practices - Securing top executive talent is crucial in Saudi Arabia’s evolving market under Vision 2030. To excel in headhunting, it’s vital to understand local business culture, leverage personal networks, and utilize the right recruitment channels. Prioritize candidates whose leadership aligns with your strategic goals. Stay informed about local legal regulations and offer competitive packages to attract talent. By fostering a positive recruitment experience, you can successfully secure executive leaders who drive your organization forward.
• Navigating Religious Diversity in Hiring - Religious diversity is key to fostering inclusion and equity in the workplace. Embracing various faiths promotes respect and enriches perspectives. To ensure fairness, companies should implement anti-discrimination policies, offer diversity training, respect religious practices, and create inclusive job descriptions and workspaces. These practices nurture a welcoming environment for all employees.