Path To Recovery
Periodic data published by the Saudi Arabian Monetary Agency (SAMA) and the General Authority for Statistics (GaStat) indicate that our national economy enjoys stimulating factors that drive it to grow during the coming years and protect it from the fluctuations of the global economy, especially with the focus of the State on the development of the non-oil revenues, the robustness of the banking system and ensuring its integrity, the strength of foreign reserves, the success of the SAMA in managing monetary policy, and the continued launch of several economic initiatives that support the private sector.
On every occasion, ministers and officials reaffirm the government's ceaseless commitment to support the non-oil private sector, according to the development goals identified by the Kingdom's Vision 2030.
The Saudi economy continues on its path to recovery since the Vision was announced. The State is keen to keep this path going through economic reforms and programs, as well as the royal decrees, including the issuance of a ministry named the Ministry of Industry and Mineral Resources this week, and the amendment of the name of the Ministry of Energy, Industry and Mineral Resources to be The Ministry of Energy, the amendment of the name of the General Auditing Bureau to be the General Bureau of Accountability, and the appointment of a number of ministers in various positions.
This is all going to contribute to strengthening the economic structure, maintaining the sustained economic growth, as well as moving the Kingdom's economy to broader horizons and more miscellaneous areas.
The non-oil sector is poised for growth thanks to the expansionary fiscal policy, especially after the 2019 budget forecast a significant rise in capital expenditures to SR 245 billion. All data announced by SAMA call for optimism in terms of consumer spending, Points of Sale Operations, high money supply and the growth of lending in Kingdom, increased loans to the private sector.
At the level of the financial market, we should note the success of the Saudi market in attracting active funds, since the outset of the application of accession to the emerging markets' indicators, as the value of trading and the volume of buying and selling by foreign investors in the Saudi market until the end of the second stage of accession to Morgan Stanley Capital International "MSCI" amounted to about SR200 billion, the number of qualified foreign investors registered with the Securities Depository Center reached about 1300 investors, and the volume of ownership of qualified foreign investors exceeded the level of SR100 billion.