Development
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4 stories in Economy · Updated live
IMF Projects 5.5% Growth for Saudi Economy by 2027
The International Monetary Fund has forecasted a 5.5% growth for the Saudi economy by 2027, highlighting the resilience of its non-oil sectors. This projection comes amid ongoing economic reforms and diversification efforts under Vision 2030, which are crucial for sustaining growth. Long-term, the successful implementation of these reforms is expected to enhance Saudi Arabia's economic stability and reduce reliance on oil revenues.
Saudi Arabia's non-oil economy grows 0.6% in Q2 2026 amid declining oil sector
The non-oil sector in Saudi Arabia experienced a growth of 0.6% in Q2 2026, contrasting with an overall GDP decline of 4.8% due to a significant drop in oil activities. This shift is driven by ongoing structural reforms aimed at diversifying the economy away from oil dependency. Long-term, this trend suggests that Saudi Arabia is positioning itself for greater economic stability and resilience against global market fluctuations.
Saudi Arabia expands local content requirements for 965 products across 14 sectors
Saudi Arabia has announced an expansion of minimum local content requirements for 965 products to enhance local industry competitiveness. This initiative is triggered by ongoing efforts to increase local content in government procurement, with regulations set to take effect on June 1, 2028. The long-term implication is a significant shift in local manufacturing and procurement practices, potentially leading to increased investment in local production capabilities.
Severe drought declared in England and Wales as July 2026 approaches record low rainfall
Drought has been officially declared across Wales, with England also facing its driest July on record. This alarming situation is triggered by an ongoing heatwave, with temperatures exceeding 35°C and critically low reservoir levels. Long-term implications include potential water supply challenges and increased risks of wildfires as dry conditions may persist into autumn.
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Severe drought declared in England and Wales as July 2026 approaches record low rainfall
Drought has been officially declared across Wales, with England also facing its driest July on record. This alarming situation is triggered by an ongoing heatwave, with temperatures exceeding 35°C and critically low reservoir levels. Long-term implications include potential water supply challenges and increased risks of wildfires as dry conditions may persist into autumn.
Saudi Arabia expands local content requirements for 965 products across 14 sectors
Saudi Arabia has announced an expansion of minimum local content requirements for 965 products to enhance local industry competitiveness. This initiative is triggered by ongoing efforts to increase local content in government procurement, with regulations set to take effect on June 1, 2028. The long-term implication is a significant shift in local manufacturing and procurement practices, potentially leading to increased investment in local production capabilities.
IMF Projects 5.5% Growth for Saudi Economy by 2027
The International Monetary Fund has forecasted a 5.5% growth for the Saudi economy by 2027, highlighting the resilience of its non-oil sectors. This projection comes amid ongoing economic reforms and diversification efforts under Vision 2030, which are crucial for sustaining growth. Long-term, the successful implementation of these reforms is expected to enhance Saudi Arabia's economic stability and reduce reliance on oil revenues.
Saudi Arabia's non-oil economy grows 0.6% in Q2 2026 amid declining oil sector
The non-oil sector in Saudi Arabia experienced a growth of 0.6% in Q2 2026, contrasting with an overall GDP decline of 4.8% due to a significant drop in oil activities. This shift is driven by ongoing structural reforms aimed at diversifying the economy away from oil dependency. Long-term, this trend suggests that Saudi Arabia is positioning itself for greater economic stability and resilience against global market fluctuations.