The desert state draws a large part of its economic power from the oil industry.
(Photo: Bloomberg)
riad The Saudi leadership has a mission: They want to make the country more visible, for investors, tourists – and if necessary for sports fans. And so she sees the change of world footballer Cristiano Ronaldo not only as a personal success for the Saudi Arabian football leaders Al-Nassr. The Portuguese, lured with an annual income of 200 million dollars, should help change football, but also economic growth in Saudi Arabia.
Riyadh’s course is showing success. Finance Minister Mohammed al-Jadan recently reported a surprisingly strong increase in gross domestic product (GDP) in the past year. “We had expected an increase of 7.4 percent, in the end it was even 8.5 percent for 2022,” he said. Saudi capital-based investment bank Jadwa triumphantly announced “the strongest growth in a decade.”
A large part of the growth is due to the sharp rise in oil prices. But the kingdom does not want to rely on this: it is focusing on new sectors of the economy.
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