Saudi Press

Saudi Arabia and the world
Monday, Jun 02, 2025

Crown Prince reaffirms Saudi Arabia would continue economic transformation programs

Crown Prince reaffirms Saudi Arabia would continue economic transformation programs

Crown Prince and Prime Minister Mohammad bin Salman reaffirmed on Wednesday that Saudi Arabia would continue its economic transformation programs.
After the 2023 budget announced, the Crown Prince said that more than 2.2 million citizens are working in the private sector, which is the highest figure in the Kingdom’s history. He also lauded the jump in Saudi women’s economic participation from 17.7 percent to 35.6 percent.

“The citizen is Saudi Arabia’s greatest asset for success, as his role is pivotal in comprehensive and sustainable economic development, and he contributes directly to the achievements,” he said.

The Crown Prince noted that the GDP growth is reflected in the creation of more job opportunities, which contributed to a fall in unemployment rates among citizens to 9.7 percent during the second quarter of 2022, which is the lowest in the past 20 years. “Saudi Arabia recorded high growth rates in the real GDP, reaching 5.8 percent and that reflected significantly in the growth of several economic activities and various non-oil sectors. The Kingdom also achieved high rates of 10.2 percent in the real GDP growth by the end of the third quarter of 2022,” he said while pointing out that the GDP growth is expected to reach 8.5 percent by the end of 2022.

The Crown Prince stated that the surpluses achieved in the budget will be directed to strengthen government reserves, support national funds, and strengthen Saudi Arabia’s financial position.

“The 2023 budget supports strategic spending and investment initiatives that boost achieving the goals of economic transformation and maintaining the Kingdom’s strong financial position. The government is currently exploring the prospect of accelerating the implementation of some priority strategic programs and projects,” he said while noting that the government’s success in addressing the risks arising from geopolitical changes and limiting their economic and social effects proves the strength of the Saudi economy in confronting urgent challenges.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
×