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saudi arabia reports significant growth in exports and imports for january
In January, Saudi Arabia's total merchandise exports reached SR97.18 billion, a 2.4% year-on-year increase, with non-oil exports rising to SR26.48 billion, reflecting a 10.7% growth. China was the top destination for exports, receiving SR14.74 billion, while imports rose 8.3% to SR72.62 billion, primarily from China. The Kingdom's non-oil sector continues to expand, contributing significantly to economic diversification efforts under Vision 2030.
UBS Aims to Double Growth in Middle East Amid Economic Transformation
UBS's CEO, Sergio Ermotti, emphasizes the bank's commitment to growth in the Middle East, driven by strong economic fundamentals rather than optimistic projections. Following its merger with Credit Suisse, UBS aims to double its growth trajectory in the region, capitalizing on the influx of wealthy individuals and ongoing economic diversification efforts in Gulf countries. The bank is focused on optimizing its operations and expanding its wealth management services, particularly in Saudi Arabia and the UAE, while integrating Credit Suisse's client base.
ubs aims to double growth in middle east amid economic transformation
UBS aims to double its growth in the Middle East, focusing on economic fundamentals rather than optimistic scenarios, according to CEO Sergio Ermotti. The bank is integrating its operations post-Credit Suisse merger and anticipates significant growth driven by wealth creation and an influx of affluent individuals to the region. With a strong presence in Dubai and Abu Dhabi, UBS is poised to leverage opportunities in the evolving financial landscape of the Gulf.
audi arabia navigates mega project spending amid economic challenges and reforms
Saudi Arabia's ambitious Vision 2030 projects, including the $1.5 trillion NEOM initiative, face scrutiny as the kingdom shifts focus to domestic investments amid rising deficits and lower oil revenues. Despite a projected budget deficit of $21.1 billion for 2024, officials assert that non-oil revenues now cover 37% of expenditures, indicating a commitment to fiscal discipline and economic diversification. However, skepticism remains regarding the feasibility of mega-projects, with some analysts predicting potential cutbacks to ensure sustainability.
sovereign debt poses significant risk to global growth in 2025
Sovereign debt poses a significant risk to global growth in 2025, particularly for low-income countries and emerging economies lacking fiscal buffers, according to Saudi Finance Minister Mohammed Al-Jadaan. With global public debt reaching a record $97 trillion, urgent reforms are needed, especially as many African nations face soaring debt-to-GDP ratios and costly debt servicing that surpasses spending on health, education, and climate action. Al-Jadaan emphasized the necessity for global leaders to collaboratively address these challenges to prevent economic shocks.
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