Saudi Arabia's Economy and Planning Minister is set to visit Sri Lanka to discuss enhancing economic development between the two countries. Saudi Arabia has been actively supporting less fortunate nations through its economy by offering interest-free loans and humanitarian assistance. The country has extended substantial aid to Sri Lanka, amounting to billions. [3e430c2b]
Saudi Arabia, the largest economy in the Arab world and the Middle East, is actively diversifying its economic base and reducing its dependence on oil through its Vision 2030 initiative. The country has seen significant economic growth and ranks highly in terms of economic performance and infrastructure. Saudi Arabia's industrial production and non-oil GDP have seen substantial contributions from the manufacturing sector. The country is also pursuing investments in the mining sector to reduce reliance on oil. [3e430c2b]
Recently, Saudi Arabia celebrated its 93rd National Day, with its GDP crossing 4.155 trillion Riyals, surpassing the US$1 trillion mark for the first time. The country generates over 1 million jobs annually, with a significant percentage benefiting Saudi women. The participation rate of women in Saudi Arabia's labor market is projected to reach 37 percent by the end of 2022. Saudi Arabia's economy is recognized as the fastest growing among G20 nations in 2022, and the country aspires to be among the top seven economies globally. [3e430c2b]
Saudi Arabia's journey towards economic diversification is driven by strategic investments, bilateral trade, IPO activities, real estate development, phosphate production, renewable energy, and the booming e-commerce sector. The country is leading IPO activities in the Middle East and North Africa (MENA) region, investing in the real estate technology sector, and embarking on a significant phosphate project. Additionally, Saudi Arabia is ranked among the top 10 developing economies in e-commerce. [3e430c2b]