Saudi Arabia Economy is the Fastest Growing in the Region – World Bank

Saudi economy is the fastest growing in the region due to the growth of non-oil sectors and the increase in domestic spending, expecting the economies of the Gulf Cooperation Council (GCC) to grow by 6.9% in general this year, said Isaam Abu Suleiman, the Regional Director of the GCC at the World Bank.

During a meeting of “Green Economy Growth Opportunities in GCC” organized by Riyadh Chamber represented by the Environment Committee in cooperation with the World Bank, Abu Suleiman said the good performance of the GCC economy will give more scope to exploit the opportunities of the green economy.

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He highlighted that this would help in turn the economy of these countries to grow and the transition to a green economy will also create more job opportunities, making Saudi Arabia as one of the leading countries in the region in the field of renewable energy.

A member of the Chamber’s Board of Directors and Chairman of the Environment Committee, Ibrahim bin Abdulrahman bin Al Sheikh stressed the importance of the meeting in deepening the partnership with the Bank by pointing out the economic mobility in the GCC and the good economy set by the region that contributes to achieving optimal use of available opportunities in the green economy sector and its growth.

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Eng. Ibrahim explained that there is a need to strengthen the relationship with the World Bank to benefit from it providing support to Small and Medium Enterprises (SMEs) and entrepreneurs.

The economist at the bank, Ismail Radwan stated that the future opportunities for the growth of the green economy in GCC countries, explaining that the trend towards a green economy does not mean that there will be concessions, as the returns of the projects that will be implemented will support economic growth, highlighting that trillions of dollars will be spent by the world in the field of renewable energy.

The chief economist at the bank, Khaled Al-Hamoud further explained that the region is set by good economic performance, as it recorded little inflation rates due to the stability of the exchange rate against the dollar and the availability of financial reserves, in addition to support the intervention of countries, which reduced the increase in prices in local markets, which supports the growth opportunities of the green economy in the region.