Riyadh "Riyadh Daily"
Corona Test

The scene of the Saudi economy today is reassuring and encouraging with regard to its ability to resist adversity and confront global crises, and to get out of them stronger and harder than before, and there is nothing stronger than the new Corona virus crisis. The success of Vision 2030 in reorienting the compass of the national economy, from the path of the revenue-generating economy that depends on oil income to a diversified economy, is unbelievable and unimaginable.

Today, the Kingdom has a strong economy, which is based on strong constants, and an integrated economic system that all encourage attracting domestic and foreign investments in many sectors.

The Corona epidemic was not the first test that the Saudi economy has undergone, after working with the requirements of Vision 2030. This economy has undergone a myriad of tests before, and passed them with great success. Yet, the Corona test remains the strongest and toughest to this very moment, and it can only be overcome by strong and well-established economies.

The brilliant performance of the Saudi economy and qualitative leaps for the fourth year in a row under the umbrella of the Vision, are reflected by figures and statistics contained in the Kingdom's budgets a year after another, in addition to the clear growth of the value of non-oil exports, and creation of new investment sectors, which did not receive sufficient attention before the time of the Vision.

When the Ministry of Finance announces, yesterday, the end of receiving investors ’requests for its local issue for March, this is another new evidence for the national economy's strength and dependence on its local sources that see a remarkable development, as well as the great confidence that investors have in the Saudi economy, a matter which encouraged them to pump their money and savings into long-term sukuk, until the value of these sukuk has totaled up to 15.5 billion riyals.

The reassuring thing about the local sukuk slides of the Ministry of Finance is the growing demand for them a month after another. This demand has increased for the current March issue, compared to the February issue by 246%, and by 132% compared to last January’s offering. 

This clearly indicates the prosperous investment future of these issues, and their ability to attract more investments in the future, a matter that reflects the positive view of the future of the Saudi economy, and confirms its prominent position among the economies of the region and the world, to be a safe haven for many domestic and foreign investments seeking stability and growth, especially after witnessing the strong performance of the national economy and its ability to absorb the shock of Corona crisis, despite the heavy losses that this crisis has brought to the world's most powerful economies.

Related News