Saudi economy is growing at unprecedented pace: US report
A US report sheds light on the boom in the Saudi economy in recent times, away from the oil revenues on which the kingdom depends largely.
The report highlighted that the “openness policy” adopted by Saudi Crown Prince Mohammed bin Salman in various fields had the greatest impact on this economic boom, which was largely based on oil.
The US “Bloomberg” news agency reported that, for example, Prince Mohammed bin Salman ended restrictions imposed on many aspects of life; Including entertainment, expanding the participation of women in the labor market, in addition to working to “curb” dependence solely on oil.
The Bloomberg report began by talking about the real estate market, which has witnessed momentum in the recent period in the Kingdom.
The report cited one of the leading Saudi real estate companies in this regard and said that, for example, more than 300 apartments were sold in a new residential complex in the capital, Riyadh, owned by the “Al-Majidiya Residence” company, within just one month “cash”, without the company having to advertise.
Speaking to Bloomberg, the head of the company Al-Majed said: “There is a change in mentality, as some Saudis are adopting a more open lifestyle that meets the needs of our company”.
“Ten years ago, many property owners were not renting out their units, even to women, who needed a guardian’s approval for many life decisions,” the Saudi businessman continued.
He pointed out that at present, women are entering the labor market forcefully, explaining that 30% of his company’s clients are female, saying, “They acquire investment properties or homes of their own.”
The American “Bloomberg” news agency reported that the Saudi real estate developer is now largely targeting the wealthy who want open-plan homes with an abundance of natural light, as many Saudis previously preferred homes with high walls and small windows to preserve privacy.
The agency noted that “social openness” – along with smaller families and tight budgets – has helped significantly to change this thinking. In its report, the agency considered that these policies have greatly helped in promoting the economy, which has been transformed into energy markets.
“For example, the Saudi energy company, Aramco, announced the largest adjusted quarterly profit of any listed company globally. Billions of dollars are pouring into Saudi coffers and increasing state investments. This reinforces the sense of progress in the private sector, which depends on government contracts” Bloomberg added.
