PIF named world's most valuable sovereign fund brand for second straight year
The report showed that PIF's brand value reached $1.2 billion this year, an 11% increase from 2024, making it the fastest-growing brand among its global peers.
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Arab News
3 hours ago
- Arab News
IMF praises Saudi Arabia's economic resilience
RIYADH: The International Monetary Fund has commended Saudi Arabia for its resilience to global shocks, citing its expanding non-oil sector, contained inflation, and record-low unemployment. In its 2025 Article IV Consultation, the IMF recognized the Kingdom's robust non-oil growth and strong reform momentum, crediting ongoing efforts under Vision 2030 for diversifying the economy amid heightened international uncertainty and declining oil revenues. Saudi Arabia's appraisal comes as neighboring Gulf economies face mixed outlooks amid global tensions. The IMF highlighted the UAE's robust non-oil growth, while Kuwait grapples with fiscal pressures from OPEC+ production cuts and a call for gradual consolidation. Qatar and Oman continue to advance diversification under their respective national visions, focusing on private sector growth and fiscal reforms. Despite external shocks, the region's ample reserves, structural reforms, and strong financial systems are seen as key stabilizing factors. IMF executive directors highlighted the Kingdom's economic progress, noting that 'robust non-oil growth, low inflation, and record-low unemployment' have been achieved through 'appropriate macroeconomic policies, strong buffers, and impressive reform momentum.' The IMF cautioned that fiscal and current account deficits persist, emphasizing the need for continued structural adjustments to ensure long-term sustainability. In 2024, Saudi Arabia's non-oil real gross domestic product expanded by 4.5 percent, driven by growth in the retail, hospitality, and construction sectors. This was offset by a 4.4 percent contraction in oil GDP, as OPEC+ production cuts held crude output at 9 million barrels per day, moderating overall GDP growth to 2 percent. Inflation remained under control, averaging 1.7 percent, while unemployment among Saudi nationals fell to its lowest level on record, with youth and female unemployment rates halving over the past four years. The IMF noted that despite a shift in the current account to a deficit of 0.5 percent of GDP, the Kingdom's fiscal and external buffers remain substantial. The Saudi Central Bank's foreign assets stabilized at $415 billion, covering 187 percent of the IMF's reserve adequacy metric. 'The banking sector remained strong, marked by high capitalization, profitability, and nonperforming loans at their lowest since 2016,' the IMF stated. Looking ahead, the IMF projects the Kingdom's real GDP growth to accelerate to 3.9 percent by 2026, with non-oil growth expected to exceed 3.5 percent. The continued implementation of Vision 2030 projects, combined with government-led infrastructure initiatives, is expected to sustain domestic demand and mitigate external pressures. The IMF stressed that 'pursuing a countercyclical fiscal policy in the near term' is essential to maintain economic stability, given ample fiscal buffers and persistent global uncertainties. Directors of the organization recommended a gradual fiscal consolidation strategy to achieve intergenerational equity, urging Saudi Arabia to advance 'broader tax policy reforms to increase non-oil revenue, wage bill containment, energy subsidy reform, and streamlining of non-essential expenditures.' Directors also encouraged the operationalization of an expenditure-based fiscal rule, enhanced budgetary transparency, and strengthened sovereign asset-liability management frameworks. The IMF welcomed the Kingdom's progress in strengthening its banking sector resilience. Executives commended reforms in banking regulation and supervision, the swift adoption of the Banking Law, and the establishment of a crisis management framework. They also recognized the Saudi Arabian Monetary Authority's vigilance in monitoring financial risks and its introduction of a 100 basis points countercyclical capital buffer to support stability. Additionally, directors noted continued progress in developing domestic capital markets to diversify funding sources. Directors emphasized the importance of maintaining reform momentum irrespective of oil price developments. They highlighted improvements in the regulatory and business environment, female labor participation, and governance. Sustained enhancements in small and medium-sized enterprises' access to finance, regional trade integration, and climate resilience were also recognized as key pillars for advancing economic diversification. The IMF affirmed that Saudi Arabia's currency peg to the US dollar remains appropriate, commending improvements in the Kingdom's liquidity management framework. Directors stressed that monetary operations should continue to focus on smoothing short-term liquidity without fueling asset and credit bubbles. IMF directors acknowledged Saudi Arabia's leadership role in regional stability and its contributions in multilateral forums, including the G20 and the IMF's International Monetary and Financial Committee. They expressed confidence that the Kingdom's ongoing reforms will further strengthen its economic resilience and global standing.
Saudi Gazette
4 hours ago
- Saudi Gazette
Ministry launches Non-Profit Precious Metals and Gemstones Association to boost industry
Saudi Gazette report RIYADH — The Ministry of Industry and Mineral Resources has officially announced the establishment of the Non-Profit Precious Metals and Gemstones Association, aimed at advancing the industry, fostering innovation, and empowering local designers and artisans across the Kingdom. The initiative forms part of the Ministry's broader strategy to strengthen the role of non-profit organizations within the industrial and mining sectors, reflecting its belief in their contribution to economic and social development. Aligned with Saudi Vision 2030, the association's objectives include enhancing local content in precious metals and gemstone products, supporting the creative industries, empowering women and youth, and elevating professional standards among designers through specialized training programs, workshops, and certifications. The new body will provide Saudi artisans and designers with financial and technical assistance, production grants, and opportunities to showcase their work at local and international exhibitions. It also aims to promote sustainability, encourage environmentally responsible practices in the gemstone sector, and build a unified professional community through a digital platform connecting investors and industry integrating designers and craftsmen into key value chains, the association seeks to expand Saudi Arabia's footprint in the global market while contributing to the national GDP.
Saudi Gazette
5 hours ago
- Saudi Gazette
Mohamed Yousuf Naghi Motors and alfanar partner to deliver seamless home EV charging solutions across Saudi Arabia
As the Kingdom accelerates its shift towards electrified mobility, Mohamed Yousuf Naghi Motors (MYNM), the official retailer of Jaguar Land Rover in Saudi Arabia, has taken a strategic step to support electric vehicle (EV) customers through a newly signed partnership with alfanar, one of the nation's prominent innovative energy solution providers. The agreement marks a pivotal milestone in MYNM's electrification journey, reflecting a shared ambition to drive sustainable mobility across the Kingdom. In an evolving market where quality, innovation, and national expertise are key to success, partnerships between legacy-driven family businesses hold a unique value. Both Mohamed Yousuf Naghi Motors and alfanar are proud Saudi family-owned enterprises, deeply rooted in the Kingdom's economic development. alfanar, in particular, stands out as a pioneering Saudi company in the electrical energy sector, designing, manufacturing, and delivering high-quality power solutions through a talented workforce of Saudi men and women. This shared foundation of trust, excellence, and national pride makes the collaboration a natural fit—uniting two leaders committed to shaping a brighter, more sustainable future for Saudi mobility. Under this collaboration, every new EV or Plug-in Hybrid Electric Vehicle (PHEV) purchased from Jaguar Land Rover, Mohamed Yousuf Naghi Motors will now come with a professionally installed alfaCharge 22 kW AC home charging solution by alfanar. The service includes installation, warranty, and after-sales support, offering customers a convenient, end-to-end home charging experience. The announcement follows six months of close technical collaboration between Mohamed Yousuf Naghi Motors and alfanar to ensure seamless integration between alfaCharge systems and Jaguar Land Rover's current and future electric models. Rigorous compatibility testing was conducted to deliver a reliable and consistent charging experience for customers, ensuring that every touchpoint, whether technical or service-related, reflects the high standards both brands are known for. Rhett Maxwell, Managing Director of Jaguar Land Rover Saudi Arabia at MYNM, expressed confidence in the long-term potential of the partnership: 'This collaboration is more than just a product offering; it's a commitment to shaping the future of sustainable mobility in Saudi Arabia. As the Jaguar Land Rover lineup transitions to an electrified future, we are ensuring that our customers are equipped with the right infrastructure from day one,' Maxwell said. 'By joining forces with alfanar, we are delivering a solution that is smart, convenient, and tailored to local market needs.' Abdulmuain Al Soufi, EV Product Line Manager at alfanar Electric, echoed the sentiment: 'We are proud to partner with MYNM and support JLR's clients as they embrace electric driving. alfaCharge is engineered to meet the highest international standards in performance, safety, and durability—ensuring that customers can charge at home with total peace of mind.' With every eligible EV purchase from Jaguar Land Rover, Mohamed Yousuf Naghi Motors, Clients will receive a comprehensive package of ownership benefits designed to streamline the transition to electric driving. This includes a complimentary alfaCharge Home Charger, engineered for fast, reliable, and smart charging, along with full 2-year warranty coverage on the charger. The installation process is managed end-to-end by certified alfanar technicians, including professional site surveying and in-home installation, ensuring a safe and tailored fit. Clients will also benefit from dedicated 24/7 after-sales support, provided jointly by Jaguar Land Rover, Mohamed Yousuf Naghi Motors, and alfanar's customer service teams. EV consultations offer guidance on charging routines, energy efficiency, and vehicle care, creating a truly personalised experience. The launch of this initiative arrives at a critical moment as demand for electric and hybrid models rises across the Kingdom. The partnership also aligns with Saudi Vision 2030's emphasis on clean energy and sustainable infrastructure, reinforcing MYNM's leadership in driving innovation and customer-centric solutions in the automotive sector. Looking ahead, the alfaCharge integration marks just the beginning of a broader strategy to support the upcoming electric vehicle lineup from Jaguar Land Rover. As the brand prepares to introduce its next-generation EVs, including Jaguar's next-generation EVs and Range Rover's upcoming electric flagship, MYNM's commitment to infrastructure readiness ensures that customers will be able to embrace electric mobility with total confidence. Through this partnership with alfanar, Mohamed Yousuf Naghi Motors is not only delivering on the promise of electrification but also redefining what premium electric vehicle (EV) ownership looks like in Saudi Arabia.
