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Startup Wrap – Saudi Arabia’s venture landscape receives influx of expanding startups

Retailo’s growth strategy focuses on expanding both its supplier network and customer base. Photo/Supplied
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Updated 03 December 2023
Nour El Shaeri
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Startup Wrap – Saudi Arabia’s venture landscape receives influx of expanding startups

Updated 03 December 2023
Nour El Shaeri

CAIRO: Saudi Arabia’s entrepreneurial space is getting bigger with more startups raising funding and others expanding into the Kingdom.

On the funding announcement front, Saudi-based business-to-business e-commerce startup Retailo has successfully raised $15 million in a new equity funding round, drawing the attention of both new and returning investors.  

The investor lineup includes Yusuf Bin Kanoo Group, Technology Group, and Majd Digital, alongside previous backers including Aujan Group Holdings, Shorooq Partners, Abercross Holdings, and Graphene Ventures, among others. 

Co-founded in 2020 by Talha Ansari, Wahaj Ahmed, and Mohammad Nowkhaiz, Retailo offers a next-day delivery service for retailers and restaurants, boasting a catalog of over 5,000 stock-keeping units.  

This recent capital infusion marks another significant milestone for the company, following its $36 million series A funding last year, which was a combination of equity and venture debt. 

Retailo’s growth strategy focuses on expanding both its supplier network and customer base. The fresh funds are earmarked to support this expansion within the Saudi market, reinforcing the company’s position as a key player in the region’s e-commerce landscape. 

Adding to its achievements, Retailo has also established several strategic partnerships, including a technology distribution collaboration with Dtonic, a South Korean data solution company.  

This alliance will empower Retailo’s technology by enhancing its service offerings and operational efficiency. 

UAE’s fintech Yabi raises $8m to boost Saudi expansion 

UAE-based fintech startup Yabi has secured an $8 million equity funding round, signifying a major step in its journey towards Saudi expansion and product development.  

The round saw the participation of Al Wafra Al Thanya, joining an array of existing investors in supporting Yabi’s growth. 

This milestone follows closely on the heels of Yabi’s recent foray into the Saudi market, marking an expansion beyond its UAE base.  

Since its launch in the middle of this year, Yabi has been aiming to enhance financial literacy across regional markets. It achieves this through strategic B2B partnerships, integrating its services into employee well-being programs offered by corporate clients. 

Founded by Ambareen Musa, Yabi has rapidly established a client portfolio including prominent entities like Al-Futtaim, Careem, Chalhoub, and Al Ghurair.  

The fresh injection of capital will be instrumental in fueling Yabi’s continued growth. It plans to invest significantly in product development, aiming to bring financial solutions to a broader audience. 

Additionally, the funds will bolster Yabi’s efforts in accelerating its expansion across the Middle East, as it seeks to establish a stronger foothold in key regional markets. 

Oman’s food technology firm KitchenomiKs raises $1.8m to enter Saudi market 

Oman-based food technology startup KitchenomiKs has successfully raised $1.8 million in a pre-series A funding round as it aims to expand its regional footprint. 

Founded by Aankush Bhatia, Aju Samuel, and Shrikanth Shenoy, KitchenomiKs operates as a cloud kitchen with a modern culinary model that steers away from traditional physical storefronts.  

The company currently holds a portfolio of 12 food brands, offering a scalable model for culinary ventures without the burdensome overheads associated with physical restaurant spaces. 

The latest round of funding represents a crucial step in KitchenomiKs’ ambitious growth strategy. A key focus of this strategic plan is the launch of operations in Saudi Arabia, slated for early 2024.  

This significant financial boost, contributed by Omani and regional investors, has elevated the company's total funding to an impressive $3.5 million since its inception in 2022. 

UAE-based Immensa raises $20m to boost product development 

UAE-based Immensa has successfully secured $20 million in its series B equity funding round led by Global Ventures. 

The funding round also saw participation from new investors such as Endeavor Catalyst Fund and EDGO, alongside continued support from Energy Capital Group, Shorooq Partners, and Green Coast Investments. 

Founded in 2016 by Fahmi Al-Shawwa, Immensa specializes in providing on-demand access to spare parts, eliminating the need for mass manufacturing in traditional hubs like Southeast Asia, China, or Latin America.  

This approach not only streamlines the production process but also significantly reduces the lead time and costs associated with traditional manufacturing methods. 

The latest round of funding is poised to turbocharge Immensa’s global growth ambitions. Part of the funds will be allocated to enhance its exclusive software, DIS RT, a critical component in Immensa’s operational toolkit.  

Moreover, the investment will also be channeled towards augmenting its artificial intelligence tools, further solidifying the company’s position in the manufacturing sector. 

UAE’s Flow48 raises $25m in pre-series A round 

Flow48, a UAE-based fintech startup, has successfully secured $25 million in pre-series A funding round in a blend of equity and debt. 

Key investors include Speedinvest, Daphni, and 212, as well as Blockchain Founders Fund, Unpopular Ventures, and Endeavor Catalyst.

Founded in 2022 by Idriss Al Rifai, Flow48 provides services to small and medium-sized enterprises by transforming future revenues of SMEs into immediate capital, offering flexible terms that are tailored to support the growth and scalability of these businesses.  

The freshly acquired funds are earmarked to propel Flow48’s ambitious expansion plans, with a specific focus on penetrating the South African market.  

Egyptian startups receive $10k grants from She’s Next competition 

Three Egyptian startups have emerged as top contenders in the second edition of the She’s Next competition, jointly hosted by Visa and Commercial International Bank. 

Each startup has been awarded $10,000 for their solutions in their respective fields. The winners include Green Fashion, a sustainable clothing brand, Reme-D, a health tech startup, and Fincart, an aggregator of shipping services.  

Alongside the monetary prize, the competition also offered mentorship opportunities provided by the US Agency for International Development to the top 20 contestants.  

Tunisia’s Winshot raises six-figure round from 216 capital 

The Tunisia-originated and France-based software-as-a-service startup Winshot has successfully secured a six-figure investment from 216 Capital.  

Established in 2022 by Walid Mzoughi, Alaa Mokrani, Amjed Bouhouch, and Hela Gabsi, Winshot specializes in providing B2B SaaS solutions for retail operations management.  

With this fresh infusion of capital, Winshot is set to bolster its teams in both France and Tunisia, laying a strong foundation for the expansion and growth of its business. 

Middle East Venture Capital Association signs partnerships with Singapore’s GPCA 

The Global Private Capital Association and the Middle East Venture Capital Association announced a significant strategic partnership during Abu Dhabi Finance Week 2023.  

This collaboration will enable GPCA, headquartered in New York and Singapore, to establish a permanent base in the Middle East. This move will be supported by MEVCA and the broader Abu Dhabi and regional ecosystem. 

Members of MEVCA will benefit from an enhanced membership experience, gaining access to GPCA’s extensive global network. 

The partnership focuses on collaboration, innovation, and investment to strengthen the region’s vibrant venture capital landscape through a range of targeted initiatives. 

Topics: #startup Retailo Yabi KitchenomiKs Immensa Flow48 She’s Next Winshot

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Qassim region sees 25% growth in business sector over 7 years: Ministry of Commerce

Updated 01 May 2025
MOHAMMED AL-KINANI
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Qassim region sees 25% growth in business sector over 7 years: Ministry of Commerce

Updated 01 May 2025
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia’s Qassim region has experienced 25 percent growth in its business sector over the past seven years, reflecting increased economic activity and contributing to the Kingdom’s goal of balanced development.

The number of commercial records in the central region rose from 68,000 in 2018 to 85,000 by the end of the first quarter of this year, the Ministry of Commerce reported in a post on its official X account.

The latest figures showed that the Qassim region saw 1,342 e-commerce registrations, contributing to the overall 6 percent year-on-year increase in the sector.

The increase comes as the Kingdom pushes ahead with its economic diversification strategy, aiming to increase the private sector’s share of the gross domestic product from 40 percent to 65 percent by 2030.

This effort is reflected in a 60 percent increase in commercial registrations in 2024 across the Kingdom, with a total of 521,969 records issued, according to the Ministry of Commerce.

Business registrations continued to rise in early 2025, with 154,638 commercial records issued in the first quarter alone, representing a 48 percent year-on-year increase.

The ministry report highlighted “critical sectors” for the Kingdom include technology, tourism, and entertainment, as well as research and development.

The report added: “These sectors offer businesses significant opportunities to grow and expand partnerships.”

According to the Ministry of Commerce, a commercial registration certificate verifies a business’s official status within Saudi Arabia. These records are essential for operating in the Kingdom, as they are required to open a bank account, hire employees, sign contracts, and conduct other business activities.

The data also showed that 71 percent of the total commercial records issued were concentrated in three key regions: Riyadh, Makkah, and the Eastern Province.

This surge in registrations aligns with recent reforms to Saudi Arabia’s business registration system, including the introduction of the new Commercial Register Law and Trade Names Law.

Subsidiary registers have also been abolished, meaning that one commercial register now covers all businesses, and companies no longer need to specify the city of registration, as a single enrollment is now valid nationwide.

The bulletin also revealed that 45 percent of the total commercial records issued to institutions are owned by women.

In an interview with Arab News in April on the sidelines of the Human Capability Initiative held in the capital, Zeger Degraeve, dean of Prince Mohammed Bin Salman College of Business & Entrepreneurship, emphasized that ensuring balanced regional development is crucial as Saudi Arabia accelerates its economic diversification efforts under Vision 2030.

The rise in business registrations in Qassim is aligning with its growing industrial sector, supported by its rich mineral resources, which are a key focus of Saudi Arabia’s Vision 2030 diversification plan.

The region’s SR122 billion ($32.5 billion) in untapped mineral wealth, including significant deposits of gold, copper, zinc, and phosphate, contributes to the area’s industrial development, which has seen substantial growth.

Topics: Saudi ministry of commerce Qassim

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Closing Bell: Saudi main index closes in red at 11,543  

Updated 01 May 2025
Nadin Hassan
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Closing Bell: Saudi main index closes in red at 11,543  

Updated 01 May 2025
Nadin Hassan

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 127.90 points, or 1.10 percent, to close at 11,543.67.  

The total trading turnover of the benchmark index was SR5.09 billion ($1.35 billion), as 52 stocks advanced, while 193 retreated.  

The MSCI Tadawul Index decreased by 16.97 points, or 1.14 percent, to close at 1,471.91. 

The Kingdom’s parallel market Nomu also dipped, losing 147.4 points, or 0.52 percent, to close at 28,129.77. This came as 32 stocks rose, while 41 fell. 

The best-performing stock on the main index was Saudi Printing and Packaging Co., with its share price surging by 6.18 percent to SR13.06.  

Saudi Cement Co. saw the steepest decline on the main index in Thursday’s session, with its share price slipping 5.75 percent to SR43.40.  

In a bourse filing, Banque Saudi Fransi announced that it has completed its $650 million offering of US dollar-denominated Additional Tier 1 capital notes.  

The issuance, conducted under the bank’s Additional Tier 1 Capital Note Programme, was offered to eligible investors in Saudi Arabia and internationally, with settlement set for May 7.  

The notes were issued at a return of 6.375 percent per annum and are perpetual in nature, with a call option exercisable after six years. A total of 3,250 notes were issued, each with a par value of $200,000. 

According to the bank, the instruments may be redeemed prior to the scheduled call date under certain conditions outlined in the base offering circular.  

The notes will be listed on the International Securities Market of the London Stock Exchange and were offered in reliance on Regulation S under the US Securities Act of 1933, as amended. 

The bank’s share price traded 0.54 percent lower on the main market to reach SR18.30.

Halwani Bros. Co. also announced its interim financial results for the first three months of the year, with net profit amounting to SR11.51 million, a 4.58 percent decline compared to the previous quarter last year.  

The company attributed the decrease to higher general and administrative expenses, as well as increased selling and distribution costs. It also said that this was due to an increase in other income as a result of the reversal of provisions that are no longer needed.  

Halwani Bros. Co’s share price traded 0.52 percent lower on the main market to reach SR47.95.  

In the first quarter of 2025, Fourth Milling Co’s net profit rose 25.154 percent quarter on quarter to SR52.6 million, according to a filing on the stock exchange.  

The group attributed the increase to sales growing by 2 percent, amounting to an increase of SR3.4 million, and zakat and tax payments decreasing by SR1.4 million.  

The company’s share price traded 0.25 percent lower on the main market to reach SR3.97.  

Saudi Steel Pipe Co. also announced its interim financial results for the first three months of the year, with net profit amounting to SR69 million, an 81.57 percent surge compared to the previous quarter.  

The company attributed the increase to higher volume, improved efficiency and product mix of products sold, and administrative expenses decreased to SR14 million in the first quarter 2025 from SR19 million in the fourth 2024. 

The company’s share price traded 0.18 percent higher on the main market to reach SR56.10. 

Topics: Closing Bell Saudi Stock Exchange (Tadawul)

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Arab Monetary Fund reports 4.3% annual gains across region’s stock markets

Updated 01 May 2025
Miguel Hadchity
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Arab Monetary Fund reports 4.3% annual gains across region’s stock markets

Updated 01 May 2025
Miguel Hadchity

RIYADH: Stock markets across the Middle East and North Africa began 2025 on a strong note, with the Arab Monetary Fund Composite Index rising 4.37 percent year over year, according to a new report.

On a quarterly basis, the index — which tracks the performance of 16 Arab stock markets— posted a 1.55 percent increase, reflecting investor confidence amid shifting global monetary policy and geopolitical headwinds.

The figures were released as part of the AMF’s quarterly bulletin, which noted that sectors such as banking, real estate, and basic materials, as well as transportation, and financial services performed well, contributing to gains in several markets. 

The strong performance comes amid reforms across Arab markets to deepen liquidity and attract foreign investment. Saudi Arabia’s Capital Market Authority is advancing its 2024-2026 strategy to elevate its global market position and enhance investor safeguards, while Abu Dhabi Securities Exchange recently launched the “New ADX Group”— a market infrastructure overhaul aligned with the emirate’s long-term economic vision. 

In its report, the AMF said: “This performance unfolded amid a tightening global monetary policy environment during the first quarter of 2025, as most central banks, both globally and across the Arab region, adopted a cautious approach to monetary easing following the US Federal Reserve’s decision to keep interest rates steady.”

The fund highlighted that while some Arab exchanges saw notable gains, others experienced declines. 

Casablanca Stock Exchange led the region with a 20.19 percent rise in its index, driven by strong performances in the banking and telecommunications sectors. 

Tunisia and Kuwait followed with increases of 10.25 percent and 9.66 percent, respectively, while Egyptian Exchange and Amman Stock Exchange posted gains of 7.68 percent and 6.12 percent.

However, not all markets fared as well. Saudi Stock Exchange, the largest in the region by market capitalization, saw a slight decline of 0.10 percent, while Abu Dhabi Securities Market and Palestine Exchange recorded drops of 0.53 percent and 0.46 percent, respectively. 

Beirut Stock Exchange faced the steepest decline, plummeting by 12.69 percent, attributed to ongoing economic challenges in Lebanon.

Despite Lebanon’s ongoing economic crisis since 2019, recent data from the Central Administration of Statistics shows signs of easing inflationary pressures. 

The annual inflation rate dropped sharply to 14.2 percent in March, down from 70.36 percent a year earlier — a notable improvement attributed largely to the stabilization of the Lebanese pound, which has held steady at approximately 89,500 Lebanese pounds per US dollar since mid-2023.

Casablanca Stock Exchange led the rises across the region. Shutterstock

Market capitalization and trading activity 

The total market capitalization of Arab stock markets decreased by 1.45 percent in the first quarter of 2025, reaching $4.32 trillion, down by $63.77 billion compared to the last quarter of 2024. 

This decline was primarily due to significant losses in the Abu Dhabi and Saudi markets, which shed $18.23 billion and $75.06 billion, respectively.

In contrast, Casablanca Stock Exchange added $21.26 billion to its market value, while Kuwait Stock Exchange saw an increase of $13.77 billion. 

Trading values also reflected this mixed performance. Total trading value across Arab markets fell by 2.60 percent to $250.53 billion.  

Kuwait Stock Exchange stood out with a 45.09 percent surge in trading value, reaching $21.95 billion. This strong performance builds on 2024’s momentum, when 113 out of 142 listed companies reported profits, as highlighted in an Al-Shall Consulting report.

Meanwhile, Abu Dhabi Securities Market saw a 31 percent drop in trading value.

Sectoral performance and global influences 

Global factors played a significant role in shaping market trends, with sectors scuh as insurance, consumer services, and media faced declines. “The cautious monetary policies of most global and Arab central banks, following the US Federal Reserve’s decision to stabilize interest rates, positively impacted lending and financing stability,” the study stated. 

However, it also warned that “the escalation of US trade policies, including new tariffs, has raised concerns about slowing international trade and rising production costs, which could directly affect global growth expectations, inflation rates, and investor confidence.”

Geopolitical tensions and fluctuations in oil prices further influenced market dynamics. “Oil prices experienced significant volatility during the first quarter of 2025 due to escalating geopolitical tensions and increased production from some countries, impacting markets closely tied to oil and affecting liquidity and the performance of the energy sector,” the AMF explained.

Individual market highlights 

Saudi Stock Exchange is the largest in the region by market capitalization. Bloomberg

Saudi Stock Exchange, which accounts for 61.13 percent of the total market capitalization of Arab exchanges, saw its value drop to $2.64 trillion. The media and utilities sectors were among the worst performers, declining by 31 percent and 13 percent, respectively.

Despite the recent dip, Saudi Arabia’s capital markets remain a regional powerhouse.

Speaking at February’s Capital Markets Forum in Riyadh, Saudi Exchange CEO Mohammed Al-Rumaih said:  “2024 was a great year for us. We did more than 55 listings; around 45 in the equity market, 13 on the main market, which doubled compared to 2023, and the rest in the parallel market. It put us as No.1 not just in the region, but globally as the fastest-growing exchange in the world.”

Egyptian Exchange rose by 7.68 percent, with trading volumes surging by 27.28 percent, reflecting renewed investor confidence.  

Kuwait Stock Exchange outperformed other Gulf markets, with its index climbing 9.66 percent, supported by robust activity in the banking sector. 

Casablanca Stock Exchange’s 20.19 percent jump was fueled by gains in electricity, mining, and telecom stocks, with firms like Attijariwafa Bank and Maroc Telecom leading the charge.  

Risks and outlook 

The report cautioned that several risks could destabilize Arab and global markets in the coming months.

“Potential risks include trade-related pressures linked to tariffs, a possible global economic slowdown, rising inflation, fluctuations in oil prices, high debt levels in some Arab economies, and geopolitical tensions,” it stated.

Despite the relative stability of Arab exchanges in the inaugural quarter of 2025, these factors could pose challenges to future performance. 

The AMF also emphasized the importance of continued cooperation among Arab markets to enhance integration and support economic growth in the region. 

“The Fund hopes that these efforts will contribute to developing cooperation and integration among Arab financial markets, serving common interests and promoting economic growth in the Arab region,” the analysis concluded.

Topics: Arab Monetary Fund Stock Markets Saudi stock market

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Peru keen to boost agricultural, food exports to Saudi Arabia, foreign minister says

Updated 01 May 2025
REEM WALID 
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Peru keen to boost agricultural, food exports to Saudi Arabia, foreign minister says

Updated 01 May 2025
REEM WALID 

RIYADH: Peru is seeking to boost exports of agricultural and food industry products to Saudi Arabia while leveraging the tax incentives and benefits available to foreign investors, a top official said.

During a meeting in Riyadh with Federation of Saudi Chambers board member Emad Sadad Al-Fakhri, Peru’s Minister of Foreign Affairs Elmer Schialer Salcedo also invited investors from the Kingdom to an upcoming agricultural products exhibition scheduled for September, the Saudi Press Agency reported.

Salcedo explained that while South American exports to Saudi Arabia total about $3.8 billion annually, Peru accounts for only $70 million of that sum. 

The newly released SPA statement said: “Al-Fakhri briefed the Peruvian delegation on recent developments in the Saudi economy and the Kingdom’s efforts to strengthen its economic partnerships, including with Peru. He underscored Saudi Arabia’s competitive advantages and investment opportunities.”

It added: “Al-Fakhri also stressed the importance of enhancing bilateral cooperation between the federation and its Peruvian counterpart through signed agreements and a joint business council. He proposed increasing the exchange of trade delegations, organizing economic forums, and exploring investment prospects in sectors such as tourism, trade, and agriculture.”

Peru opened an embassy in Riyadh in 2012, and the Kingdom followed suit in Lima in 2013, marking a milestone in their relations. Since then, economic and political ties have grown progressively, reflected in trade exchanges that have reached a peak of $188 million in recent years.

Writing for Arab News ahead of his trip to Saudi Arabia, Salcedo said he is “struck by how much potential lies in building bridges between our nations.”

The minister highlighted opportunities for investors from the Kingdom across several sectors, adding that economic protections are “reinforced by a legal framework that guarantees equal treatment for foreign investors and adherence to international investment protection mechanisms.”

In energy, key initiatives include the petrochemical plant project, the Southern Peru Integrated Gas Transportation System, and the 2025–2034 Transmission Plan. 

In mining, major projects such as El Galeno and Los Chancas stand out, while infrastructure developments include the Andean Longitudinal Highway, the Ancon Industrial Park, and the Ilo Desalination Plant.

These large-scale undertakings offer opportunities for Saudi investors to contribute to Peru’s economic transformation while ensuring sustainable and profitable returns.

“Peru warmly welcomes Saudi businesses, investors and policymakers to discover the vast opportunities that this dynamic relationship can offer. Together, we can open new economic frontiers and lay the foundation for a future of shared prosperity, innovation and enduring cooperation,” said Salcedo.

Topics: Peru saudi - peru ties

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Saudi Arabia’s real GDP grows 2.7% in Q1: GASTAT 

Updated 01 May 2025
Nirmal Narayanan
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Saudi Arabia’s real GDP grows 2.7% in Q1: GASTAT 

Updated 01 May 2025
Nirmal Narayanan

RIYADH: Saudi Arabia’s economy saw annual growth of 2.7 percent in the first quarter of 2025, driven by strong momentum in non-oil activities as the Kingdom continues efforts to diversify away from hydrocarbons. 

According to flash estimates released by the General Authority for Statistics, non-oil activities expanded 4.2 percent during the first three months of the year, extending their growth streak to 17 consecutive quarters. Government services rose 3.2 percent, while oil-related activities contracted 1.4 percent. 

Saudi Arabia’s growth in the non-oil sector aligns with the goals outlined in the Vision 2030 program, which aims to diversify the country’s economy by reducing reliance on crude revenues. 

This comes as the International Monetary Fund, in its latest economic outlook, noted that short-term growth in the Middle East will be driven by the expansion of the non-oil sector, projecting the region’s economy to grow by 2.6 percent in 2025 and 3.4 percent in 2026. 

In a release, GASTAT stated it has conducted “a comprehensive revision of GDP estimates as part of its efforts to achieve high levels of alignment with international standards and data quality.” 

It added: “Nominal and real GDP (annually and quarterly) time series have been revised accordingly.”  

Commenting on the comprehensive revision of GDP estimates, Saudi Arabia’s Minister of Economy and Planning and Chairman of GASTAT Faisal Al-Ibrahim said that it is a strategic step that reflects the Kingdom’s commitment to improving the quality of its economic data, Saudi Press Agency reported. 

He added that the revision will also enhance the transparency in measuring the performance of the national economy.

“This update comes within the framework of continuous efforts to develop statistical methodologies in line with international best practices, pointing out that the positive impact of this update will contribute to improving the accuracy of measuring the size of the Saudi economy and its components,” said Al-Ibrahim. 

The minister added that the revision is aimed at reflecting the contribution of additional economic activities within the Kingdom which include fintech, the creative economy, logistics, sports and entertainment. 

Al-Ibrahim further said that the contribution of non-oil activities to the Kingdom’s GDP has reached 53.2 percent, an increase of 5.7 percent over previous estimates. 

On a quarterly basis, seasonally adjusted GDP rose 0.9 percent, with government activities jumping 4.9 percent and non-oil output increasing 1.0 percent. Oil sector GDP dropped 1.2 percent amid ongoing production cuts under the OPEC+ agreement. 

Saudi Arabia’s GDP growth also aligns with the broader Middle East trend, where other countries are steadily diversifying their economies. 

Qatar’s full-year GDP for 2024 grew by 1.7 percent, driven by a 1.9 percent rise in non-hydrocarbon activities. The UAE’s central bank projects 4 percent GDP growth in 2024, while Bahrain reported year-on-year expansion of 2.1 percent in the third quarter. 

Saudi Arabia is ramping up efforts to enhance its data infrastructure, drive digital transformation, and harness artificial intelligence and advanced technologies to boost the efficiency and accuracy of its statistical operations. 

Speaking at the first Saudi Statistics Forum held earlier this week, Fahad Al-Dossari, president of GASTAT, reiterated the authority’s commitment to supporting decision-makers by continuously developing the statistical system to meet national and international standards. 

“Statistics are no longer merely supportive tools; today, they are at the heart of development work and a critical enabler of sustainable development, ensuring efficient spending, enhancing service quality, and supporting economic and social growth,” Al-Dossari said during the event in Riyadh. 

Topics: Saudi economy Saudi GDP General Authority for Statistics (GASTAT)

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