Saudi personal income levels show sharp rise

February 23, 2013

Saudi_personal

Riyadh, Feb 23: Saudi Arabia’s per capita income rose 27.2 percent from 2010 to 2011 following an increase of 17.1 percent from 2009 to 2010, according to a report by the Saudi Arabian Monetary Agency (SAMA).

Preliminary figures indicate that expenditure on GDP increased by 31 percent to SR 2.239 billion, “including import duties,” during 2011, said the report. This compares to SR 1.709 billion during 2010. The rise was attributed to a 103.3 percent increase in net exports of goods and services during 2011. This translates into a rise from SR 328.6 billion in 2010 to SR 668 billion in 2011.

Meanwhile, Fadl Bu Aynain, an economic expert, told Asharq Al-Awsat that “what matters in these figures is the constituents of GDP, since an increase in GDP, and hence per capita income, is more reliable when there is diversity of production and a dominance of industrial production.”

He added: “When oil revenues dominate the GDP, this gives a skewed view of economic growth. In other words, the rise of oil prices and the increase in oil output have influenced the total GDP. So we can say that without knowing the details of the factors that contribute to GDP, you cannot have a meaningful picture of the economy.”

He explained: “The economy that depends on royalties may cause major problems in the future, unless the growth in GDP is based on diversifying and broadening the base of industrial and service production.

“This will create jobs, increase real per capita income, and create sustained development, through the private sector, in particular. If that does not happen, Saudi Arabia may face major challenges in fulfilling its obligations in the future in case there were substantial changes in oil prices or in the ratio of exports to the total GDP.”

Tal’at Hafidh, secretary-general of the Commission for Orientation and Education in the Banks, said one of the major causes of inflation in Saudi Arabia is “what we call imported inflation, when the prices of imported goods are hiked for various reasons in the country of origin, or when there are extra expenses added on the goods, like an increase in shipping and insurance costs, etc.”

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 16,2025

israelUS.jpg

The United States has reportedly approved a new shipment of thousands of powerful munitions to the Israeli regime, further reinforcing its military arsenal as Tel Aviv is said to be readying for “vigorous expansion” of its genocidal war on the Gaza Strip.

Citing unnamed Israeli officials, Hebrew-language outlet Ynetnews reported that the Israeli air force was set to receive more than 3,000 bombs from the US in the coming weeks.

According to the report, the munitions are to be delivered to “boost readiness” for a major offensive being planned by the Israeli army’s Southern Command.

Over 10,000 additional bombs are also expected to arrive in the near future, replenishing Tel Aviv’s stockpiles as it pushes forward with its regional military adventurism that has seen it escalate its deadly attacks on Lebanon and Syria, besides the war on Gaza.

The shipment is part of a broader arms package that includes MK-84 bombs, powerful 2,000-pound munitions that have already been linked to mass civilian casualties in Gaza.

A similar transfer, which was initially halted by the previous US administration, was unfrozen earlier this year under Donald Trump’s second tenure as president, enabling the Israeli regime to resume large-scale deployment of the destructive weapons.

Rafah encircled 

The regime’s minister for military affairs Israel Katz has announced that Tel Aviv was now preparing to “vigorously” broaden its assault on besieged Gaza.

As part of the escalation, Israeli forces have recently captured the so-called “Morag Corridor,” a strategic route connecting the southern Gaza cities of Rafah and Khan Younis.

Israeli military officials had declared on 12 April that Rafah, the last refuge for over a million displaced Palestinians, was now completely surrounded.

The Israeli army’s 36th Division, including the 188th Armored Brigade and Golani Infantry Brigade, reportedly advanced from both northwest and southeast axes towards the area.

Additionally, the army’s “Gaza Division” is operating along the Philadelphi Corridor, adjacent to the Gaza-Egypt border, amid the regime’s continued allegations that the stretch of land is used to transfer arms to Gaza’s Hamas resistance movement.

Death toll rises 

The intensified genocidal campaign has come at a staggering human cost. Since March 18, at least 1,630 Palestinians have been killed and more than 4,300 wounded across the Palestinian territory due to relentless Israeli bombardments and ground incursions.

Entire neighborhoods in Rafah and other southern areas have been flattened, with displaced civilians again forced to flee, this time with nowhere left to go.

Across the entire territory, essential infrastructure has been decimated, exacerbating the already dire conditions for over two million Palestinians trapped under blockade.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
April 22,2025

modisaudi.jpg

Prime Minister Narendra Modi is set to make a landmark visit to Saudi Arabia on Tuesday, becoming the first Indian prime minister in four decades to set foot in the port city of Jeddah.

The high-profile visit comes at the invitation of Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud and signals a renewed chapter in the India-Saudi partnership.

During the prime minister's visit, Modi and the Crown Prince will co-chair the second meeting of the India-Saudi Strategic Partnership Council, a forum established during the prime minister’s 2019 visit to institutionalize deeper engagement between the two nations.

Six pacts ready to be signed — more may follow

According to high-level sources cited by news agency PTI, India and Saudi Arabia will ink at least six key memoranda of understanding (MoUs) during Modi's visit. These will cover vital sectors including space exploration, energy, healthcare, scientific research, culture, and advanced technology.

“Negotiations were still underway late Monday to finalise additional MoUs,” a senior official confirmed, adding that over a dozen agreements were on the table — some of which may be signed at the official level even if not during the PM’s presence.

Hajj quota, pilgrim support on the agenda

In his bilateral meeting with Crown Prince Mohammed bin Salman, Modi will also raise issues related to Hajj, including India’s annual pilgrimage quota. Sources said that the prime minister aims to ensure smoother coordination and increased support for Indian pilgrims.

India’s Hajj quota for 2025 has grown to 175,025 from 136,020 in 2014, with arrangements already in place for 122,518 pilgrims. However, around 42,000 Indians are unlikely to make the journey this year due to delays by Combined Haj Group Operators in securing agreements.

Indian ambassador to Saudi Arabia, Suhel Ajaz Khan, highlighted Jeddah’s dual importance — both as a historical trade hub with India and as the primary gateway to Mecca. “Hajj is a vital aspect of our bilateral ties, and the Indian government places immense importance on ensuring a seamless pilgrimage experience,” he said.

On Wednesday, the prime minister is also scheduled to visit a factory in Jeddah that employs a large number of Indian workers — a gesture underlining the critical role of the Indian diaspora in strengthening bilateral relations.

Notably, Modi was awarded Saudi Arabia’s highest civilian honour, the King Abdulaziz Sash, in 2016 — a testament to the deepening diplomatic and personal rapport between the leadership of both nations.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 18,2025

oilport.jpg

The US military has struck the western Yemeni oil port of Ras Isa, leaving dozens of workers and paramedics dead, and dozens more injured.

The facility in Hudaydah governorate was hit at least two times on Thursday night, with the second strike coming as civil defense and rescue teams were extinguishing fires and recovering victims. The second attack killed at least five paramedics.

The Palestinian Information Center and al-Manar TV now report that at least 38 people have been killed in that attack, while 102 others injured.

The Yemeni government slammed the attack as a clear war crime aimed at supporting the Zionist regime and enabling it to continue the Gaza genocide.

It said the strikes prove that the US deliberately attacks civilian infrastructure in Yemen with false justifications.

The government vowed that this crime would not pass without painful punishment, and the US would reap nothing but humiliating defeat and failure.

The US military claimed the port was a source of fuel for the Ansarullah resistance movement.

The governorates of Sana'a, al-Bayda and Hudaydah were also hit with multiple strikes.

The United States intensified its deadly attacks on the country last month at President Donald Trump’s direct orders.

Washington claims the raids are strictly aimed at protecting shipping activity around Yemen, alleging that the regional waterways’ maritime security had been endangered by Sana’a.

Yemeni officials have, however, roundly rejected such claims, underlining that the country only targeted vessels belonging to the Israeli regime and ships taking supplies to it.

The operations implemented by Yemen’s Armed Forces began in October 2023, when the Israeli regime, the US’s most cherished regional ally, began taking the Gaza Strip under a genocidal war.

More than 51,000 Palestinians, mostly women and children, have been killed as a result of the warfare, which receives hugely enhanced and unstinting arms support on the part of Washington.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.