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Saudi Arabia’s Economic Growth: A Non-Oil Driven Success

by News Editor
May 2, 2025
In the first quarter, Saudi Arabia’s economy experienced a notable upswing, propelled by strong activity in the non-oil sector. As the kingdom continues its strategic pivot away from hydrocarbons, the real Gross Domestic Product (GDP) grew by 2.7% year-on-year, according to flash estimates from the government’s statistical authority.

Increased Demand for Data-Driven Insights

The statistical authority responded to mounting local demand for detailed data by expanding its data collection efforts and updating the nominal and real GDP series. Fahad al Dossari, President of GASTAT, highlighted the hunger for comprehensive statistics among stakeholders.

Non-Oil and Government Activities Drive Growth

With the weighting of the non-oil sector increased to align with international standards, non-oil activities surged by 4.2% in the first quarter, while government activities grew by 3.2%. Monica Malik, chief economist at Abu Dhabi Commercial Bank, noted the contribution of government activity, spurred by a supported oil price, although cautioning about a potential pullback in government spending in the subsequent quarters.

Challenges and Outlook

Despite the promising start, oil-related activities fell by 1.4%, underlining the challenges of diversifying away from oil. As part of Vision 2030, Saudi Arabia requires substantial investment to bolster the private sector and expand its non-oil economy. A Reuters poll suggests that Brent crude will average $68.99 a barrel in 2025, a decrease from earlier forecasts, placing pressure on Saudi fiscal plans, which rely on higher oil prices to balance the budget.

European Commission Unveils €500 Million Investment to Boost Scientific Innovation

by News Editor
May 5, 2025
In a strategic move to elevate scientific research within Europe, the European Commission has introduced a substantial €500 million package for the years 2025 to 2027. This initiative, announced at the “Choose Europe for Science” event in Paris, aims to transform Europe into a hub for global research talent.

Key Highlights

  • Incentive Overview: Unveiled by Ursula von der Leyen, this package is designed to attract top researchers to Europe.
  • Legislative Framework: A proposed law to safeguard scientific freedom, mirroring free market principles for the fluid exchange of knowledge.
  • Future Goals: The EU is urging member states to raise their research and development spending to 3% of GDP by 2030.

Impact on Science and Innovation

This funding not only supports scientific exploration but also provides targeted incentives in cutting-edge sectors such as artificial intelligence. The initiative aims to foster young scientists with enhanced scholarships and long-term contracts.

Boosting Connections

The European Commission’s efforts to strengthen ties between eminent researchers and scientific institutions are pivotal in ensuring Europe remains competitive.

Conclusion

As Europe steps into this era of innovation, it is vital to assess the long-term effects of these investments on global competitiveness and societal advancement.

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