Sunday, 12 May 2019

Feel-good factor suggests #Saudi economy has turned corner | Arab News

Feel-good factor suggests Saudi economy has turned corner | Arab News:

Just how real is Saudi Arabia’s economic recovery? At the Financial Sector Conference in Riyadh a few weeks back, there was lots of optimism in the air, some positive news on the government budget, and some anecdotal evidence that a corner has been turned.

The budget surplus in the first quarter this year was the first since 2014, and though it turned out that factored in a big dividend payment from Saudi Aramco, there was still a sense of achievement about it. Following on from Aramco’s record-breaking bond issue, it added to the growing self-confidence about the Kingdom’s financial position.

Retailers at the conference in Riyadh spoke of an uptick in footfall at the country’s malls, while credit card companies reported a measurable increase in consumer spending, not least in the e-commerce sector.

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