Saudi Arabia Macroeconomic Developments
- R.H. Crown Prince Mohammed bin Salman launched a master plan to develop 59 logistics centers across a total area exceeding 100 million square meters. These centers will span various regions, including 12 each in Riyadh and Makkah, 17 in the Eastern Province, and 18 across other parts of the Kingdom. The strategy aims for the completion of all centers by 2030.
- The aggregate profit of banks operating in Saudi Arabia soared 9.64 percent to SAR6.37 billion ($1.71 billion) in July, compared to SAR5.8 billion ($1.54 billion) YoY. The aggregate assets of these banks also rose 8.84 percent YoY in July to SAR3.84 trillion ($1 trillion).
- Saudi Arabia’s foreign reserves fell by SAR60 billion ($16 billion) in July, according to the Saudi Central Bank (SAMA). Net foreign assets fell to SAR1.53 trillion ($407 billion) after increases were reported in May and June.
