Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s Public Investment Fund (PIF) set the yield for its seven-year dollar-denominated sukuk at 85 basis points above U.S. Treasuries. The PIF adjusted the yield from its initial guidance of 115 basis points following strong demand that led to orders surpassing SAR63.8 billion ($17 billion).
- Saudi Arabia’s small and medium enterprises (SMEs) totaled 1.3 million in the fourth quarter of 2023, marking a 3.1 percent increase QoQ. Approximately seven percent of Saudi Arabia’s SMEs, totaling 570,000, are based in Riyadh.
- Saudi Arabia’s digital economy contributed 14 percent to the Kingdom’s 2023 gross domestic product, according to the General Authority for Statistics (GAStat). Around 48 percent of establishments invested in cloud computing services, encompassing various offerings like postal services, security software applications, file storage, and database hosting.
