Saudi Arabia Macroeconomic Developments
- Saudi Arabia announced a significant overhaul of its investment law, aiming to strengthen its appeal to international investors. The updated law features enhanced protections for investors, including adherence to the rule of law, fair treatment, and property rights, while ensuring robust safeguards for intellectual property and facilitating smooth fund transfers.
- Saudi Arabia’s Industrial Production Index (IPI) declined by four percent YoY in June. Data issued by the General Authority for Statistics (GAStat) showed that Saudi IPI fell to 105.73 points in June 2024 compared to 110.08 points in June 2023.
- Saudi Arabia’s point-of-sales (POS) spending reached around SAR52.76 billion ($14.1 billion) in June, registering a 1.75 percent rise YoY. Around 30 percent of POS spending, SAR15.73 billion ($4.2 billion), was allocated to beverages, food, restaurants, and cafes, reflecting a 0.32 percent increase.
