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Increase in Saudi Natural Gas Reserve … Private Sector Labor Force Grows 4.7 Percent | ASHARQ AL-AWSAT English Archive 2005 -2017
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A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh, June 23, 2008. State oil giant Saudi Aramco is adamant the biggest new field in its plan to raise oil capacity will arrive bang on schedule in June next year. REUTERS/Ali Jarekji


Increase in Saudi Natural Gas Reserve … Private Sector Labor Force Grows 4.7 Percent

by | Jun 18, 2016 | Business |

Increase in Saudi Natural Gas Reserve … Private Sector Labor Force Grows 4.7 Percent

Riyadh-Bolstering the efforts exerted for implementing the Saudi vision on diversifying power sources, recent annual statistics released by Saudi Arabian Monetary Agency (SAMA) exhibit a notable increase in the Kingdom’s natural gas reserve at a 1.4 percent rate in 2015, compared to that of 2014. Figures also show a slight growth in money supply records of 2015. The investment fund also reduced a previous 110 billion SAR retraction in 2014 to a 103 billion SAR in 2015.

SAMA’s statistics show that the investment trust funds have added from a 252 figure to a 270 in 2015, which indicates the expanding base laid for investment in the country and proves effective employment of the private sector.

Local market revenue also witnessed a 0.5 percent growth faced with a notable 40 percent drop in exports, according to the figures presented by SAMA.

The Kingdom’s reserve for crude oil had registered a stable 266 billion barrels at the end of 2015, while the reserve of natural gas grew at a rate of 1.4 percent.

Labor force in the private sector increased to 10.5 million employees, of which 1.7 million are Saudi citizens. The jump also brought about a 4.7 percent increase in employment at the private sector since its last ratings in 2014.

In a step supporting power sources diversification, the Saudi Electricity Company, signed on Thursday a memorandum of understanding with the Eastern Province Municipality as to conduct researches on implementing recycling technology aiming to convert waste into power. The waste would be transformed into a usable source of energy, all while cutting back on environmental pollution. The signing of the memorandum is in the framework of the initiative supporting all activities on localizing industrial activities.

Saudi Arabia is considered to be one of the world’s countries to most direct investment into infrastructure. The deal was brokered eleven days after the Kingdom announced its plan for national transformation 2020, which represents a marker to the progress of the Kingdom’s vision 2030.