‎Overview of key economic events in Saudi Arabia during Q3 2022

‎Overview of key economic events in Saudi Arabia during Q3 2022

The Saudi economy witnessed several significant events in Q3 2022, including a royal decree last month that named Crown Prince Mohammed bin Salman as the Prime Minister in a Cabinet reshuffle.

During the third quarter, Crown Prince Mohammed bin Salman also announced the designs of THE LINE in NEOM mega city, launched infrastructure works and masterplan for Rua Al Madinah Project and unveiled the National Gaming and Esports Strategy.

Further, the Saudi Central Bank (SAMA) raised the reverse repo rate from 175 basis points (bps) to 325 bps, and the repo rate from 225 bps to 375 bps in two rounds.

Oil prices slumped to their lowest levels year-to-date (YTD) to $85 per barrel, amid concerns regarding the global economic recession and crude supply developments.

The following is a breakdown of all the events that took place in Q3:

1) On July 4, the Saudi Exchange (Tadawul) launched the single stock futures (SSFs) contracts, which will be cleared by the Securities Clearing Center Co. (Muqassa).

2) Also in July, King Salman issued a royal order approving an allocation of SAR 20 billion as financial support to cushion the impact of rising global prices.

3) On July 25, Crown Prince Mohammed bin Salman, who is the Chairman of