Saudi Telecom’s TAWAL secures $1.42bn funding for European tower asset acquisition 

Saudi Telecom’s TAWAL secures $1.42bn funding for European tower asset acquisition 

RIYADH: In the face of worldwide economic uncertainty, Saudi Arabia stands out for its robust diversification efforts driven by Vision 2030 strategies, resulting in a surge of business activities despite prevailing concerns over inflation and geopolitical tensions.

The International Monetary Fund’s latest World Economic Outlook report forecasts a deceleration in global economic growth, dropping from 3.4 percent the previous year to 2.8 percent in 2023, with an expected rise of 3 percent next year.

The dire global economic forecast stems from a combination of factors, including the necessity for stringent policy measures to combat inflation, the ongoing conflict in Ukraine, the rise of geoeconomic fragmentation, and vulnerabilities within the nonbank financial sector.

Yet, across several Gulf Cooperation Council nations, most notably in Saudi Arabia, the gloomy global outlook has given way to optimism and enthusiastic economic growth.

Economic Diversification Index

Despite market volatility, Nasser Saidi & Associates — an economic and business advisory consultancy led by a Lebanese politician and economist who held roles as minister of economy and industry and vice governor for the Lebanese central bank— reveals that from 2000 to 2019, notable improvements in Economic Diversification Index scores are seen in countries such as China, the US, Saudi Arabia, Germany, and Oman.

Additionally,