Those who were afraid once are now competing; Saudi Arabia's economy is booming and this time oil is not the only reason

RIYADH: Saudi Arabia is one of the top oil exporting countries in the world. Oil exports play a major role in the growth of the economy. Now the Saudi economy is booming. Apart from oil, another factor is also behind this, which is property market.

More than 300 apartments in Almajadia Residence's new Riyadh complex were sold out in less than a month without even a company advertisement. 'There is beautiful creativity in Saudi designs today.', says Abdulsalam Almajed, Almajdia’s chief executive.

Although centralized power and political repression have been increased, the new ruler has made relaxations in the entertainment sector and also on interactions between men and women.

Ten years ago, many property owners would not even rent houses to women. Many decisions required the approval of a male guardian. Today, more and more women are entering the labour market. 30 percent of property buyers in Almajadia are women.

Majority of the world is worried about inflation caused by the Ukraine-Russia war and the economic recession. But the Saudi economy is growing. Oil price is averaging over $100 a barrel this year. Gross domestic product has increased by 11.8 percent in the second quarter. The non-oil economy grew by 5.4 percent. This is larger than before the covid pandemic.