Prince Salman

IMF Backs Saudi Economic Plan for “Appropriately Bold” Transformation

By Andrew Torchia DUBAI, May 19  – The International Monetary Fund backed Saudi Arabia’s sweeping economic reform plan on Thursday and said the kingdom was cutting spending at the right speed to cope with a huge state budget deficit caused by low oil prices. Late last month, Deputy Crown Prince Mohammed bin Salman announced steps

[ Read More ]

Domestic Focus May Limit Clout of $2 Trillion Saudi Fund

By Andrew Torchia DUBAI, May 17 – Saudi Arabia aims to create the world’s biggest sovereign wealth fund, a $2 trillion behemoth that can throw its weight around global markets, but the fund’s growth abroad is likely to be slowed by its responsibility for aiding the economy at home. Building the Public Investment Fund (PIF)

[ Read More ]

Reforming Saudi Arabia

BY Mohammed Al Sabban The world, not only the Saudis, monitored the announcement of the kingdom’s Vision 2030 last week. A well rounded plan, which primarily aims at achieving a gradual but steady diversification of the country’s revenues, away from its current total dependence on oil as a main source of revenue. Though many were

[ Read More ]

Saudi Prince Unveils Sweeping Plans to End “Addiction” To Oil

By Samia Nakhoul, William Maclean and Marwa Rashad RIYADH, April 25  – The powerful young prince overseeing Saudi Arabia’s economy unveiled ambitious plans on Monday aimed at ending the kingdom’s “addiction” to oil and transforming it into a global investment power. Deputy Crown Prince Mohammed bin Salman said Riyadh would raise the capital of its

[ Read More ]