Vision 2030

Funding, Regulation Challenge Saudi Private Sector Drive

By Andrew Torchia and Marwa Rashad JEDDAH, Saudi Arabia, June 16 – After decades of government-led growth, Saudi Arabia is handing over much of the responsibility for the economy to private firms – a prospect which both pleases and worries businessmen, who wonder how they can finance new projects in an age of austerity. As more

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Saudi Arabia: Quietly Does It

The Saudi transformation few are paying attention to BY Fahad Nazer Media coverage of Saudi Arabia over the past year has largely focused on its new, more assertive foreign policy, as demonstrated by its military campaign in Yemen. More recently, a blueprint for economic reform known as “Vision 2030” aimed at reducing the country’s dependence on

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Saudi Housing Ministry Imposes Annual Tax on Undeveloped Land

RIYADH, May 9 – Saudi Arabia has imposed an annual tax on undeveloped urban land, the Housing Ministry said on Sunday, finalising the rules for a system intended to address a politically sensitive shortage of affordable housing. The introduction of a land tax, first announced by the cabinet in November, marks a major step for the

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New Saudi Minister is Believer in Reform and Low Oil Price

By Dmitry Zhdannikov and Rania El Gamal LONDON/DUBAI, May 8 – It was January 2016 and oil prices had crashed to their lowest in more than a decade. Saudi Arabia’s health minister, Khalid Al Falih, a favorite to take over the oil ministry from his mentor Ali Al Naimi, was not panicking. Falih told an audience of oil executives,

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Saudi Shake-Up Rolls On With Big Reshuffle of Economic Posts

By Angus McDowall and Katie Paul RIYADH, May 7  – Saudi Arabia’s King Salman on Saturday replaced his veteran oil minister and restructured some big ministries in a major reshuffle apparently intended to support a wide-ranging economic reform programme unveiled last week. The most eye-catching move was the creation of a new Energy, Industry and Natural Resources

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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

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Saudi Reform Plans Court Social Change

By Angus McDowall RIYADH, April 27 – Reforms promised by a young Saudi prince are couched in references to the kingdom’s Islamic tradition but include ideas likely to upset some conservatives, risking future ruptures over the direction of society. Deputy Crown Prince Mohammed bin Salman’s “Vision 2030” plan, which the 31-year-old announced on Monday, largely

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