ECONOMY | Saudi Arabia To Widen Scope Of Privatisation, Finance Minister Says

RIYADH | SAUDI ARABIA – Saudi Arabia will look to sell assets in sectors that were not previously considered for privatization, such as healthcare and education, the country’s finance minister said on Wednesday.

Speaking at a Bloomberg event, Mohammed al-Jadaan said privatisations will likely generate north of $50 billion in the next four to five years.

Saudi Arabia is facing a sharp recession this year due to the impact of the coronavirus pandemic on the economy and low oil prices on state revenues.

The International Monetary Fund has forecast a 6.8% contradiction this year. Hadaan did not privede a number, but said he expect the economy to contract less than that.

July data were promising for the prospects of economy recovery in the kingdom, he said, but the outlook remains uncertain due to the pandemic.

Saudi Arabia tripled its value-added tax to 15% this month as it seeks to bolster state coffers. Jadaan said there was no imminent plan to introduce an income tax, which would require more preparation, but he said nothing could be ruled out.

He added that Saudi Arabia will likely tap international debt investors once again this year, but no decision had been taken yet on the currency of the planned issuance.

Saudi Arabia has raised $12 billion in international bond issues so far this year, and it ‘significantly’ increased its local debt issuance compared with its original plans, the minister said.


BREAKING NEWS | Trump Says U.S. Ready To Assist Lebanon After ‘Terrible Attack’

MILAN | ITALY – President Donald Trump on Tuesday said he sent his sympathies to Lebanon for the dozens of people killed and thousands wounded in a massive explosion in Beirut, which he cast as an attack, and offered U.S. help. ‘The United States stands ready to assist Lebanon’, Trump said at a White House … Continue reading BREAKING NEWS | Trump Says U.S. Ready To Assist Lebanon After ‘Terrible Attack’

BREAKING NEWS | U.K. PM Johnson Offers Support To Beirut After Massive Blast

LONDON – Prime Minister Boris Johnson said Britain stood ready to provide any support it could to help Beirut after a massive explosion in the city’s port area killed 25 people and injured more than 2,500. ‘The pictures and videos from Beirut  tonight are shocking’, Johnson wrote on Twitter. ‘All of my thoughts and prayer … Continue reading BREAKING NEWS | U.K. PM Johnson Offers Support To Beirut After Massive Blast

BREAKING NEWS | Massive Blast Rips Through Beirut, Killing 50 And Injuring Thousands

BEIRUT | LEBANON – A huge explosion in port warehouses near central Beirut Killed more than 50 people, injured over 2,750 and sent shockwaves that shattered windows, smashed masonry and shook the ground across the Lebanese capital. Officials expected the death toll to rise further after Tuesday’s blast as emergency workers dug through rubble to … Continue reading BREAKING NEWS | Massive Blast Rips Through Beirut, Killing 50 And Injuring Thousands

BREAKING NEWS | Saudi Arabia Following With Great Concern Consequences Of Beirut’s Explosion: SPA

RIYADH  | SAUDI ARABIA – Saudi Arabia’s foreign ministry said on Tuesday that is it following with great concern the consequences of Beirut’s port explosion, according to the state news agency. The statement also affirmed the kingdom’s full support and solidarity with the Lebanese people. The death toll from a massive explosion in Beirut  on … Continue reading BREAKING NEWS | Saudi Arabia Following With Great Concern Consequences Of Beirut’s Explosion: SPA

TRAVEL | Jordan Delays Resuming International Flight After COVID-19 Surge Abroad

AMMAN – Jordan on Tuesday postponed a resumption of international flight services that was planned for Wednesday almost five months after they were suspended due to the coronavirus outbreak, officials said. Civil Aviation Commission chief Haitham Mistro has announced last month that Queen Alia International Airport outside the capital Amman would reopen on Aug.5 for … Continue reading TRAVEL | Jordan Delays Resuming International Flight After COVID-19 Surge Abroad

SPORT | Red Card For Virus As Saudi Pro League Returns With Riyadh Derby

RIYADH | SAUDI ARABIA – The most popular rivalry in the Saudi Pro League (SPL) will take center stage as Al-Nassr host Al-Hilal on Wednesday, with safety precautions to allow the safe return of football in the Kingdom. The eagerness for football’s return will be highlighted when players arrive fully kitted at King Fahd Stadium, … Continue reading SPORT | Red Card For Virus As Saudi Pro League Returns With Riyadh Derby

ROYALS | Former King Juan Carlos To Leave Spain Amid Corruption Allegations

MADRID – Spain’s former king Juan Carlos has told his son, King Felipe, that he is leaving the country, the Royal House said on Monday, in a dramatic move designed to protect the monarchy after corruption allegations against him surfaced. In June, the Spanish Supreme Court opened an investigation into Juan Carlos’s involvement in a … Continue reading ROYALS | Former King Juan Carlos To Leave Spain Amid Corruption Allegations

BUSINESS | Trump To Give TikTok’s Chinese Owner 45 Days To Agree Sale – Sources

NEW YORK – President Donald Trump has agreed to give Chine’s ByteDance 45 days to negotiate a sale of popular short-video app TikTok to Microsoft Corp, three people familiar with the matter said on Saunday. U.S. Official said TikTok under its Chinese parent poses a national risk because of the personal data it handles. Trump … Continue reading BUSINESS | Trump To Give TikTok’s Chinese Owner 45 Days To Agree Sale – Sources

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