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.


Saudi – Led Coalition Says It Intercepts Houthi Drone Fired At Southern Saudi Arabia

The Saudi – led coalition fighting Houthi forces in Yemen said on Tuesday it had destroyed an explosive drone fired towards Khamis Mushait in the south of Saudi Arabia. A military spokesman for the Iran – aligned Houthi group then said they had fired a drone at and hit Abha International Airpot, which is near … More Saudi – Led Coalition Says It Intercepts Houthi Drone Fired At Southern Saudi Arabia

Saudi Arabia’s Crown Prince, China’s Xi Discuss Cooperation In Phone Call

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Saudi Arabia’s King Salman, Crown Prince Donate Total of $7.9 Mln To Charity

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Queen Elizabeth Returns To Royal Duties Four Days After Her Husband’s Death – PM Media

Britain’s Queen Elizabeth return to royal duties on Tuesday, four days after the death of her husband, Prince Philip, in an event to mark the retirement of her household’s most senior official, PA Media reported. The queen hosted a ceremony as the Earl Peel stepped down as Lord Chamberlain, the report added. Philip, who has … More Queen Elizabeth Returns To Royal Duties Four Days After Her Husband’s Death – PM Media

Saudi Arabia’s Ithra Celebrates Ramadan With Cultural Events, Activities

Saudi Arabia’s King Abdulaziz Center for World Culture (Ithra) is celebrating the holy month of Ramadan with a wide selection of cultural events and interactive activities. Ithra is offering visitors a chance to take part in events focused on national traditions and  Saudi Arabian heritage, as well as different interactive workshops. The centre’s Ramadan program also includes a collection … More Saudi Arabia’s Ithra Celebrates Ramadan With Cultural Events, Activities

Britain’s Prince Philip Has Died

Prince Philip, the husband of Queen Elizabeth who played a leading  figure in the British royal family for almost seven decades, has died aged 99, Buckingham Palace said on Friday. The Duke of Edniburgh, as he was been y his wife’s side through her 69-year  reign, the longest in British history, during which time he … More Britain’s Prince Philip Has Died

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