Tag: Economy

Saudi Crown Prince Launches New ‘Partner’ Program Between Private, Public Sector

March 31, 2021

Saudi Arabia’s Crown Prince Mohammed bin Salman will be announcing the launch of a new program meat to strengthen the partnership with the private sector in the Kingdom. The Crown Prince announced the ‘Saudi Arabia’s Partner Program’ with the private sector during a virtual meeting with a number of ministers, as well as senior businessmen … More Saudi Crown Prince Launches New ‘Partner’ Program Between Private, Public Sector

Saudi Imports From Turkey Tumble In December After Informal Boycott

February 24, 2021

The value of Saudi Arabia’s imports from Turkey in December dropped to their lowest level in at least a year, Saudi official data showed on Wednesday, on the back of an informal boycott by Saudi businessmen and retailers of Turkish products. Political tensions spilled over into trade between the two regional powers last year after … More Saudi Imports From Turkey Tumble In December After Informal Boycott

Bahrain’s Economy To Grow 3.3% This Year, Must Cut Public Debt – IMF

February 15, 2021

Bahrain’s economic recovery from the COVID-19 pandemic will be gradual, with growth projected at 3.3.% this year after a 5.4% contraction in 2020, the International Monetary Fund said on Sunday. The tiny Gulf state has been battered by the twin shocks of the coronavirus crisis and lower oil prices, which pushed its overall fiscal deficit … More Bahrain’s Economy To Grow 3.3% This Year, Must Cut Public Debt – IMF

BUSINESS | Aramco Could See More Shares To Benefit PIF, Crown Prince Tells FII

January 28, 2021

RIYADH – – Saudi Aramco, the world’s biggest oil company, could launch a second offering of shares to follow the historic initial public offering of 2019, Crown Prince Mohammed bin Salman told the Future Investment Initiative (FII) gathering. ‘This will yield a cash flow transferred to the Public Investment Fund (PIF) to be reinvested domestically … More BUSINESS | Aramco Could See More Shares To Benefit PIF, Crown Prince Tells FII

BREAKING NEWS | Saudi Crown Prince Announces New 5-Year Strategy For Kingdom’s Economy

January 25, 2021

JEDDAH – – Saudi Crown Prince Mohammed bin Salman on Sunday launched a new five – year strategy for the Kingdom’s sovereign wealth fund as Saudi Arabia drives toward achieving its Vision 2030 goal to diversify the economy away from dependence on oil. The Public Investment Fund (PIF) will pump at least $40 billion a … More BREAKING NEWS | Saudi Crown Prince Announces New 5-Year Strategy For Kingdom’s Economy

BREAKING NEWS | Investments In Saudi Arabia’s Economy Will Reach Six Trillion Dollars: Crown Prince

January 14, 2021

AL ULA – – Saudi Arabia’s Crown Prince Mohammed bin Salman says major investment opportunities in Saudi Arabia will amount to six trillion dollars over the next ten years, including 3 trillion dollars in investments in new projects, within the framework of the opportunities provided by Vision 2030, reported Saudi Press Agency. Saudi Arabia’s Crown … More BREAKING NEWS | Investments In Saudi Arabia’s Economy Will Reach Six Trillion Dollars: Crown Prince

ECONOMY | Saudi Sovereign Wealth Fund Hires New Corporate Finance Head, Makes Other Changes

December 22, 2020

RIYADH – – Saudi Arabia’s sovereign wealth fund has hired Fahad al – Saif, the chief executive of the finance  ministry’s debt management centre, as its new corporate finance head. He replaces Alireza Zaimi, who will become a special advisor to the fund’s  governor Yasir al – Rumayyan, the Public Investment FUND (PIF) said in … More ECONOMY | Saudi Sovereign Wealth Fund Hires New Corporate Finance Head, Makes Other Changes

ECONOMY | Saudi Arabia To Issue Executive Regulations On Labor Reform Initiative Soon: Ministry Official

December 3, 2020

The Minister of Human Resources and Social Development will issue soon the executive regulations of the Labor Reform Initiative (LRI), Sattam Alharbi, Deputy Minister for Inspection and development of work environment, was cited by Saudi Press Agency as saying. The initiative, which falls under the Kingdom’s National Transformation Program, was launched by the ministry last … More ECONOMY | Saudi Arabia To Issue Executive Regulations On Labor Reform Initiative Soon: Ministry Official

ECONOMY | Saudi Arabia Could Review VAT Hike After Pandemic Ends, Says Minister

November 20, 2020

Saudi Arabia’s acting information minister on Thursday said the kingdom could review its VAT increase after the novel coronavirus pandemic ends, a move which may spur economic recovery after the tax increase boosted inflammation. Saudi Arabia tripled value – added tax to 15 percent in July to offset the impact of lower oil revenue on … More ECONOMY | Saudi Arabia Could Review VAT Hike After Pandemic Ends, Says Minister

ECONOMY | Saudi Arabia Will Raise Minimum Wage For Citizens To 4,000 Riyals ($1,066)

November 19, 2020

Saudi Arabia will raise the minimum wage for its citizens from 3,000 riyals ($800) to 4,000 riyals ($1,066), a 33 percent increase, the Kingdom’s Ministry of Human Resources and Social Development announced on Wednesday. The move will come into effect five months from Wednesday, the ministry added without specifying a specific date. If a Saudi … More ECONOMY | Saudi Arabia Will Raise Minimum Wage For Citizens To 4,000 Riyals ($1,066)