The Saudi economy
after seven years of reforms by Crown Prince Mohammed bin Salman. Report from NationalNews
The 9 most prominent points of the report on the Saudi economy.
1-
Saudi reforms
• Crown Prince Mohammed bin Salman has led expansionary fiscal policies since June 21, 2017, making Saudi Arabia one of the fastest growing G20 economies.
• Important initiatives include the listing of Aramco and the launch of NEOM City.
2.
Vision 2030 and economic development:
• The vision aims to expand the industrial base, create job opportunities, enhance foreign direct investment, and expand financial markets.
• Key institutions oversee Vision 2030, at a cost estimated at trillions of dollars.
3.
Achievements and investments:
• The Kingdom has opened new sectors for foreign direct investment and is investing $800 billion in tourism, targeting 150 million visitors by 2030.
• Tax reforms include a 15% sales tax and a 20% corporate tax, with significant increases in tax revenues.
4.
Support reforms and the non-oil economy:
• Non-oil exports increased, contributing to non-oil GDP.
5.
Mega and Giga projects:
• Vision 2030 includes various sectoral developments such as healthcare, sports, technology and entertainment.
• Key projects include NEOM and the Red Sea project, with major contracts awarded.
6.
Public Investment Fund (PIF):
• The Public Investment Fund is critical to Vision 2030, with assets worth $925 billion and plans to double assets, invest heavily in the local economy, and create 1.8 million jobs.
• The Public Investment Fund acquired an 8% stake in Aramco, worth $163.6 billion, to enhance its assets.
7.
Amendments and future plans:
• The Kingdom is recalibrating its strategy in response to economic and geopolitical challenges.
• Some projects may be scaled back or accelerated based on current realities.
8.
Social and cultural changes:
• Important social reforms include the growth of the entertainment industry, improvements in the rights of its people, and increased female participation in the workforce.
• Analysts realize that these social transformations are necessary and influential.
9.
Overall impact and conclusion:
• The transformation led by Crown Prince Mohammed bin Salman in various sectors is clear and successful, with significant progress being made and more expected in the coming years.
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