Saudi Arabia's push toward privatization is a key component of the government's ambitious Vision 2030 economic and social reform program, and necessary for the Kingdom's goals of diversifying its economy away from petroleum revenue dependency.
Saudi Arabia's under-construction Kingdom Tower Jeddah, set to be the world's tallest building when finished, has been delayed until 2019, Prince Alwaleed bin Talal said at the building's construction site yesterday.
Just weeks after a glowing review of a renewed U.S.-Saudi relationship by a top advisor to Deputy Crown Prince Mohammed bin Salman, President Trump delivered a surprising rebuke of the U.S.-Saudi security relationship in an interview with Reuters.
Over the weekend, Saudi Arabia's King Salman announced a series of major changes to key leadership positions, a new “national security center” for Saudi Arabia that is affiliated with the Royal Court, and more.
Saudi Arabia's government is ordering its ministries and agencies to review billions of dollars' worth of unfinished infrastructure and economic development projects "with a view to shelving or restructuring them."
The White House released a statement yesterday calling for the development of "a new United States-Saudi program" after the President hosted Deputy Crown Prince Mohammed bin Salman for a lunch meeting.