Saudi Arabia's Public Investment Fund (PIF) announced on Wednesday the launch of a national state company for arms manufacturing as part of its Vision 2030 economic and social reform program, according to reports.
In an analysis of official data from the Kingdom, Bloomberg found a significant year-on-year reduction in Saudi Arabia's budget deficit from Q1 2017, a sign that the Kingdom's economic reforms coupled with an uptick in oil prices have positively impacted the government's balance sheet.
Saudi Arabia’s powerful vice minister of economy and planning Mohammed Al Tuwaijri gave an interview to Bloomberg News on Tuesday and discussed the government’s borrowing plans, infrastructure spending and how the kingdom still intends to balance its budget by 2020.
Saudi Arabia's Deputy Crown Prince Mohammed bin Salman gave a wide-ranging interview with Saudi TV station MBC yesterday, discussing regional politics, the war in Yemen, the economy, Vision 2030, and Saudi Aramco's planned IPO.
"The challenge, therefore, is to develop a new model of economic growth that is both resilient and inclusive. In particular, there is a need to reduce the dependence on oil and generate private sector jobs for the rapidly growing labor force," the IMF said.
The Shoura Council failed to pass a proposal to establish sports education colleges for women this week. The proposal won the support of 73 members, but was opposed by 57. The minimum vote count to pass the proposal was 76.
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.