Revision to Saudi Arabia's National Transformation Plan (NTP), dubbed 'NTP 2.0' that was released a year ago will keep key policies of fiscal reforms and a massive privatization program in place, sources familiar with the matter told Reuters.
Saudi Arabia is making final preparations and welcoming millions of pilgrims into its borders for the annual Hajj pilgrimage, which begins Wednesday and lasts until September 4.
Saudi Energy Minister Khalid al-Falih said that the Kingdom and China plan to establish and operate jointly a $20 billion investment fund, sharing costs and profits on a 50:50 basis, according to a Reuters report based on comments from the minister.
HSBC is planning to add staff to its Saudi Arabian operations as the kingdom embarks "on one of the biggest economic transformations attempted by any country," the bank's regional chief Georges Elhedery told Reuters, via the New York Times.
Saudi Arabia wants to turn hundreds of miles of its Red Sea coastline into a global tourism destination, according to an announcement by the government's Public Investment Fund (PIF) and reports.
The World Health Organization (WHO) said on Friday that Saudi Arabia's authorities are "well prepared" to handle annual and new challenges surrounding the Hajj pilgrimage this year, taking place in September.
