The Kingdom's structural economic transformation, envisaged by
Vision 2030, will have significant implications on trade and
financial flows over the next fifteen years.
Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after oil was discovered in Saudi Arabia.
White House Press Secretary Josh Earnest said on Monday that U.S. President Barack Obama will veto the controversial Justice Against Sponsors of Terrorism Act (JASTA) passed by congress last week, setting up a showdown with Congress.
An estimated two million pilgrims have converged in Saudi Arabia for the start of the annual Hajj pilgrimage today, lasting until Wednesday, September 13th.
The House will vote this week on a bill allowing the families of 9/11 victims to sue Saudi Arabia in U.S. courts, a Republican leadership source told Politico Wednesday.
A report in Bloomberg today said that Saudi Arabia is considering canceling more than $20 billion of projects in addition to making deep cuts to ministry budgets as the Kingdom takes austerity measures due to low oil prices.
Recently-released Jadwa Investment monthly chartbook data on the Saudi economy for July showed "a mixed picture in economic activity," the Riyadh-based investment firm said.
Saudi Deputy Crown Prince, Minister of Defense and head of the influential Council of Economic and Development Affairs, HRH Mohammed bin Salman, plans to visit China August 29-31 and Japan August 31-September 3. He will then attend the Group of 20 Summit September 4-5 to be held in Hangzhou, China.
U.S. Secretary of State, John Kerry, will travel to Kenya, Nigeria and Saudi Arabia next week as part of a tour that is expected to focus on counter terrorism. Secretary Kerry is expected to be in Jeddah on Wednesday, August 24th.
