"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.
“When US companies invest in the Saudi economy, everyone wins,” Secretary of State Tillerson told dozens of CEOs from the U.S. and Saudi Arabia in his first on-the-record public speech as Secretary.
Saudi citizens would not pay taxes on income and Saudi companies would not see their profits taxed with economic reforms being introduced in the Kingdom, Saudi Arabia's finance minister Dr. Mohammed Al-Jadaan said on Sunday, Reuters reports.
Saudi Arabia said on Friday it "fully supports" U.S. strikes on military targets in Syria, saying it was a "courageous decision" by President Donald Trump in response to the use of chemical weapons against civilians.
Bond credit rating agency Moody's Investors Service said Saudi Arabia's fiscal position remains strong at the A1 rating level, but said that reducing the Kingdom's high oil dependency is the key credit challenge the country faces.
A U.S. Federal Judge said she'd like to see some consolidation among lawsuits filed by victims of the 9/11 terrorist attacks against Saudi Arabia that "largely allege the same facts."
Saudi Arabia's King Salman returned home from a month-long trip to several Asian nations this weekend as Deputy Crown Prince and Minister of Defense Mohammed bin Salman, left the United States.
