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  • Understanding Saudi Arabia’s Civil Transactions Law: A Cornerstone of Vision 2030 Reforms

    In a significant development, Saudi Arabia introduced the Civil Transactions Law (CTL or KSA Civil Code) on June 19, 2023, which came into effect December 16, 2023. This law, established by Royal Decree M/191, reflects a bold commitment to codifying Shari’ah principles, addressing commercial challenges, and aligning the nation’s legal framework with international standards. The CTL is an essential component of Vision 2030, Saudi Arabia’s roadmap for economic diversification and transformation. This reform is poised to improve legal certainty and create a predictable business environment, making Saudi Arabia a more attractive destination for local and foreign investments.

  • Saudi Arabia Turns to Debt Markets for Vision 2030 Financing

    According to Saudi Arabia’s National Debt Management Center, the kingdom’s total debt stood at some $308.7 billion at the end of September. Of this total, $183.7 billion was domestic debt, and the remaining $125 billion was foreign debt. Compared to U.S. debt, this is nothing. But compared to 2019 debt levels, it is a palpable increase: in 2019, Saudi debt stood at $180.8 billion.

  • Saudi Arabia’s Vision 2030 is transforming women’s lives, says Princess Reema

    Speaking at the HERizon Summit, held alongside the eighth Future Investment Initiative, she emphasized that the right policies are crucial for accelerating women’s progress in business and entrepreneurship. The event, themed “Invest in Women,” aims to bridge the gender gap and empower women in the global workforce. A recent report by the World Bank confirmed Saudi Arabia’s progress in gender parity, noting a substantial increase in female labor participation from 22% in 2016 to 34% in 2023.

  • Saudi Arabia’s 2023 FDI data reflects success of Vision 2030: Al-Falih

    “As a result of these positive shifts in FDIs, we expect to see more investors entering the Saudi market to take advantage of the country’s economic and investment strength, the stability of its policies, its long-term economic vision, and its solid financial and monetary fundamentals. Additionally, they will benefit from Saudi Arabia's strategic location, which serves as a gateway to growth opportunities throughout the Middle East and beyond,” Al-Falih said.

  • Saudi Vision 2030 reforms cut unemployment, boosted job creation: Analysts

    The unemployment rate among Saudis fell to an all-time low of 7.1% in Q2 2024, from 7.6% in Q1 2024, based on data available since 1999, the General Authority for Statistics (GASTAT) Labor Force Survey showed. Analysts surveyed by Argaam attributed this downtrend to several factors driven by the Saudi Vision 2030’s goals. They said the vision-related programs helped achieve the goal of reducing unemployment six years ahead of schedule, in addition to the intense labor market reforms undertaken by the government.

  • Saudi Arabia expects larger budget deficits on Vision 2030 spending boost

    Saudi Arabia expects its budget deficit to widen this year and next as the Arab world's largest economy boosts spending to finance its economic diversification agenda under the Vision 2030 plan.   The kingdom's deficit will reach 118 billion Saudi riyals ($31.46 billion) or 2.9 per cent of its gross domestic product this year, with revenue at about 1.24 trillion riyals and expenditure of about 1.36 trillion riyals, the finance ministry said on Monday.  Riyadh has revised its 2024 budget deficit projection higher from the earlier projection of 1.9 per cent as it continues to pursue its expansionary economic policy.

  • Saudi Arabia’s trillion-dollar economy gains momentum, fueled by Vision 2030

    Newly-released figures from the General Authority for Statistics (GASTAT) show Saudi Arabia’s non-oil activities grew 4.9 percent year-on-year in the second quarter of 2024, fueled by strong performance in the financial and insurance sectors, while wholesale and retail trade, alongside restaurants and hotels, grew by 6.8 percent. Government consumption expenditure rose by 10.9 percent year-on-year, with a 4.3 percent increase quarter-on-quarter.

  • Saudi Arabia’s Vision 2030 Projects Reach $1.3 Trillion in Value

    Saudi Arabia has launched $1.3 trillion in real estate and infrastructure projects over the past eight years as part of its plan to diversify the economy away from oil and become a more attractive place to live, work and travel. About $164 billion worth of real estate contracts have been awarded since 2016, when Saudi Crown Prince Mohammed bin Salman unveiled his strategy to wean the country off its dependence on petrodollars and improve the quality of life for locals.

  • Can Saudi Arabia Actually Afford Vision 2030?

    In other words, the suggestion that Saudi Arabia is in trouble because it cannot make the ends of its planned budget meet is accurate—up to a point. The megaprojects can be delayed, as they have been before when the price environment was sub-optimal. Money can also be drawn from international debt markets where Saudi bonds appear to enjoy substantial popularity, not unlike Aramco shares. Oil-dependent economies, it seems, still draw investors in, transition and non-OPEC output growth notwithstanding.

  • Saudi Arabia exceeds Vision 2030 target of attracting 100 mln tourists: IMF report

    The Kingdom’s tourism revenues reached $36 billion in 2023, with net tourism income increasing by 38 percent. The sector’s direct and indirect contribution to GDP reached 11.5 percent in 2023, with expectations to grow to 16 percent by 2034, according to the report published on Wednesday.