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    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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    Azerbaijan, Iraq discuss prospects of relations

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    Oman inks pack to bolster role of SMEs in food systems

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Turkey eyes $5bn bilateral trade with Qatar

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      Iraq set to award new Faw Port deals

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      Deal signed to set-up first factory in Qatar to assemble electric vehicles

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      Railway line to be built between Mosul, Turkey: governor of Nineveh

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      Local, Italian companies partner up to establish food retail chain in Egypt

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      Madayn working on major Oman industrial city projects

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

      Miral’s premier Abu Dhabi waterfront project work on track

      Miral’s premier Abu Dhabi waterfront project work on track

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      Aecom wins Neom utilities infrastructure design contract

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        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

        Tadweer opens phase 2 of solar power plant at Al Dhafra

        Tadweer opens phase 2 of solar power plant at Al Dhafra

        France to help Iraq generate electricity, will invest in education, science: Macron

        France to help Iraq generate electricity, will invest in education, science: Macron

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        Acwa Power inks finance deals for 900MW Dubai solar park

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          COVID-19 vaccine could be available by autumn: Oxford University

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

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          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

            Trending Tags

            • Energy
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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              A quick guide to the Saudi National Transformation Program

              Bloomberg

              June 7, 2016
              in Economy
              0

              Saudi Arabia approved its National Transformation Program, a key part of a blueprint to prepare the kingdom for the post-oil era. The plan outlines a number of initiatives to be undertaken by different ministries. Here is what we know so far:

              Public Finances
              •    Non-oil revenue is seen rising to 530 billion riyals ($141 billion) by 2020 from 163.5 billion riyals. Public-sector wages and salaries would fall to 456 billion riyals from 480 billion, and make up 40 percent of total spending versus 45 percent.
              •    Public debt will increase to 30 percent of economic output from 7.7 percent, while the kingdom’s credit rating is seen rising two levels to Aa2 from A1.
              •    Water and electricity subsidies are to be cut by 200 billion riyals; the tariffs charged on water would cover 100 percent of actual costs, versus 30 percent now.
              •    Percentage of new jobs in the civil service to drop to 1 percent from 5 percent.
              •    Taxes would be imposed on "harmful products."
              •    The plan sets aside costs for the “preparation and implementation” of income tax on residents as well as “the unified income tax.” Even so, Mohammed Al-Sheikh, a cabinet minister, said there were no current plans to tax foreigners and referred further questions to the Finance Ministry. He also reiterated the government’s pledge not to impose taxes on Saudi nationals.
              •    The private sector would fund about 40 percent of the initiatives included in the plan.

              Investments, Jobs, Privatization & Exports
              •    450,000 jobs to be created by 2020 under the program.
              •    Non-oil exports would climb to 330 billion riyals from 185 billion riyals by 2020. Foreign direct investment would rise to 70 billion riyals from 30 billion riyals.
              •    Plan budgets 300 million riyals over 5 years to create “center of excellence” to support the privatization of state-owned companies. The minister of environment, water and agriculture said the government plans to privatize the Saline Water Conversion Corp.
              •    Proportion of public and private sector expenditure on local content to increase to 50 percent from 36 percent, to be undertaken by the ministry of energy.
              •    Real estate contribution to economic output to double to 10 percent, with 7 percent annual growth.
              •    Information technology proportion of non-oil GDP to double to 2.24 percent; media industry to contribute 6.64 billion riyals to economic output from 5.2 billion riyals.
              •    Proportion of non-oil GDP coming from pharmaceutical industry to rise to 1.97 percent from 0.98 percent.

              Business Environment, Women
              •    Plan to improve Saudi Arabia’s global ranking in terms of ease of doing business to No. 20 from No. 82.
              •    Average resolution time for commercial cases to be reduced to 395 days from 575 days.
              •    Kingdom to rank 50th on World Bank’s Contract Enforcement Indicator, from 85th currently.
              •    80 percent of Justice Ministry’s services to be delivered electronically.
              •    Female participation in the workforce to increase to 28 percent from 23 percent; number of women in civil service to rise to 42 percent from 39.8 percent.
              •    All land holdings to be surveyed, compared with only 6 percent currently.
              •    Reduce average time required to approve new residential projects to 60 days from 730 days.

              Energy, Mining
              •    Oil output capacity is expected to stay at 12.5 million barrels per day by 2020, with refining capacity rising to 3.3 million barrels per day from 2.9 million.
              •    Output capacity of dry gas to reach 17.8 billion cubic feet per day versus 12 billion currently. The country will generate 4 percent of its power from renewable energy by 2020.
              •    Mining sector’s contribution to economic output to reach 97 billion riyals from 64 billion riyals.

              Health Care
              •    Plan for reforming and "restructuring of primary health care" estimated to cost 4.7 billion riyals.
              •    Private sector contribution to health care spending to increase to 35 percent from 25 percent.
              •    70 percent of Saudi citizens to have a unified digital medical record.
              Bloomberg
              7 June

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