saudi economy makes rapid turnaround
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Saudi economy makes rapid turnaround

Arab Today, arab today

Arab Today, arab today Saudi economy makes rapid turnaround

Saudi economy makes rapid turnaround
Abu Dhabi - Arab Today

A daily newspaper on Thursday commented editorially on the substantial changes introduced by Crown Prince Mohammed bin Salman in Saudi Arabia, saying the comprehensive reform agenda will boost the Kingdom’s economy and transform the country.

"At the end of 2015, Saudi Arabia launched an austerity programme as it sought to control a deficit caused by falling oil prices. The move drew mixed responses from observers of the Kingdom, but as 2017 comes to a close, the man behind the reforms, Crown Prince Mohammed bin Salman, has been vindicated," said Abu Dhabi-based, The National.

"Saudi Arabia’s budget deficit narrowed over this year to below 10 percent of the GDP for the first time since oil prices began to drop. Buoyed by this, the Arab world’s largest economy has unveiled an ambitious expansionary budget for 2018. Spending will rise to a record 978 billion riyals ($261 billion) from this year’s 926 billion riyals. The plan is to stimulate economic activity, but what is particularly striking is that a substantial portion of this spending will be financed with revenues from non-oil sources.

"This budget is yet another concrete expression of Prince Mohammed’s Vision 2030 programme, a comprehensive reform agenda that seeks to overhaul and diversify the Kingdom’s economy and transform the country. These pages have previously written about Prince Mohammed’s remarkable receptivity to the needs of his country’s youth, but even that commentary probably undersells the swift and comprehensive changes he has sought to make," it added.

The editorial continued, "This has been a revolutionary year in Saudi Arabia’s history. A young Saudi citizen at the start of this year had few avenues for entertainment. If the citizen happened to be female, she couldn’t drive and needed the approval of a male relative to obtain certain services..."

"Come next year, all of this changes. For the first time, Saudi Arabia’s youth can choose from a menu of entertainment options: the Kingdom will have a city devoted to it. Cinemas will soon reopen and Saudi roads will feature female drivers, whose participation in public life, thanks to Prince Mohammed’s push, will not only improve the quality of life for half the nation’s citizens but also boost the economy. Workers affected by spending cuts will henceforth be protected by a cash transfer programme. Work will begin on the Red Sea coast to turn it into one of the world’s most luxurious tourist destinations. Then there is Neom, a $500 billion city of the future. The country will also now be accessible to tourists. Prince Mohammed’s decision to liberalise restrictions on visitors and grant tourist visas, announced this week, will open up the Kingdom to the world," it said.

The paper concluded by saying that whilst Saudi Arabia has often been misunderstood and misrepresented in the past, "this year has marked the beginning of the nation’s energetic thrust into the future."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi economy makes rapid turnaround saudi economy makes rapid turnaround

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi economy makes rapid turnaround saudi economy makes rapid turnaround

 



GMT 10:10 2017 Thursday ,09 February

3 Important Elements You Have to Consider

GMT 04:03 2017 Monday ,24 April

Bella Hadid ‘dying’ to visit Palestine

GMT 19:25 2016 Wednesday ,25 May

The Brooklyn Desk by Oeuf NYC

GMT 07:49 2018 Friday ,05 January

2 Russian servicemen killed

GMT 07:58 2018 Monday ,01 January

Italy orders N. Korea's envoy to leave

GMT 08:45 2017 Wednesday ,20 December

US military imagines war without GPS

GMT 17:26 2017 Sunday ,17 December

Putin thanks Trump for help in foiling attack plot

GMT 22:19 2017 Monday ,16 October

Cairo-hosted Fatwa conf. new contribution

GMT 02:27 2016 Friday ,10 June

Video hints Japan abetting illegal ivory trade

GMT 07:04 2017 Wednesday ,19 April

1,883 Bahrainis found jobs in March

GMT 14:24 2016 Tuesday ,22 November

Citi and JPMorgan top list of ‘globally banks’

GMT 21:43 2017 Friday ,01 September

People question Nazaruddin`s repatriation expenses

GMT 09:41 2017 Wednesday ,19 April

OIC concerned over violence in Mali

GMT 01:30 2017 Friday ,27 October

May22/Jun21

GMT 05:38 2016 Friday ,30 December

Dubai Airports divert 13 flights due to heavy fog

GMT 11:38 2017 Saturday ,14 January

Mexico names new ambassador to US

GMT 12:03 2017 Wednesday ,22 March

Kuwait to mark World Water Day

GMT 15:00 2017 Wednesday ,27 September

HM King receives invitation from Egyptian President

GMT 02:45 2017 Tuesday ,05 December

President Bashir arrives in Chad

GMT 02:45 2017 Wednesday ,16 August

Turkmen President Visits Pakistan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday