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10 months ago
The International Monetary Fund (IMF) has updated its growth forecast for Saudi Arabia’s economy, presenting a more optimistic outlook. The IMF now estimates a 5.5% growth rate for the Kingdom in 2025, marking an increase from the previously projected 4.5% in October 2023. This adjustment is informed by recent data in the IMF’s ‘Updates on Global Economic Prospects’ report from January 2024, which underscores a positive perspective on the Saudi economy’s robustness and its capacity to grow amidst global economic challenges and uncertainties. This upbeat forecast underscores the Kingdom’s ongoing economic growth and prosperity, bolstered by its influential leadership on both regional and international stages. Furthermore, the IMF expects the global economy to grow by 3.1% in 2024 and 3.2% in 2025.
10 months ago
The Ministry of Municipal and Rural Affairs and Housing announced the draft terms and conditions for operating laundries and furnishing shops. These are designed to ensure the highest technical standards in accordance with the requirements of the Saudi Building Code, as well as to assist those wishing to invest in this field. These are also aimed to provide a suitable environment for organizing the commercial process in the sector, reducing the spread of the phenomenon of visual distortion, preserving public health, and preventing the spread of infectious diseases. Among the proposed conditions are the mandatory license from the Civil Defense, submission of a valid commercial register, and license for means of transportation if a delivery laundry service is provided to the customer. The requirements allow customers to change clothes inside the laundry if a space is designated for that purpose. The terms and conditions also included architectural requirements. These include allocation of a room with an area of no less than one square meter for men to change clothes inside the laundry, and it is also allowed to provide toilets, hand sinks, and a prayer room. The area of the reception area must not be less than 10 square meters, […]
10 months ago
Yanbu will be blooming again with its annual flower festival starting on Feb. 15, which this year features bird and butterfly gardens, and a range of activities for local and international enthusiasts. The show, that will be held at Celebration Park in Yanbu Industrial City until March 9, will have an array of colorful floral landscapes crafted by young gardeners from Saudi Arabia, according to the organizers. Abdulhadi Al-Juhani, CEO of the Royal Commission for Jubail and Yanbu, said recently: “The festival is designed to cater to the interests of Yanbu Industrial City’s vibrant community while contributing to the ambitious goals outlined in Saudi Vision 2030. We aim to offer unique opportunities for economic growth and position Yanbu Industrial City as a noteworthy tourist destination.” Hani Owidah, president of the festival, said: “Preserving the environment and sustainability are top priorities of the Royal Commission for Jubail and Yanbu, and we are keen for the festival to be closely linked to the strategic goals of the Saudi Green Initiative and to promote sustainable environmental practices while committing to environmental conservation. These initiatives include implementing a diligent recycling program, launching environmentally friendly initiatives, and educational workshops on environmental conservation.” The festival has […]
10 months ago
The Oversight and Anti-Corruption Authority (Nazaha) announced that a total of 149 persons, including Saudi citizens and expatriates, have been arrested over corruption charges during the last month of January. Some of the arrested persons were released on bail, Nazaha said in a statement carried by Saudi Press Agency. Charges were framed against them in accordance with the Criminal Procedures Law for their alleged involvement in bribery, abuse of power, money laundering, and forgery. The regular procedures are being completed against them prior to their referral to the judiciary. The arrests were made following a total of 2181 inspection raids and carrying out investigations in to the charges against 360 suspects. They included employees from the Ministry of Interior, Ministry of Education, Ministry of Municipal and Rural Affairs and Housing, and Ministry of Environment, Water, and Agriculture. The Nazaha called on the public to report any suspicious financial or administrative corruption activity through contacting via toll-free phone: (980), and website: https://www.nazaha.gov.sa/Services/ApplyReports.
10 months ago
The UAE and Saudi Arabia’s banking systems are set to grow faster than the rest of the Gulf region this year, a new report finds, citing strong credit demand led by non-oil sector and economic diversification programmes. S&P Global Ratings’ GCC Banking Sector Outlook 2024 found that the region’s banks will continue to stand out as being well-capitalised, profitable, well-provisioned, and liquid. Real GDP will expand at a faster pace in 2024 for all Gulf nations except Bahrain, according to the report. Economic activity is projected to accelerate across oil and non-oil sectors in most GCC members. However, non-oil growth is expected to be especially vibrant in Saudi Arabia and the UAE. The rating agency anticipates GDP increases to pick up steam in Qatar, Kuwait, and Oman as well, with Bahrain representing the sole exception where output is seen growing at a more tempered rate versus 2023. Interest rates are expected to remain high but fall by 1 percent by the end of the year in step with the US Federal Reserve. “Inflation will remain close to target and contained by price administration measures,” according to the report. Banking trends The economic environment is expected to support ongoing credit demand, though […]
10 months ago
In a sweeping crackdown on corruption, the Saudi Oversight and Anti-Corruption Authority (Nazaha) has announced a series of arrests across various sectors on Wednesday. A former head of notary and his brother were arrested for misappropriating vast tracts of state-owned land, illegally profiting SR148 million from their sale. This case also involved a former judge and two employees who received SR10.25 million and SR5 million respectively for their roles in the scheme. In another major case, a former municipal employee was apprehended for accepting SR63 million from commercial entities in exchange for issuing 299 unauthorized supply orders, involving transactions exceeding SR171 million. This is part of a broader pattern of bribery and corruption uncovered in the operation. The head of a notary in another region was arrested for using forged documents to seize and sell three land plots, totaling SR1.2 million. Meanwhile, an employee in the emirate of a different region exploited a commercial entity to irregularly award 16 projects, personally profiting over SR2.65 million. The operation also brought to light embezzlement within the General Directorate of Prisons, where a major and an employee were implicated in misappropriating SR2.89 million from the inmates’ and sustenance fund. In a case involving […]
10 months ago
The average life expectancy in Saudi Arabia has increased to 77.6 years, compared to 74 years in 2016, thanks to a string of efforts and contributions, including adoption of the principle of health promotion in all policies and aspects of life. This information contained in a report, released by the Health Sector Transformation Program, which is one of the Vision 2030 programs based on the health transformation process and the major achievements scored in the health sector during the year 2023. The report attributed the increase in life expectancy to the policies and decisions implemented by Saudi Arabia concerned with enhancing the level of public health such as spreading the culture of walking, reducing salt in foods, disclosing calories and other policies, as well as efforts to improve health services and enhance prevention against health risks. The year 2023 witnessed the approval of the Council of Ministers for the establishment of the National Institute for Health Research, and the completion of a group of stages and initiatives, including the first transformational stage by launching all health clusters to carry out their role as responsible for population health, the launch of the National Platform for Health and Insurance Exchange Services (Nphies) and other initiatives. The […]
10 months ago
The Saudi Embassy in the United States and the Consulate General in Houston have stated in response to media and social media reports regarding an assault incident at Glenside Middle School in Glendale Heights, Chicago. These reports suggested that the victim, a girl wearing a hijab, was of Saudi nationality. The incident, as reported by the Associated Press and covered by various media outlets, involved the assault of a girl who had been at the school for two months. Video footage showed the girl being placed in a headlock and shoved to the ground near some lockers. In their statement, the Saudi missions clarified that after thorough investigations and communication with relevant American authorities, they found no information confirming the victim to be a Saudi citizen. Furthermore, neither the embassy nor the consulate had received any reports of a Saudi citizen being involved in the incident. The Saudi Embassy and the Consulate General have expressed their ongoing commitment to verifying the facts of the incident and emphasized their dedication to the security and safety of all Saudi citizens in the United States.
10 months ago
Assistant Minister of Transport and Logistics Ahmed Al-Hassan said that the transport and logistics system has an initiative to Saudize as many as 23,000 jobs in 28 different professions. “These include 10,000 jobs in the heavy transport sector; 3,000 jobs in the passenger transport sector, and 10,000 jobs in the air navigation sector,” he said while addressing the main dialogue session of the third Qassim Youth Empowerment Forum “My Opportunity 3.” The forum is titled: “The authorities’ efforts to empower youth according to the goals of the Kingdom’s Vision 2030,” which was held under the patronage of the Emir of the Qassim region Prince Faisal bin Mishaal. Al-Hassan said that the transport and logistics system receives support and care from the wise leadership to achieve the goals of the National Transport and Logistics Strategy and the Saudi Vision 2030. He said that there is a group of initiatives and projects that aim to develop human capabilities and enhance job opportunities for the young Saudi men and women. Al-Hassan noted that the Saudi Logistics Academy was established to support a promising and emerging logistics sector, and it is one of the goals of the National Transport and Logistics Strategy launched by […]
10 months ago
Crown Prince, Prime Minister and Chairman of the Board of Directors of the Public Investment Fund (PIF) Mohammed bin Salman announced on Thursday the launch of Alat company that aimed to contribute to making Saudi Arabia a global hub for electronics and advanced industries. The new company aims to create 39,000 direct jobs and achieve a direct non-oil GDP contribution of $9.3 billion in Saudi Arabia by the year 2030. The PIF company would become a national champion that will contribute to the objective of making Saudi Arabia a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics. Alat will focus on manufacturing products that serve local and international markets within seven key strategic business units such as advanced industries and semiconductors, smart appliances, smart health, smart devices and smart buildings, and next generation infrastructure. The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector, increase its contribution to local content through benefiting from the rapid development of this sector, and increasing the nation’s attractiveness and its ability to create investment opportunities. Alat will also enable the private sector through its strategic partnerships with leading international players in manufacturing and technology, […]
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