Saudi Vision 2030 ‘will boost competitiveness,’ WEF says

Saudi Arabia’s capital Riyadh landscape at night. (Reuters)
Updated 25 August 2018
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Saudi Vision 2030 ‘will boost competitiveness,’ WEF says

  • Many young Arabs who dream of living and working in Europe are not only interested in earning better incomes
  • To maintain our identity, we need to modernize our work environment

LONDON: Countries across the Middle East are struggling to create diverse opportunities for their youth, according to the latest World Economic Forum (WEF) Arab World Competitiveness Report.
However, a number of countries are innovating and creating new solutions to previously existing barriers to competitiveness, the report noted.
Saudi Arabia has committed to significant changes to its economy and society as part of its Vision 2030 reform plan, while the UAE has increased equity investment in technology firms from $100 million to $1.7 billion in just two years.
Bahrain is piloting a new flexi-permit for foreign workers to go beyond the usual sponsorship system that has segmented and created inefficiencies in the labor market of most GCC countries.
The report found that, despite huge improvements in infrastructure and technology adoption, government-led investment in the Arab world has not been sufficient to encourage private sector participation on a wide scale.
The WEF report, written in conjunction with the World Bank Group, outlines recommendations for Arab countries to prepare for a new economic context, better education opportunities and increased social mobility.
“We hope that the 2018 Arab World Competitiveness Report will stimulate discussions resulting in government reforms that could unlock the entrepreneurial potential of the region and its youth,” said Philippe Le Houérou, IFC’s CEO.
“We must accelerate progress toward an innovation-driven economic model that creates productive jobs and widespread opportunities.”
The report states that the way toward less oil-dependent economies for the Arab region is through robust macroeconomic policies that facilitate investment and trade, promotion of exports, improvements in education and initiatives to increase innovation among firms.


King Salman, Crown Prince Mohammed ‘lend new dimension to unification’

Millions of citizens plan to celebrate the Saudi national day on Sunday. (SPA)
Updated 23 September 2018
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King Salman, Crown Prince Mohammed ‘lend new dimension to unification’

  • More than 900,000 fireworks will light up the sky from 58 locations across the Kingdom

RIYADH: Saudi Arabia’s National Day, celebrated every year on Sept. 23, has come a long way in broadening the concept of unification over the years.
Though the National Day meant unifying disparate sheikhdoms under the nation’s founder, the late King Abdul Aziz, its implications across the political, socioeconomic and cultural spectrum have not been lost on successive rulers.
It was King Salman and Crown Prince Mohammed bin Salman who fine-tuned the definition of unification as an operating philosophy. This is why millions of citizens plan to celebrate the Saudi National Day on the streets on Sunday.
The capital city, along with other Saudi cities, will witness fireworks and the unfurling of the largest national flag. More than 900,000 fireworks will light up the sky from 58 locations across the Kingdom.
Car owners, limousine drivers and young Saudi motorcyclists said that they planned to go for drives, particularly on the fashionable streets of the capital city, to celebrate. Grocery shops, stationery shops and vendors were selling bunting, flags, banners and pictures of national heroes.
“We went around the city to see the lighting and fireworks,” said Saleh Al-Omri, a local pharmacist. “Green and white balloons fill either sides of Riyadh streets,” he said.
In his National Day congratulatory message, Sheikh Abdul Aziz bin Abdullah Al-Sheikh, Grand Mufti of Saudi Arabia, said: “The wise policy of the leaders of this country contributed to peace, security and stability.”
Fakhr Al-Shawaf, chief executive of Al-Bawani Contracting Co., said: “We are celebrating the 88th anniversary of our unification, a day when the late King Abdul Aziz established the Saudi nation.”
Ali Al-Othaim, a member of Riyadh Chamber’s board of directors, said: “The Kingdom is on the path of comprehensive economic and social development under Vision 2030.”
Shafik Namdar, a taxi driver, said that he had bought an SR10 flag for his car and planned to work and also drive with his friends to look at the city and its landmark buildings.
Several young boys, including Arslan, 12, and Mishal, 14, said that they had bought bunting, badges and flags to decorate their houses. They planned to celebrate with a special meal at home with relatives, before going into the city streets for dance and music. Some of them had plans to organize celebrations in public parks.