More Saudi women have taken up jobs in the services sector. Reuters
More Saudi women have taken up jobs in the services sector. Reuters
More Saudi women have taken up jobs in the services sector. Reuters
More Saudi women have taken up jobs in the services sector. Reuters

Saudi Arabia records 'strong progress' in achieving 2030 vision goals


Fareed Rahman
  • English
  • Arabic

Saudi Arabia is recording “strong progress” as it races towards achieving its Vision 2030 goals, a report by consultancy PwC has said.

The Arab world’s largest economy launched the 2030 vision programme in 2016 to diversify its economy away from oil, improve female workforce participation, boost non-oil revenue and reduce the unemployment rate among Saudi citizens.

“Midway through the Vision 2030 implementation, strong performance has been achieved against many of the economic goals,” the report said.

One of the 14 targets that has already been far exceeded is that of female workforce participation on the part of Saudi women, the report said.

Female workforce participation among citizens surged to 35 per cent in the second quarter of 2023, topping the 2030 target of 30 per cent, supported by social liberalisation, including the move to permit women to drive in 2018 and “Saudisation” policies.

It was only 22 per cent, one of the lowest in the world around 2015, the baseline level used for assessing the performance of various economic goals drafted as part of the Vision 2030 initiative.

“There’s been a proactive shift among nationals to embrace a broader spectrum of roles, including customer-facing retail and service positions,” the report said.

“The boost to household incomes from working women has contributed to rising consumption and supported broader economic growth.”

Unemployment levels among Saudis has also been declining, hitting 8 per cent in the fourth quarter of 2022, the lowest on record, down from the baseline of 11.6 per cent around 2015 and well on the way towards the 2030 target of 7 per cent.

Another area of strong performance is the expansion of Saudi home ownership, which stood at 47 per cent in the baseline but had risen to 67 per cent by 2022. This is higher than the US and France, excluding expatriates.

“These strong results can be attributed to a range of initiatives to boost the supply of affordable homes, including a tax on undeveloped urban land and improved access to finance, with the 2030 target of 70 per cent now close to being achieved,” the report said.

Economic diversification initiatives are also bearing fruit, owing to the commitment of the public sector to major non-oil investments.

Non-oil revenue has grown by two and a half times the baseline, increasing from $163 billion to $411 billion in 2022, and expected to rise further by 11 per cent this year.

Saudi Arabia is focusing on developing the property and tourism sectors, as well as industry, as part of the diversification plans. It is building projects such as the $500 billion Neom project along the Red Sea coast.

Saudi Arabia's economy expanded by 1.2 per cent in the second quarter of this year, a slightly faster pace of growth than the initial estimates, driven by a sharp expansion in the non-oil sector.

Gross domestic product at current prices was 970 billion Saudi riyals ($258.66 billion) in the three months to the end of June, according to the General Authority for Statistics.

The non-oil sector grew by 6.1 per cent on an annual basis, beating the authority's initial estimate of a 5.5 per cent expansion in the three-month period to the end of June.

Saudi Arabia’s GDP exceeded $1 trillion for the first time in 2022 as its economy continues to recover from the coronavirus pandemic, the PwC report said.

The International Monetary Fund forecasts that the kingdom can reach $1.3 trillion in fiscal revenue by the end of 2028.

“The ongoing success of these economic initiatives has resulted in Saudi Arabia rising to 17th place in the global economy rankings, with the largest by size of GDP in 2022. It is now targeting 15th place by the end of this year,” PwC said.

The transformation of the Public Investment Fund from a small holding company to an international dealmaker and manager of mega projects, has been one of the biggest successes of the diversification strategy, PwC said.

“[The] PIF is on track to achieve its ambitious target to increase assets under management by more than tenfold, having already increased by nearly fivefold to $773 billion by the end of 2022,” the report said.

This is partly a result of the transfer of state assets, including a 4 per cent stake in Aramco in 2022 and proceeds from the sale of 1.7 per cent in the 2019 IPO, according to PwC. A further 4 per cent has been transferred in 2023.

It is also due to an increase in valuation in its Saudi corporate holdings, with the Tadawul bourse being one of the strongest performing global markets recently, as well as some foreign investments including from Lucid Group.

“The kingdom, as a whole, is making good progress towards achieving Vision 2030, with areas of focus including non-oil diversification, improving infrastructure, advancing digitalisation, fostering a competitive business environment and ensuring good jobs for its citizens through nationalisation targets,” said Riyadh AlNajjar, PwC's Middle East chairman of the board and senior partner in Saudi Arabia.

“The kingdom's ambitious initiatives are shaping the foundation of the new Saudi economy, which will have a transformative effect on the business environment in the region.”

Saudi Arabia’s mega projects such as the Red Sea Project, Qiddiya entertainment city, outside Riyadh and the Diriyah Gate heritage development “have made significant progress in the last few years, moving from the conceptual phase to construction”, the report said.

The dominant mega project, Neom, has achieved “significant earthworks progress” it said.

“To date, the bulk of investment in Neom has come from PIF but private investments are expected to play a leading role as its physical infrastructure and regulatory framework matures,” PwC said.

Earlier this year, Saudi Arabia's Oxagon, Neom's advanced manufacturing city, said the Port of Neom was now open for business.

Originally named Duba Port, it will meet rising volumes of cargo arriving at Neom, the country's city of the future.

CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
Super 30

Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5

MATCH INFO

Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Tottenham's 10 biggest transfers (according to transfermarkt.com):

1). Moussa Sissokho - Newcastle United - £30 million (Dh143m): Flop

2). Roberto Soldado - Valencia -  £25m: Flop

3). Erik Lamela - Roma -  £25m: Jury still out

4). Son Heung-min - Bayer Leverkusen -  £25m: Success

5). Darren Bent - Charlton Athletic -  £21m: Flop

6). Vincent Janssen - AZ Alkmaar -  £18m: Flop

7). David Bentley - Blackburn Rovers -  £18m: Flop

8). Luka Modric - Dynamo Zagreb -  £17m: Success

9). Paulinho - Corinthians -  £16m: Flop

10). Mousa Dembele - Fulham -  £16m: Success

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

MATCH INFO

Euro 2020 qualifier

Croatia v Hungary, Thursday, 10.45pm, UAE

TV: Match on BeIN Sports

UAE currency: the story behind the money in your pockets
Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

Everton%20Fixtures
%3Cp%3EApril%2015%20-%20Chelsea%20(A)%3Cbr%3EApril%2021%20-%20N.%20Forest%20(H)%3Cbr%3EApril%2024%20-%20Liverpool%20(H)%3Cbr%3EApril%2027%20-%20Brentford%20(H)%3Cbr%3EMay%203%20-%20Luton%20Town%20(A)%3Cbr%3EMay%2011%20-%20Sheff%20Utd%20(H)%3Cbr%3EMay%2019%20-%20Arsenal%20(A)%3C%2Fp%3E%0A
Central%20Bank's%20push%20for%20a%20robust%20financial%20infrastructure
%3Cul%3E%0A%3Cli%3ECBDC%20real-value%20pilot%20held%20with%20three%20partner%20institutions%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20buy%20now%2C%20pay%20later%20regulations%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20for%20the%202023%20launch%20of%20the%20domestic%20card%20initiative%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPhase%20one%20of%20the%20Financial%20Infrastructure%20Transformation%20(FiT)%20completed%3C%2Fli%3E%0A%3C%2Ful%3E%0A
What is the Supreme Petroleum Council?

The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.

Results

6.30pm: Maiden (TB) Dh82,500 (Dirt) 1,200m; Winner: Major Cinnamon, Fernando Jara, Mujeeb Rahman

7.05pm: Maiden (TB) Dh82,500 (D) 1,900m; Winner: Al Mureib, Fernando Jara, Ahmad bin Harmash

7.40pm: Handicap (TB) Dh102,500 (D) 2,000m; Winner: Remorse, Tadhg O’Shea, Satish Seemar

8.15pm: Conditions (TB) Dh120,000 (D) 1,600m; Winner: Meshakel, Xavier Ziani, Salem bin Ghadayer

8.50pm: Handicap (TB) Dh95,000 (D) 1,600m; Winner: Desert Peace, William Buick, Charlie Appleby

9.25pm: Handicap (TB) Dh87,500 (D) 1,400m; Winner: Sharamm, Ryan Curatlo, Satish Seemar

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
The%20trailblazers
%3Cp%3ESixteen%20boys%20and%2015%20girls%20have%20gone%20on%20from%20Go-Pro%20Academy%20in%20Dubai%20to%20either%20professional%20contracts%20abroad%20or%20scholarships%20in%20the%20United%20States.%20Here%20are%20two%20of%20the%20most%20prominent.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGeorgia%20Gibson%20(Newcastle%20United)%3C%2Fstrong%3E%0D%3Cbr%3EThe%20reason%20the%20academy%20in%20Dubai%20first%20set%20up%20a%20girls%E2%80%99%20programme%20was%20to%20help%20Gibson%20reach%20her%20potential.%20Now%20she%20plays%20professionally%20for%20Newcastle%20United%20in%20the%20UK.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMackenzie%20Hunt%20(Everton)%3C%2Fstrong%3E%0D%3Cbr%3EAttended%20DESS%20in%20Dubai%2C%20before%20heading%20to%20the%20UK%20to%20join%20Everton%20full%20time%20as%20a%20teenager.%20He%20was%20on%20the%20bench%20for%20the%20first%20team%20as%20recently%20as%20their%20fixture%20against%20Brighton%20on%20February%2024.%0D%3C%2Fp%3E%0A
Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nag%20Ashwin%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EPrabhas%2C%20Saswata%20Chatterjee%2C%20Deepika%20Padukone%2C%20Amitabh%20Bachchan%2C%20Shobhana%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E%E2%98%85%E2%98%85%E2%98%85%E2%98%85%3C%2Fp%3E%0A
The%20National%20selections
%3Cp%3E6pm%3A%20Barakka%3Cbr%3E6.35pm%3A%20Dhahabi%3Cbr%3E7.10pm%3A%20Mouheeb%3Cbr%3E7.45pm%3A%20With%20The%20Moonlight%3Cbr%3E8.20pm%3A%20Remorse%3Cbr%3E8.55pm%3A%20Ottoman%20Fleet%3Cbr%3E9.30pm%3A%20Tranquil%20Night%3C%2Fp%3E%0A
RESULTS

5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)

5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
Winner: No Riesgo Al Maury, Antonio Fresu, Ibrahim Al Hadhrami

6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi

6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi

7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi

7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Winner: Dolman, Antonio Fresu, Bhupath Seemar

The specs: 2018 Renault Megane

Price, base / as tested Dh52,900 / Dh59,200

Engine 1.6L in-line four-cylinder

Transmission Continuously variable transmission

Power 115hp @ 5,500rpm

Torque 156Nm @ 4,000rpm

Fuel economy, combined 6.6L / 100km

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Updated: October 27, 2023, 5:22 PM`