Saudi Crown Prince Mohammed bin Salman gave a televised interview on Tuesday night for the fifth anniversary of the kingdom’s Vision 2030 reform programme launch.
Under the Vision 2030 plan, Prince Mohammed has brought in several multibillion-dollar projects to put Saudi Arabia on the map for innovation, tech and youth-driven initiatives.
The most important thing to have is integrity and passion when making these changes
"We have big opportunities in front of us in different sectors and we have to exploit them to continue to grow and prosper," he said on the Liwan Al Mudaifer Show.
The crown prince's opening remarks addressed the urgency for the kingdom to diversify away from oil revenue dependency, while also describing how crucial Saudi Arabia's oil reserves are for the next stage of Vision 2030.
"If we look back, oil has helped develop our country for centuries so we’ve always had that impression to depend on oil," Prince Mohammed said.
"But the increase in population will not be able to depend on oil production, at the rate we are going."
Saudi Arabia's non-oil revenues have increased more than 200 per cent since the start of the Vision 2030 plan.
"Oil is still the main source of income for the state," Prince Mohammed said. "My intention is to make sure that the country is secure, safe and has a better future to look forward to."
Infrastructure investment
He gave some earlier indication of what the kingdom's next plans are when he said at the end of March that Saudi energy giant Aramco would be investing 5 trillion riyals, or about $1.3tn, in the private sector by 2030.
But already, the strategy is paying dividends.
"We have solved many issues in the economic sector, including the housing sector, within the last five years since launching Vision 2030," Prince Mohammed said.
"The percentage of people owning houses before Vision 2030 was only 47 per cent. Now it has increased to 60 per cent.
"Unemployment has decreased. Before Vision 2030 it was 14 per cent and now it’s gone down to 11 per cent this year."
"We are aiming to reach unemployment rates in 2030 of 7 per cent."
He also highlighted some of the less well known – but still vital – aspects of the national strategy, including access to finance for private and business loans.
"The public is able to attain grants and loans from banks much more easily and faster than before," Prince Mohammed said.
"It used to take them years to get a loan from the bank."
Sweeping reform
One of the most high-profile ventures in Vision 2030 is the $500 billion mega-city Neom, which will combine sustainability, futurism, tourism and innovation.
Vision 2030 has three main pillars.
The first is an ambitious nation, with effective governance and social responsibility.
The second is a thriving economy with high employment and a robust non-oil private sector.
And the third is a vibrant society with a strong Islamic national identity and a fulfilling and healthy life for all.
Political reforms
Prince Mohammed outlined how political reform had preceded the Vision's implementation.
"2015 was a difficult year for us," he said. "We made some serious changes to many ministries and government sectors, including security and the economy, by changing strategies and imposing the programs of Vision 2030.
"Lack of a strong state structure was one of the main challenges we faced in 2015.
"We managed to restructure various ministries by establishing new councils. The most important thing to have is integrity and passion when making these changes."
Saudi Arabia’s Council of Economic and Development Affairs, chaired by Prince Mohammed, has said the kingdom is on track to meet the ambitious targets set for the next nine years.
Social reforms
Some of the most striking changes brought about by Prince Mohammed are in women's rights.
Saudi women are also due to play bigger roles in the kingdom's workforce, and now make up 33 per cent of workers, up from 19 per cent in 2017.
The kingdom has implemented other sweeping changes led by Prince Mohammed and King Salman, including the removal of a ban on women driving, and introducing measures to increase their independence from male guardians in key areas such as employment, education and health.
Opening up Saudi Arabian society does not, however, mean long-held traditions are being jettisoned. Far from it, he said.
"The Holy Quran is our constitution and the government’s policies and statutes depend on it," Prince Mohammed said.
Other social potential can be unleashed with continued investment in education, he said.
"Education in the kingdom is not bad, but by 2030 we aim to have at least three universities in the top 200 institutions in the world.".
The social contract would also be reinforced by health sector reform, where public and private ventures would form more partnerships.
"The health sector is free for all but I don’t have any doubt that when Vision 2030 is complete we will have some private and public hospitals," he said.
"The health sector will see a huge transformation that will significantly change its level of services."
Tourism and the environment
One of the cornerstones of Vision 2030 is increasing tourism revenue and attracting a global audience to places of outstanding natural beauty and heritage value in the kingdom.
To this end, Prince Mohammed said that preserving and enhancing the environment was a key priority.
"Environmental initiatives in the country have a direct impact on tourism and many other sectors," he said.
"Vegetation in the kingdom has increased by 40 per cent during the past four years, which has provided many opportunities.
"Growing trees has been one of the main objectives in the country."
Such initiatives could boost tourism plans for some of the kingdom's most ambitious projects, including a series of resorts called the the Red Sea Project, which spans 90 islands, at a cost of almost $4bn.
This project "was part of our vision to present a new identity of the kingdom", the crown prince said.
Some of the country’s most notable achievements in the plan’s first five years include a rise in the number of heritage sites open to visitors, from 241 in 2017 to 354 in 2020, the council said.
Saudi Arabia’s entertainment sector has also expanded, with more than 100,000 jobs added over the last five years.
Optimism for the future
Despite a globally challenging 2020 with the coronavirus pandemic, Prince Mohammed said he believed Saudi Arabia was firmly back to growth.
"We are close to achieving the overall aims and goals of Vision 2030. We are on the right track," he said.
"We will see a strong rebound in our economic performance and achievements this year.
“Our goal is to ensure that the [public investment] fund achieves growth. We aim to increase the fund’s assets to 10tn riyals in 2030."
AWARDS
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57%20Seconds
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
Killing of Qassem Suleimani
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE currency: the story behind the money in your pockets
RUGBY CHAMPIONSHIP FIXTURES
September 30
South Africa v Australia
Argentina v New Zealand
October 7
South Africa v New Zealand
Argentina v Australia
Killing of Qassem Suleimani
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
%3Cp%3EDavid%20White%20might%20be%20new%20to%20the%20country%2C%20but%20he%20has%20clearly%20already%20built%20up%20an%20affinity%20with%20the%20place.%3Cbr%3E%3Cbr%3EAfter%20the%20UAE%20shocked%20Pakistan%20in%20the%20semi-final%20of%20the%20Under%2019%20Asia%20Cup%20last%20month%2C%20White%20was%20hugged%20on%20the%20field%20by%20Aayan%20Khan%2C%20the%20team%E2%80%99s%20captain.%3Cbr%3E%3Cbr%3EWhite%20suggests%20that%20was%20more%20a%20sign%20of%20Aayan%E2%80%99s%20amiability%20than%20anything%20else.%20But%20he%20believes%20the%20young%20all-rounder%2C%20who%20was%20part%20of%20the%20winning%20Gulf%20Giants%20team%20last%20year%2C%20is%20just%20the%20sort%20of%20player%20the%20country%20should%20be%20seeking%20to%20produce%20via%20the%20ILT20.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20is%20a%20delightful%20young%20man%2C%E2%80%9D%20White%20said.%20%E2%80%9CHe%20played%20in%20the%20competition%20last%20year%20at%2017%2C%20and%20look%20at%20his%20development%20from%20there%20till%20now%2C%20and%20where%20he%20is%20representing%20the%20UAE.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20was%20influential%20in%20the%20U19%20team%20which%20beat%20Pakistan.%20He%20is%20the%20perfect%20example%20of%20what%20we%20are%20all%20trying%20to%20achieve%20here.%3Cbr%3E%3Cbr%3E%E2%80%9CIt%20is%20about%20the%20development%20of%20players%20who%20are%20going%20to%20represent%20the%20UAE%20and%20go%20on%20to%20help%20make%20UAE%20a%20force%20in%20world%20cricket.%E2%80%9D%C2%A0%3C%2Fp%3E%0A
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
'O'
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The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
RESULT
Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)
Kandahar%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ric%20Roman%20Waugh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EGerard%20Butler%2C%20Navid%20Negahban%2C%20Ali%20Fazal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A
'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
PRO BASH
Thursday’s fixtures
6pm: Hyderabad Nawabs v Pakhtoon Warriors
10pm: Lahore Sikandars v Pakhtoon Blasters
Teams
Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.
Squad rules
All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.
Tournament rules
The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.
LIVERPOOL%20TOP%20SCORERS
%3Cp%3E(Premier%20League%20only)%3Cbr%3EMohamed%20Salah%20129%3Cbr%3ERobbie%20Fowler%20128%3Cbr%3ESteven%20Gerrard%20120%3Cbr%3EMichael%20Owen%20118%3Cbr%3ESadio%20Mane%2090%3Cbr%3E%3C%2Fp%3E%0A
