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Vision 2030

All articles tagged with #vision 2030

business2 months ago

Delta to Launch First Nonstop Flights from Atlanta to Riyadh in 2026

Delta Air Lines is launching the first-ever direct flights from the U.S. to Riyadh, Saudi Arabia, marking a significant step in strengthening US-Saudi relations and supporting Saudi Arabia's Vision 2030 to boost tourism and diversify its economy. Despite initial hesitations due to historical tensions, Delta CEO Ed Bastian believes the route will gain popularity as more Americans discover Riyadh's attractions and hospitality. The new route connects Atlanta to Riyadh, with strategic cooperation between Delta and Saudi's Riyadh Air, aiming to enhance global connectivity and economic growth.

via Fortune|
#business#delta-air-lines#international-travel
business1 year ago

Neom CEO Replaced Amid Saudi Arabia's Mega-Project Adjustments

Nadhmi al-Nasr has stepped down as CEO of Saudi Arabia's Neom project after six years, with Aiman Al-Mudaifer named as acting CEO. The leadership change is intended to enhance operational efficiency as Neom enters a new phase. The megacity, part of Saudi Arabia's Vision 2030 to diversify its economy, has faced challenges including financial issues, construction delays, and human rights concerns. The project's ambitious plans, such as The Line, have been scaled back, and internal conflicts have been reported.

via Business Insider|
#business#ceo#neom
businesseconomy1 year ago

"Scaling Back: Saudi Arabia's Shrinking Vision 2030 Projects"

Saudi Arabia's Neom project, a key component of Crown Prince Mohammed bin Salman's Vision 2030 plan, is facing financial concerns as the kingdom's sovereign wealth fund has yet to approve Neom's budget for 2024. The trillion-dollar investments in Vision 2030, particularly Neom, have raised alarms within the government, leading to delays and pullbacks in some projects. Ethical concerns have also been raised about the megacity, including worries about surveillance and strict rules around criticizing the project.

via Business Insider|
#budget#businesseconomy#investment
world-news1 year ago

Saudi Arabia's Historic Move: Opening First Alcohol Store in Over 70 Years to Tackle Booze Smuggling

Saudi Arabia has opened its first alcohol store in Riyadh's diplomatic quarter, a significant move in the conservative Muslim kingdom where alcohol has been banned since 1952. The store, accessible to non-Muslim diplomats, aims to tackle the longstanding problem of booze smuggling, which has been prevalent through diplomatic channels and the black market. The new shop comes with strict rules and a tracked purchasing system to counter the illicit trade of alcohol goods. While the country has seen liberalizing reforms under Crown Prince Mohammed bin Salman's Vision 2030 campaign, the legalization of drinking outside of diplomatic venues is expected to be limited to hotels or special economic zones and kept off-limits to Muslims.

via CNBC|
#alcohol-store#black-market#diplomatic-quarter
world-news2 years ago

"First Alcohol Store in Over 70 Years to Open in Saudi Arabia, Exclusively for Diplomats"

Saudi Arabia is set to open its first alcohol shop in more than 70 years in Riyadh, exclusively for non-Muslim expat diplomatic staff, as part of the "Vision 2030" initiative to liberalize the country. The shop will have strict limitations, including age restrictions, monthly quotas, and proper attire requirements, and will be located in the Diplomatic Quarter. While this move aims to counter the illicit trade of alcohol, it does not signal a broader relaxation of alcohol laws for ordinary foreigners in the kingdom. The sale of alcohol to non-Muslims is a rare occurrence in the conservative Gulf region, and Saudi Arabia's prohibition on alcohol dates back to 1952, following a fatal incident involving a prince and a British diplomat.

via BBC.com|
#alcohol#diplomatic-quarter#riyadh
world-news2 years ago

Saudi Arabia's First Alcohol Store Exclusively for Diplomats Signals Loosening Stance on Alcohol

Saudi Arabia has opened its first alcohol store in the diplomatic quarter of Riyadh, accessible only to non-Muslim diplomats with authorization through a special app, as part of the country's efforts to liberalize and attract international tourists and expats. The move is seen as a small step towards eventually allowing alcohol sales to non-Muslims in hotels and other venues, aimed at addressing the issue of alcohol smuggling by diplomats. This development is part of the broader Vision 2030 campaign led by Crown Prince Mohammed bin Salman to transform the country's image, attract tourism, and diversify its economy away from oil, amidst a series of social reforms.

via CNBC|
#alcohol-store#diplomatic-quarter#saudi-arabia
businesseconomy2 years ago

"Saudi Arabia Boosts Mineral Resource Value to $2.5 Trillion, Prepares for Increased Metals Demand"

Saudi Arabia has nearly doubled the value of its mineral resources to $2.5 trillion, with lucrative deals signed at its Future Minerals Forum. The resources include gold, copper, phosphate, and rare earth elements, offering new sources of wealth alongside its oil reserves. The government announced $20 billion in deals and aims to award foreign investors over 30 mining exploration licenses by 2024 as part of its Vision 2030 program to diversify the economy. The mining minister highlighted recent reforms and a new mineral exploration incentive program, expressing optimism about meeting the program's goals.

via CNBC|
#businesseconomy#economic-diversification#investment
sports2 years ago

Saudi Arabia Secures Hosting Rights for 2034 World Cup

Saudi Arabia is set to host the 2034 World Cup, as Australia has withdrawn its bid. This will be the first time Saudi Arabia hosts a competition of this scale. FIFA's decision to award the World Cup to Saudi Arabia aligns with their goal of growing the game globally, despite concerns about the country's human rights record. Saudi Arabia's interest in hosting the World Cup is part of their broader Vision 2030 plan to diversify the economy and promote the country as a global destination. The Saudi Pro League is expected to grow as a result of hosting the World Cup, and the government's investment in sports is seen as a way to project positive messages about the country and enhance its regional and global political ambitions. However, human rights issues in Saudi Arabia, including women's rights, LGBTQ+ discrimination, mass executions, and the treatment of migrant workers, continue to raise concerns. The exact timing of the tournament is yet to be determined.

via The Athletic|
#fifa#football#saudi-arabia
economy2 years ago

Saudi Arabia's Oil Price Hike Boosts Asian Market

Saudi Arabia's decision to extend oil production cuts may lead to an economic contraction in the country, which was the fastest-growing economy in the Group of 20 last year. The boom was driven by record crude output and high oil prices, but a global economic slowdown has reduced crude demand. The economy is projected to fall by 0.1% this year if production is raised in September and by 1% if the cuts continue. The non-oil economy, however, remains strong, with private companies outside the oil industry experiencing record-high orders. The government aims to transform the non-oil economy under its Vision 2030 plan. The decline in petrodollars has pushed the budget into a deficit and may require increased borrowing. Saudi Arabia's breakeven oil price is nearly $81 a barrel, but it rises to almost $100 a barrel when considering spending on giga-projects. Oil remains crucial to the country, accounting for a significant portion of exports.

via Yahoo Finance|
#economic-contraction#economy#non-oil-economy
sports2 years ago

Saudi Arabia's Sports Investments Aim to Reshape Global Perception.

Saudi Arabia has invested heavily in sports and entertainment as part of its Vision 2030 initiative to diversify its oil-reliant economy and reshape its global image. However, the country has faced accusations of "sportswashing" to improve its reputation while political repression has become more severe. The country has hosted major sporting events, purchased a soccer team, and launched an upstart PGA Tour competitor. The Saudi Minister of Sports denies the accusations of sportswashing and believes that sports can bring people together and showcase Saudi Arabia for what it is.

via CBS News|
#entertainment#pga-tour#saudi-arabia
sports2 years ago

Saudi Arabia's Pro Sports Investments: A Blueprint for Global Takeover?

Saudi Arabia's Public Investment Fund (PIF) is expanding into sports as part of its Vision 2030 plan to modernize and diversify the kingdom's economy away from oil. The PIF recently merged the PGA Tour and LIV Golf to create a new golf entity, and it has also hosted a Formula One Grand Prix, major boxing matches, and bought British Premier League soccer team Newcastle United. The PIF is now the exclusive investor in the new golf entity and has the right of first refusal on any new investment. The kingdom's aggressive campaign to promote its image as a reformed, socially liberalizing country is a key part of the crown prince's Vision 2030.

via CNBC|
#liv-golf#pga-tour#public-investment-fund
business2 years ago

Saudi Arabia's Oil Strategy: Balancing Grand Plans and Price Stability

Saudi Arabia's recent oil production cut has sent prices up, but they still remain lower than the kingdom would prefer. With the majority of its income still coming from selling fossil fuels, Saudi Arabia is seeking foreign investment to fund its ambitious projects under the Vision 2030 program. However, last year's foreign direct investment slumped 60% from the previous year, and the country is still far from its target of $100 billion in annual FDI by 2030. While Saudi officials say they have plenty of money to fund their projects, experts warn that without substantial shifts in inward investment or the price of oil, the numbers won't add up.

via CNN|
#business#china#foreign-investment
business2 years ago

Saudi Aramco's Profits Drop 19% Amid Falling Oil Prices.

Saudi Aramco, the world's largest oil company, reported a 19.25% decrease in Q1 profits due to reduced oil prices and production cuts. Despite this, the company's net-profit increased by 3.75% compared to the previous quarter, and it remains committed to paying out a dividend of $19.5bn in the second quarter of the year. Aramco plans to introduce a mechanism for performance-linked dividends and is exploring investments in green hydrogen, green ammonia, and other new fuels. The Saudi government, which holds a 90% stake in Aramco, will benefit from the company's financial report, as it has already boosted Aramco's share price by 3.7% to 4%.

via OilPrice.com|
#business#dividends#investments
business2 years ago

IMF Official: Saudi Economy Nearing Oil Dependence Reduction

The IMF predicts that Saudi Arabia's GDP growth will slow down to 3.1% this year due to the implementation of new OPEC+ quotas, but the country's government-led reforms and private investment in new sectors will support non-oil economic growth. The Saudi economy has become less dependent on oil due to the Vision 2030 plan, which aims to diversify the economy into sectors such as tourism and develop the financial and private sectors.

via Reuters|
#business#economic-growth#imf