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Riyadh Welcomes Global Investors with Open Arms

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Riyadh Welcomes Global Investors with Open Arms

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Saudi Arabia’s ministries of investment and of foreign affairs have launched the second phase of issuing a “Visiting Investor” business visit e-visa, to include the rest of world countries.

This service is offered to foreign investors as part of the Kingdom’s efforts to boost investment, consistent with the Saudi national transformation plan, “Vision 2030.”

In this move, the state intends to open its doors to attract foreign capital.

The Foreign Ministry, in cooperation with the Investment Ministry, had announced the launch of the first phase of the visa for investors from several European, Asian, North American, and Oceanic countries back in June.

Experts have highlighted the significance of this new step in facilitating the entry of foreign investors into the Kingdom’s local market, enabling them to attend all local events and explore opportunities in major projects.

Experts believe that the launch of the second phase of the business visitor visa issuance service opens opportunities for national companies to build alliances, seize business expansion opportunities, and create new high-quality jobs that contribute to reducing unemployment rates.

According to Mohammad Mazfer, a member of the National Commercial Committee at the Saudi Chambers of Commerce, with the launch of the second phase of the business visitor visa issuance service to include all countries worldwide, investors can now easily engage in local projects and attend major events in the Kingdom.

Moreover, Mazfer said the expansion and launch of the second phase confirm the government’s commitment to attracting foreign capital.

Mazfer emphasized that simplifying travel procedures for business people to enter Saudi Arabia opens up opportunities for investors to capitalize on the market, expand their businesses, positively impacting non-oil revenues in the national GDP, which has seen significant growth in recent times.

He noted that the Investment Ministry, in collaboration with the Foreign Ministry, has taken unprecedented steps to streamline procedures for foreign investors to access the local market, discover significant opportunities, and establish partnerships with domestic companies while expanding the activities of all parties involved.

 

 

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UK Borrowing Overshoot Underscores Task for New Government

Larry the Cat sits on Downing Street in London, Britain July 19, 2024. REUTERS/Toby Melville
Larry the Cat sits on Downing Street in London, Britain July 19, 2024. REUTERS/Toby Melville
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UK Borrowing Overshoot Underscores Task for New Government

Larry the Cat sits on Downing Street in London, Britain July 19, 2024. REUTERS/Toby Melville
Larry the Cat sits on Downing Street in London, Britain July 19, 2024. REUTERS/Toby Melville

Britain's government borrowed a lot more than forecast in June, according to official data published on Friday that highlighted the big budget challenges facing the new government of Prime Minister Keir Starmer.
Public sector net borrowing, excluding state-controlled banks, was a larger-than-expected 14.5 billion pounds ($18.75 billion) last month. A Reuters poll of economists had pointed to an increase of 11.5 billion pounds.
Dennis Tatarkov, Senior Economist at KPMG UK, said the data showed "the daunting task" for the new government to fund its agenda without worsening the public finances.
"A combination of high levels of spending and weak growth prospects will present uncomfortable choices – deciding between even more borrowing or substantially raising taxes if spending levels are to be maintained," he said.
New finance minister Rachel Reeves is likely to announce her first budget after parliament's summer recess. She and Starmer have ruled out increases in the rates of income tax, corporation tax and value-added tax, leaving her little room for maneuver to improve public services and boost investment.
Reeves has ordered an immediate review of the new government's "spending inheritance", a move that lawmakers from the opposition Conservative Party say could presage increases in taxes on capital gains or inheritances.
"Today's figures are a clear reminder that this government has inherited the worst economic circumstances since the Second World War, but we’re wasting no time to fix it," Darren Jones, a deputy Treasury minister, said after the data was published.
Starmer's government says it will speed up Britain's slow-moving economy - and generate more tax revenues - via a combination of pro-growth reforms and a return to political stability that will attract investment.
The borrowing figure for June was 2.9 billion pounds higher than expected by Britain's budget watchdog whose forecasts underpin government tax and spending plans.
In the first three months of the financial year which began in April, borrowing was 3.2 billion pounds higher than projected by the Office for Budget Responsibility at 49.8 billion pounds.
The Office for National Statistics said June's borrowing was the lowest for the month since 2019, helped by a big drop in spending on interest paid on bonds linked to inflation which has slowed sharply.
But the deficit was made bigger by a 1.2 billion-pound fall in social security contributions compared with June 2023. They were cut by former Prime Minister Rishi Sunak before the July 4 election that swept Starmer's Labour Party to power.