Ministers: Saudi Arabia Continues its Transformational Journey at Accelerated Pace

The annual report for Vision 2030 showed tremendous achievements in all programs and initiatives. (Asharq Al-Awsat) 
The annual report for Vision 2030 showed tremendous achievements in all programs and initiatives. (Asharq Al-Awsat) 
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Ministers: Saudi Arabia Continues its Transformational Journey at Accelerated Pace

The annual report for Vision 2030 showed tremendous achievements in all programs and initiatives. (Asharq Al-Awsat) 
The annual report for Vision 2030 showed tremendous achievements in all programs and initiatives. (Asharq Al-Awsat) 

Ministers and officials in the Saudi government said that the Kingdom is continuing its comprehensive transformational journey at an accelerated pace since the launch of Vision 2030, which laid a basic foundation for a vibrant society and a prosperous economy.
A number of government officials commented on the annual report of Vision 2030, stressing that the achievements were made with resolve and persistence following comprehensive reforms.
Minister of Economy and Planning Faisal Al-Ibrahim said that the Kingdom’s achievements in 2023 demonstrated the strength and flexibility of its economy, as non-oil activities recorded their top contribution to the real gross domestic product at 50 percent, which is its highest historical level.
For his part, Minister of Finance Mohammed Al-Jadaan said that Saudi Arabia was reaping the results of economic reforms, pointing to an accelerated pace to diversify the economy and enhance the efficiency of financial performance, as well as other achievements that lay the foundations of a strong and diversified economy.
The Minister of Human Resources and Social Development, Ahmed Al-Rajhi, touched on some of the accomplishments during the past year, saying that 2.3 million citizens were now working in the private sector, compared to 1.7 million in 2019, in addition to increasing the percentage of women’s participation in the labor market to 35.5 percent.
He added that efforts are underway with all partners to localize specific professions and create a stimulating work environment in promising sectors.
In turn, Minister of Health Fahd Al-Jalajel explained that Saudi Vision 2030 is moving at an accelerated pace.
“Today, we are reaping the fruits of its journey with many accomplishments that support the provision of distinguished health care for the individual and society and the achievement of sustainable health development,” he stated.
For his part, the Minister of Hajj and Umrah, Dr. Tawfiq Al-Rabiah, commenting on the report, stated: “Eight years of successes and transformation, for development and a better future, through Saudi Vision 2030...”
Minister of Transport and Logistics Services, Engineer Saleh Al-Jasser, said: “Today, we are reaping the fruits of extensive national achievements in the transportation and logistics sectors, to enhance economic growth and support sustainable development.”
Moreover, Minister of Industry and Mineral Resources Bandar Al-Khorayef stated that Saudi Vision 2030 contributed to transforming the industrial sector into an attractive investment environment, developing human capabilities in line with the requirements of the modern industrial sector, and unleashing the large and promising capabilities of the mining sector.
Minister of Municipal, Rural Affairs and Housing, Majid Al-Hogail, pointed to the transformation witnessed in the housing sector in 2023, stimulated by Vision 2030, by regulating the real estate market, developing its laws, and increasing the supply.
“We continue our efforts to raise the quality of housing and enable citizens to own properties,” he noted.
The Minister of Tourism, Ahmed Al-Khatib, revealed that the Kingdom has achieved the target of Vision 2030 in 2023 by welcoming 100 million tourists, raising the goal to 150 million tourists, and committing to empowering the sector.
Minister of Sports, Prince Abdulaziz Al-Faisal, also spoke about the report, saying: “Under the leadership of our great nation... and with its unlimited support... the goals of Saudi Vision 2030 will be achieved.”



Saudi Arabia Allows Foreigners to Invest in Firms with Property in Makkah, Madinah

The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA
The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA
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Saudi Arabia Allows Foreigners to Invest in Firms with Property in Makkah, Madinah

The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA
The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA

Saudi Arabia's market regulator said on Monday it would allow foreign investment in listed companies that own real estate within Islam's two holiest sites of Makkah and Madinah.

Saudi Arabia's market watchdog, the Capital Market Authority (CMA), said in a statement the move aimed to attract foreign capital and provide liquidity for present and future projects in the two cities.

The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both, and would exclude "strategic foreign investors.”

It added that people without Saudi nationality would not be allowed to own more than 49% of shares of the firms involved.

In 2021, it allowed non-Saudis to subscribe to real estate funds investing within the boundaries of Makkah and Madinah.