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.”



Oil Prices Rise on Iran Sanctions, Decline in US Crude Stocks

A container ship sails along Nakhodka Bay near the oil terminal in the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A container ship sails along Nakhodka Bay near the oil terminal in the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
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Oil Prices Rise on Iran Sanctions, Decline in US Crude Stocks

A container ship sails along Nakhodka Bay near the oil terminal in the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A container ship sails along Nakhodka Bay near the oil terminal in the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

Oil prices rose on Wednesday after a fresh round of US sanctions on Iran, a drop in US crude stocks and a softer tone from US President Donald Trump towards the Federal Reserve and his tariff war with China.

Brent crude futures hit their highest since April 4 at $68.65 a barrel and were up 54 cents, or 0.8%, at $67.98 by 1134 GMT US West Texas Intermediate crude rose 55 cents, or 0.9%, to $64.22.

Sending bullish signals on the supply side, the US issued new sanctions targeting an Iranian shipping magnate whose network handles Iranian liquefied petroleum gas and crude oil worth hundreds of millions of dollars, the US Treasury said.

Further price support came from US crude oil inventories that fell by about 4.6 million barrels last week while gasoline stocks declined by 2.2 million barrels and distillate inventories dropped by 1.6 million barrels, market sources said, citing American Petroleum Institute data.

US government data on oil stockpiles is due at 10:30 a.m. ET (1430 GMT) on Wednesday. US crude oil stocks are expected to have declined by 800,000 barrels last week, a Reuters poll showed.

Stoking hopes of higher energy demand, Trump on Tuesday signalled the possibility of lower tariffs on Chinese imports. The Chinese foreign ministry said on Wednesday that the United States should stop making threats if it wants to make a deal.

Trump also backed away from the threat of firing Fed Chair Jerome Powell after days of criticising the Fed for not cutting interest rates.

Capping gains, the International Monetary Fund said on Tuesday that global economic output will slow as Trump's steep tariffs on virtually all trading partners begin to bite.