Crown Prince Lists Achievements of Vision 2030 in 5 Years

Saudi Crown Prince Mohammed bin Salman during his televised interview. (Reuters)
Saudi Crown Prince Mohammed bin Salman during his televised interview. (Reuters)
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Crown Prince Lists Achievements of Vision 2030 in 5 Years

Saudi Crown Prince Mohammed bin Salman during his televised interview. (Reuters)
Saudi Crown Prince Mohammed bin Salman during his televised interview. (Reuters)

Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, listed on Tuesday the achievements of the Kingdom’s Vision 2030, saying so much has been accomplished in five years.

In an interview aired on Saudi TV to mark the fifth anniversary of the Vision, he said that the greatest challenge was housing.

“We had a housing problem for 20 years that we could not resolve, and citizens were waiting nearly 15 years to receive a loan or a housing subsidy,” he said, noting that the level of housing was always between 40-50 percent and before the Vision it was 47 percent.

“During the reign of King Abdullah about 250 billion riyals were allocated in 2011. In 2015, out of these 250 billion, only 2 billion were disbursed and it was not utilized, and the Ministry of Housing could not transfer them into existing projects because the state was quite weak,” he said, explaining that ministries were “scattered” and no public policy existed.

The Ministry of Housing could not succeed without a general policy for the state in coordination with the municipalities, the Central Bank the Ministry of Finance.

“So, these 250 billion were returned back to the treasury and an annual budget was disbursed but the outcome was that the percentage of housing increased from 47 percent to 60 percent within four years only and this is quite an indicator showing where we are heading,” Crown Prince Mohammed added.

In the fourth quarter in 2019 the non-oil economy grew about 4.5 percent, he noted. “If it weren’t for the pandemic in 2020, it would have exceeded 5 percent in the non-oil sector. We will return to those levels hopefully this year, the coming years and even more in the future.”

Unemployment at the beginning of the Vision was about 14 percent in the first quarter of 2020, he remarked, stressing that the aim is to reach 11 percent in 2021.

“I don’t want any Saudi to be without a job. We are in the forefront … in Q4 of 2020 we sat at 12 percent now. This year we will break the 11 percent barrier, and I think that the Vision’s target of 7 percent will be achieved way before that,” declared Crown Prince Mohammed.

“Once we achieve normal unemployment rates between 4 to 7 percent, which is a normal rate, we will want to work on the next step, which is improving jobs and job opportunities and increasing the income of the 50 percent holding poor jobs,” he continued.

“You will not be able to improve jobs until you improve the working force.”

He stated that commercial license used to take days to be issued, now it can be done in half an hour through an online process. Foreign investments have tripled up to 17 million a year.

“The Saudi market was stuck after the last crisis between 4,000 points to 7,000 points. Now we exceeded 10,000, which means that the private sector has started to grow,” continued Crown Prince Mohammed.

“If we have an opportunity, we should grab it whether it’s 10, 100, 1,000, or tens of thousands of opportunities. We will develop our human resources and abilities of the government to achieve these opportunities,” he said. “This will all open new horizons.”

He stressed that the Kingdom was surpassing its objective before the deadline set by the Vision.

He cited housing as an example. “For housing, the objective is 60 percent. We did reach 60 percent in 2020. So, 62 percent should be reached before 2025. So, we have gone beyond the said objectives.”

He noted that the Public Investment Fund sought a size of 7 trillion riyals in 2020. “We are going to amend it to 10 trillion riyals in 2030.”

“Numbers that we thought were huge and unachievable have been partially met in 2020 and we will break even more numbers in 2025, which means that we will achieve even higher numbers in 2030,” he continued.

“We started establishing strategic policies and commissions under my chair to translate the Vision covering every sector – housing, energy, industry, quality of life etc. and other strategies.”

“We have sought to establish the Budgeting Bureau, which aims to draft the state budget so that it would not be restricted to the Finance Ministry,” he continued.

The financial commission has been established that meets regularly to align the budget and we’re about to finish with the Policies Office,” revealed Crown Prince Mohammed.

“There is a wrongful perception that Saudi Arabia would like to dispose of the oil. Not at all. We want to exploit everything whether the oil sector or other sectors,” he went on to say.

“We want to increase the benefit we reap from the oil to manufacturing industries and others and then to produce other opportunities away from the oil sector to diversify our economy.”



World Bank Projects Lebanon Economy to Contract by 6.4% Due to War

People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)
People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)
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World Bank Projects Lebanon Economy to Contract by 6.4% Due to War

People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)
People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)

The World Bank on Friday projected that Lebanon's economy would contract by 6.4 percent this year, as the latest Israel-Hezbollah war derailed the country's efforts at recovery.

Lebanon has been dealing with an unprecedented financial crisis since 2019 and was still reeling from the 2024 Israel-Hezbollah war when the Iran-backed group drew it into the Middle East conflict by attacking Israel in March.

Israel responded with a heavy air campaign and ground invasion that Lebanese authorities say have killed more than 4,300 people.

Due to the war, "real GDP is projected to contract by 6.4 percent in 2026, reflecting the collapse in tourism, weaker consumption, disrupted supply chains, heightened insecurity, and prolonged displacement," the World Bank said in a report.

Inflation is also expected to rise to 17.5 percent this year, according to the report.

The World Bank said Lebanon's economy had strengthened before the latest conflict, with an estimated real GDP growth of 4.2 percent in 2025, "the fastest since the onset of the 2019 financial crisis".

"Advancing reforms -- particularly on banking sector restructuring and fiscal management -- will be critical to restoring confidence, protecting stability, and mobilizing the financing needed for reconstruction and recovery," Dahlia Khalifa, the World Bank's Middle East director, said.

The international community has been demanding that Lebanese authorities enact financial reforms in order to secure much-needed economic aid.

Last week, parliament passed amendments to a bank resolution law aimed at restructuring troubled banks and addressing the country's banking crisis.

The International Monetary Fund welcomed the law, describing it as "a very good step that reflects Lebanon's commitment to aligning its legislation with the best international practices".

Lebanon has been in discussions with the IMF, which said it would resume its meetings in Beirut next month.


Tunisia Olive Oil Exports Surge 55%, Bringing in $1.6 billion

Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui
Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui
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Tunisia Olive Oil Exports Surge 55%, Bringing in $1.6 billion

Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui
Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui

Tunisia's olive oil exports surged 55.3% to a record 368,000 metric tons in the first nine months of the 2025/26 season, bringing in $1.6 billion in export revenue, up 44.4% from a year earlier, official data showed on Friday.

The surge in olive oil shipments, a vital source of foreign currency and Tunisia's top agricultural export, will provide a much-needed boost to the country's finances as the government grapples with persistent economic and fiscal pressure.

The jump in exports was driven by strong global demand during the first nine months of the season, which began in November.

Extra virgin olive oil accounted for 83.6% of total shipments, the National Observatory of Agriculture said, Reuters reported.

The European Union remained the biggest destination, taking 57.1% of Tunisian olive oil exports, while North America accounted for 24%. More than 70 countries imported Tunisian oil during the period.

Exports to other markets included Saudi Arabia, which took 4.6%, Jordan with 3.1% and African markets at 3.8%, with Egypt accounting for 3.3%.

Bottled olive oil exports rose 50.8% to 51,500 tons, but bulk oil still accounted for the vast majority of shipments, underscoring Tunisia's challenge in capturing more value from one of its most important export products.


South African Rand Hits Strongest Level since Start of Iran War

South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration
South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration
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South African Rand Hits Strongest Level since Start of Iran War

South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration
South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration

The South African rand strengthened on Friday to its strongest level since the United States and Israel launched attacks on Iran on February 28, as rising gold prices and a weaker dollar boosted the commodity-linked currency.

At 1229 GMT, the rand traded at 15.9925 against the dollar , about 0.8% stronger from its previous close.

Gold, one of South Africa's main exports, rose to a more than three-month high on Friday and was on track for a third straight weekly gain.

The precious metal was supported by a weaker dollar and the US Treasury's announcement that it would increase buybacks of longer-dated securities, Reuters reported.

US Treasury Secretary Scott Bessent said he may further increase the government's repurchases of Treasuries. That came after the Treasury said it would double the size of buybacks on longer-dated securities over the next quarter.

The US dollar was set to end a bumpy week lower, making greenback-priced bullion more affordable for buyers overseas.

Like other emerging market currencies, the rand has been at the mercy of global market sentiment, particularly since the start of the Iran war.

On the Johannesburg Stock Exchange, the Top-40 index was last up 2.2%.

South Africa's benchmark 2035 government bond was also firmer in early deals, as the yield fell 0.5 basis points to 8.56%.