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)
TT

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.”



Pessimism Grows over Iraq’s Prospects for Resuming Oil Exports

An Iraqi petroleum products tanker (Iraqi News Agency) 
An Iraqi petroleum products tanker (Iraqi News Agency) 
TT

Pessimism Grows over Iraq’s Prospects for Resuming Oil Exports

An Iraqi petroleum products tanker (Iraqi News Agency) 
An Iraqi petroleum products tanker (Iraqi News Agency) 

A growing number of Iraqi oil and economic experts are voicing pessimism about the country’s ability to resume crude exports via the Gulf and the Strait of Hormuz, despite Iran’s announcement of an “exception” allowing Iraqi shipments to pass as those of a “friendly country”.

Iraq has suffered a sharp blow to its oil sector following the US-Israeli conflict with Iran and the closure of the Strait of Hormuz, losing roughly three-quarters of its exports. The country had been producing about 3.5 million barrels per day, but current export volumes have dropped to around one million barrels per day, most of which is diverted to domestic consumption.

More than 300,000 barrels per day are still exported via the Kurdistan Region through Türkiye’s Ceyhan port, while smaller quantities are transported overland by tanker trucks to Jordan and Syria.

As a result of the collapse in exports, Iraq is expected to face a monthly fiscal deficit of between $5 billion and $6 billion, placing the government under severe financial strain, economists say.

While Iran’s decision has been welcomed by its allies and sympathizers as a positive step for Iraq, sceptics argue that resuming exports is far more complex than a political declaration. They point to complex web of technical, security and logistical challenges involving maritime risk, insurance costs, shipping company behavior and contractual arrangements.

Security concerns remain acute. Despite the Iranian exemption, four oil facilities in the southern province of Basra were targeted by drone attacks over the past two days, reportedly carried out by Iran-backed armed factions seeking to pressure foreign companies to leave Iraq. The incidents raise questions about the consistency between Tehran’s declared position and the actions of allied groups on the ground.

Former oil ministry spokesman Assem Jihad said Iraq’s export capacity is governed by “fundamental realities” that make a swift return to normal operations unlikely.

In comments posted on Facebook, he noted that Iraq does not rely on its own fleet of supertankers to export crude. Instead, the State Organization for Marketing of Oil (SOMO) sells oil under contracts whereby buyers arrange shipping and lift cargoes from Iraqi ports.

The key issue, he explained, is not a lack of contracts but the reluctance of global shipping companies and tanker owners to enter what is now considered a high-risk zone. Even if buyers are willing, securing vessels prepared to dock at southern Iraqi ports or operate near conflict areas remains a major obstacle.

Insurance costs have also surged. Companies face steep premiums for vessels transiting conflict zones, discouraging participation. “Even with statements allowing passage, that does not necessarily translate into a safe and secure shipping environment,” Jihad said, adding that insurers and shipping firms base decisions on actual risk assessments rather than political assurances.

He argued that exports would only resume once confidence returns to maritime markets, risks decline and insurance costs fall.

Economic researcher Ziad al-Hashimi outlined additional barriers preventing Iraq from benefiting from the Iranian decision.

Writing on X, he said Iraq’s oil production, service companies and southern export terminals are currently operating under “force majeure”, a status declared on March 20 across fields run by foreign firms. Lifting this clause could take time, as companies would require assurances that operations will not be targeted again.

“Its removal is not a quick process,” he noted, warning of “real risk” if exports resume without improved security guarantees.

Al-Hashimi also pointed to ongoing attacks on oil fields, saying that many service companies have evacuated staff and suspended operations. “Work will not return to normal as long as the war continues,” he underlined.

He further questioned the practicality of Iran’s exemption, which applies to loaded Iraqi tankers exiting Hormuz. “How will empty vessels enter the strait to reach Iraq, and who will guarantee their safety?” he asked.

The government and oil ministry have meanwhile faced criticism for failing to take precautionary measures to safeguard production, Iraq’s main source of national income. Critics say Baghdad should have diversified export routes or maintained floating storage capacity, as many oil-producing countries do.

According to Basra-based economist Nabil al-Marsoumi, Iraq’s state tanker company, established in 1972, currently owns just six vessels for refined products with a combined capacity of 117,000 tons. Four of these ships are over 15 years old, requiring more frequent maintenance.

The company no longer owns any crude oil tankers, he added, compared with 25 vessels totaling 1.485 million tons in 1983.

On the diplomatic front, Foreign Minister Fuad Hussein on Sunday thanked Iran for allowing Iraqi oil tankers to transit Hormuz during a meeting with Iranian ambassador Mohammad Kazem Al Sadeq.

A foreign ministry statement said the two sides discussed mechanisms to ensure implementation of the arrangement and broader regional developments. Hussein reiterated Iraq’s opposition to war and stressed the need for dialogue and peaceful conflict resolution.

Separately, data from the London Stock Exchange Group and analytics firm Kpler indicated that a tanker carrying Iraqi crude had passed through the Strait of Hormuz near Iran’s coast. The vessel, Ocean Thunder, loaded about one million barrels of Basra Heavy crude on March 2 and is expected to discharge in Malaysia in mid-April.

 

 


Iraq’s SOMO Urges Customers to Send Oil Loading Plans after Hormuz Exemption

A worker collects engine oil as he works at a degassing station in Zubair oil field, near Basra, Iraq, Saturday, March 28, 2026. (AP Photo/Leo Correa)
A worker collects engine oil as he works at a degassing station in Zubair oil field, near Basra, Iraq, Saturday, March 28, 2026. (AP Photo/Leo Correa)
TT

Iraq’s SOMO Urges Customers to Send Oil Loading Plans after Hormuz Exemption

A worker collects engine oil as he works at a degassing station in Zubair oil field, near Basra, Iraq, Saturday, March 28, 2026. (AP Photo/Leo Correa)
A worker collects engine oil as he works at a degassing station in Zubair oil field, near Basra, Iraq, Saturday, March 28, 2026. (AP Photo/Leo Correa)

Iraq's state oil marketer SOMO has asked its customers to submit crude oil lifting schedules within 24 hours, a document reviewed by Reuters showed, following media reports that Iran has exempted Iraq from any restrictions on transit through the Strait of Hormuz.

"In light of the above, and to ensure the continuity and stability of crude oil export operations, ⁠we urge your ⁠esteemed company to submit its lifting schedules within 24 hours to enable the timely processing of your lifting programs, including vessel nominations and the contractual volumes, in full alignment with the agreed ⁠terms and conditions," SOMO said in the document issued on April 5.

"We hereby reaffirm that all loading terminals, including the Basrah Oil Terminal (BOT) and associated facilities, remain fully operational, and SOMO is in a state of full readiness to execute all contractual lifting programs without any limitation," the document said.

SOMO could not be immediately reached ⁠for ⁠comment outside of office hours.

A resumption of oil exports will help the OPEC member lift production as its output collapsed to about 800,000 barrels per day last month.

However, some market participants said it remains to be seen if any shipowners will allow their tankers to enter the Gulf to lift oil given that the US-Israeli war with Iran is ongoing.


More Indian-flagged LPG Ships Exit the Gulf

FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
TT

More Indian-flagged LPG Ships Exit the Gulf

FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

Two more Indian-flagged liquefied petroleum gas tankers, Green Asha and Green Sanvi, have exited the Gulf carrying the fuel for the South Asian nation, according to ship tracking data on LSEG and Kpler.

A third vessel, Jag Vikram, is still in the west of the Strait of Hormuz, the data showed. The US-Israeli war against Iran has all but ⁠halted shipping through the ⁠strait, but Iran says "non-hostile vessels" may transit the waterway if they coordinate with Iranian authorities.

Green Asha and Green Sanvi have crossed the Gulf area and are in the eastern Strait of Hormuz, ⁠the data showed, taking the total number of Indian-flagged LPG carriers that have traversed the Strait to eight. India is gradually moving its stranded LPG cargoes out from the strait, with Shivalik, Nanda Devi, Pine Gas, Jag Vasant, BW Elm and BW Tyr already reaching India.

India, the world's second-largest LPG importer, is battling its worst gas ⁠crisis ⁠in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.

The country consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East. India is also loading LPG onto its empty vessels stranded in the Gulf.