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.”



Trump's Greenland Threat Puts Europe Inc back in Tariff Crosshairs

A worker adjusts European Union and US flags at the EU Commission headquarters in Brussels, November 11, 2013.
A worker adjusts European Union and US flags at the EU Commission headquarters in Brussels, November 11, 2013.
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Trump's Greenland Threat Puts Europe Inc back in Tariff Crosshairs

A worker adjusts European Union and US flags at the EU Commission headquarters in Brussels, November 11, 2013.
A worker adjusts European Union and US flags at the EU Commission headquarters in Brussels, November 11, 2013.

Just as European companies were getting used to last year's hard-won US trade tariff deals, President Donald Trump has put them back in his ​crosshairs with an explosive threat to place levies on nations that oppose his planned takeover of Greenland.

Trump on Saturday said he would put rising tariffs from February 1 on goods imported from EU members Denmark, Sweden, France, Germany, the Netherlands and Finland, along with Britain and Norway, until the US is allowed to buy Greenland, a step major EU states decried as blackmail.

On Sunday, European Union ambassadors reached broad agreement to intensify efforts to dissuade Trump from imposing those tariffs, while also readying a package of retaliatory measures should the duties go ahead, EU diplomats said.

The shock move has rattled through industry and sent shockwaves through markets amid fears of a return to the volatility of last year's trade war, which was only eased with tariff deals reached in the middle of the year.

"This is a very serious situation, the scale of which is unknown," Gabriel Picard, ‌chairman of the French ‌wine and spirits export lobby FEVS, told Reuters.

He said the industry had already seen a ‌20% ⁠to ​25% hit ‌to US activity in the second half of last year from previous trade measures, and new tariffs would bring a "material" impact.

But he said what was happening went far beyond sectoral issues. "It is more a matter of political contacts and political intent that must be taken to the highest level in Europe, so that Europe, once again, is united, coordinated, and if possible speaks with one voice."

STAND-OFF COULD BRING BACK LAST YEAR'S TRADE WAR

In a post on Truth Social, Trump said additional 10% import tariffs would take effect next month on goods from the listed European nations — all already subject to tariffs imposed by the US president last year of between 10% and 15%.

The bloc - which had an estimated $1.5 trillion in goods and services trade with the US in 2024 - looks set ⁠to fight back. Europe has major carmakers in Germany, drugmakers in Denmark and Ireland, and consumer and luxury goods firms from Italy to France.

EU leaders are set to discuss options at an emergency ‌summit in Brussels on Thursday, including a 93 billion euro ($107.7 billion) package of tariffs on ‍US imports that could automatically kick in on February 6 after a ‍six-month pause.

The other is the so far never used "Anti-Coercion Instrument" (ACI), which could limit access to public tenders, investments or banking activity or restrict ‍trade in services, in which the US has a surplus with the bloc.

Analysts said the key question was how Europe responded - with a more "classic" trade war tit-for-tat tariff retaliation, or an even tougher approach.

"The most likely way forward is a return to the trade war that was put on hold in high-level US agreements with the UK and the EU in summer," said Carsten Nickel, deputy director of research at Teneo in London.

COMPANIES WILL LOOK TO TRADE WITH 'LESS PROBLEMATIC NATIONS'

German submarine maker ​TKMS CEO Oliver Burkhard said the Greenland threat was perhaps the jolt that Europe needed to toughen its approach and focus on developing its own joint programmes to be more independent from the US.

"It is probably necessary... to get ⁠a kick in the shin to realise that we may have to suit up differently in the future," he told Reuters.

Susannah Streeter, chief investment strategist at Wealth Club, said the new threat created "another layer" of complexity for firms grappling with an already "chaotic" US market. Firms had little capacity to soak up new tariffs, she added.

"A trade war only creates losers," said Christophe Aufrere, director general of French autos association the PFA.

An official at a French industry association that represents the country's largest firms added the Greenland issue was turning tariffs into a "tool for political pressure", and called for the region to reduce its dependency on the US market.

Neil Shearing, group chief economist at Capital Economics, pointed out that some EU countries - Spain, Italy and others - were not on the tariff list, which would likely see "re-routing" of trade within the EU free trade bloc to avoid the taxes.

Analysts added the new tariffs - if imposed - would likely hurt Trump. They would push up US prices and lead to front-loading of exports before the tariffs kicked in, while encouraging companies to seek new markets.

"For Europe, this is a bad geopolitical headache and a moderately significant economic problem. But it could also backfire for Trump," said Holger Schmieding, London-based chief economist at Berenberg.

"Logic ‌still points to an outcome that respects Greenland's right to self-determination, strengthens security in the Arctic for NATO as a whole, and largely avoids economic damage for Europe and the US."


IMF Upgrades Outlook for Surprisingly Resilient World Economy to 3.3% Growth this Year

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo/File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo/File Photo
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IMF Upgrades Outlook for Surprisingly Resilient World Economy to 3.3% Growth this Year

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo/File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo/File Photo

An unexpectedly sturdy world economy is likely to shrug off President Donald Trump's protectionist trade policies this year, thanks partly to a surge of investment in artificial intelligence in North America and Asia, the International Monetary Fund said in a report out Monday.

The 191-nation lending organization expects that global growth will come in at 3.3% this year, same as in 2025 but up from the 3.1% it had forecast for 2026 back in October, The Associated Press reported.

The world economy "continues to show notable resilience despite significant US-led trade disruptions and heightened uncertainty,'' IMF chief economist Pierre-Olivier Gourinchas and his colleague Tobias Adrian wrote in a blog post accompanying the latest update to the fund's World Economic Outlook.

The US economy, benefiting from the strongest pace of technology investment since 2001, is forecast to expand 2.4% this year, an upgrade on the fund's October forecast and on expected 2025 growth — both 2.1%.

China — the world's second-largest economy — is forecast to see 4.5% growth, an improvement on the 4.2% the IMF had predicted October, partly because a trade truce with the United States has reduced American tariffs on Chinese exports.

India, which has supplanted China as the world's fastest-growing major economy, is expected to see growth decelerate from 7.3% last year (when it was juiced by an unexpectedly strong second half) to a still-healthy 6.4% in 2026.


France Says Still Loyal to Syria Kurds, Hails Ceasefire

Syrian army personnel celebrate as government forces enter Raqqa city following the withdrawal of Syrian Democratic Forces, in Raqqa, Syria, January 18, 2026. REUTERS/Karam al-Masri
Syrian army personnel celebrate as government forces enter Raqqa city following the withdrawal of Syrian Democratic Forces, in Raqqa, Syria, January 18, 2026. REUTERS/Karam al-Masri
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France Says Still Loyal to Syria Kurds, Hails Ceasefire

Syrian army personnel celebrate as government forces enter Raqqa city following the withdrawal of Syrian Democratic Forces, in Raqqa, Syria, January 18, 2026. REUTERS/Karam al-Masri
Syrian army personnel celebrate as government forces enter Raqqa city following the withdrawal of Syrian Democratic Forces, in Raqqa, Syria, January 18, 2026. REUTERS/Karam al-Masri

France on Monday welcomed a ceasefire between the Syrian government and Kurdish-led forces and stressed it remained loyal to the latter who spearheaded the battle against the ISIS group.

"France is faithful to its allies," the foreign ministry said, urging all sides to respect the ceasefire deal, which will also see the Kurdish administration and forces integrate into the state after months of stalled negotiations.