Saudi Economy Heads Towards New Stage to Face Global Changes

King Salman delivers his speech on Wednesday. (SPA)
King Salman delivers his speech on Wednesday. (SPA)
TT

Saudi Economy Heads Towards New Stage to Face Global Changes

King Salman delivers his speech on Wednesday. (SPA)
King Salman delivers his speech on Wednesday. (SPA)

Following Custodian of the Two Holy Mosques King Salman bin Abdulaziz’s announcement of the start of the second phase of the Kingdom’s Vision 2030, experts told Asharq Al-Awsat that the coming period would witness great development leaps in all sectors.

According to the experts, the Saudi economy has proven its strength during the coronavirus pandemic, which has cast a shadow over all developed countries.

They noted in this regard that the Kingdom continued to provide initiatives to ease the burdens on the national economy and the private sector in particular.

On Wednesday, King Salman inaugurated the works of the second year of the eighth session of the Saudi Shura Council, pointing to the start of the second phase of the Saudi Vision 2030, which seeks to create a solid and diversified economy that faces global changes.

King Salman stressed that the national investment strategy launched by Crown Prince Mohammed bin Salman on Oct. 11 was one of the important tributaries to achieve the objectives of the Kingdom’s Vision. He added that investments exceeding 12 trillion riyals (USD 3.2 trillion) would be pumped into the local economy until 2030.

In this regard, Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail stated that King Salman's speech before the Shura Council reflected his keenness on the well-being and interests of the Kingdom’s citizens and residents.

Chairman of the General Authority of Civil Aviation Abdulaziz Al-Duailej stated that King Salman’s speech underlined the “determination to achieve the interests of the citizens and residents, and to bolster security, stability, prosperity in the Kingdom.”

In remarks to Asharq Al-Awsat, economic expert Abdul Rahman Al-Jubeiry said King Salman's remarks “embodied Saudi Arabia’s pivotal role at the regional and international levels in all political, economic and development fields...”

Head of the Saudi Center for Governance, Nasser Al-Sahli told Asharq Al-Awsat that the Custodian of the Two Holy Mosques announced the completion of the first phase of Vision 2030 and the launch of the next stage to create a diversified and solid national economy that is abreast with global changes.

The Saudi private sector is witnessing a qualitative leap in terms of regulations and legislation that contribute to the growth of investments and attract foreign capital, Al-Sahli said, adding that this would have a positive impact on the gross domestic product and the achievement of the goals of Vision 2030.



Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
TT

Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

The Public Investment Fund (PIF) and Elm, a leading digital solutions company, have signed a share sale and purchase agreement for Elm to acquire Thiqah Business Services Company – a firm specializing in smart technology solutions for business services – in a deal valued at $907 million (SAR3.4 billion).

Completion is expected once regulatory approvals are obtained and certain conditions are satisfied under the agreement.

According to a PIF statement, the transaction will further support a thriving local information and communication technologies (ICT) ecosystem and contribute to PIF’s strategy which aligns with the Vision 2030 aim of using digital transformation to create the high-skills jobs of the future and further grow the Saudi economy. The deal will enhance the growth of the ICT sector, drive innovation, and localize technologies and knowledge by strengthening Elm to lead the sector at the national level, maximizing the value chain by providing a wide range of ICT products, services and devices.

The ICT sector is among PIF’s strategic priority investment sectors, being a key enabler of other key sectors, including entertainment, financial services, healthcare, transport and logistics, and utilities and renewables, the statement said.

“PIF is committed to enabling the creation of national champions which contribute to driving the development and growth of the Saudi economy. PIF’s sale of Thiqah to Elm will contribute to enhancing the vital role of the ICT sector and will strengthen efforts to localize technology and drive innovation,” Head of Technology and Media, MENA Investments, at PIF Shahd Attar said.

CEO of Elm Mohammad Abdulaziz Alomair said: “This is an important transaction for Elm, as it enhances integration, rationalizes spending, increases profitability, and provides qualitative advantages for both parties and the market.”

“The combined integrated entity will be better able to create advanced national smart services to serve market requirements and clients’ needs. It will also contribute to facilitating innovative operations and capabilities to develop products in the business field with cost advantages while achieving economies of scale,” he added.