Investment Strategy to Support Saudi Economy’s Competitiveness at Global Level

 Saudi Crown Prince Mohammed Bin Salman smiles during a televised interview in Riyadh, Saudi Arabia, April 27, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS
Saudi Crown Prince Mohammed Bin Salman smiles during a televised interview in Riyadh, Saudi Arabia, April 27, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS
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Investment Strategy to Support Saudi Economy’s Competitiveness at Global Level

 Saudi Crown Prince Mohammed Bin Salman smiles during a televised interview in Riyadh, Saudi Arabia, April 27, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS
Saudi Crown Prince Mohammed Bin Salman smiles during a televised interview in Riyadh, Saudi Arabia, April 27, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

Saudi economic experts underlined the importance of the National Investment Strategy launched by Crown Prince Mohammed bin Salman on Monday, saying that it would contribute to raising the competitiveness of the Saudi economy globally, and would translate the capabilities and opportunities available in the Kingdom into a practical investment reality.

Member of the Trade and Investment Committee in the Shura Council, Dr. Faisal Al Fadel, said that the strategy had fundamental economic dimensions that support Saudi Vision 2030.

He noted that Saudi Arabia’s economy enjoyed abundant natural resources and a strategic location in the heart of the main trade routes between the three continents, in addition to the major economic reforms that are currently underway.

This diversity of resources and particular location attracts local and foreign investors, according to Fadel.

He added that the strategy would enhance the strength and position of the private sector at the regional and global levels, which would encourage foreign companies to support the growth of the sector to become a positive contributor to the domestic product.

Dr. Osama Al-Obaidi, consultant and professor of economic and international law at the Institute of Public Administration in Riyadh, said that Saudi Arabia enjoyed huge investment capabilities, adding that the strategy announced by the Crown Prince on Monday would seek to translate this great potential into practical actions.

According to Al-Obaidi, the strategy would contribute to increasing Saudi economic growth and diversifying its sources, which would help achieve the goals of Vision 2030.

He also pointed to the development of the legislative environment and the increase in investment opportunities offered to local and foreign investors.



Starbucks Workers Expand Strike in US Cities Including New York

Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
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Starbucks Workers Expand Strike in US Cities Including New York

Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)

Starbucks workers have expanded their strike to four more US cities, including New York, the union representing over 10,000 baristas said late on Saturday.

The five-day strike, which began on Friday and initially closed Starbucks cafes in Los Angeles, Chicago and Seattle, has added New Jersey, New York, Philadelphia and St. Louis, Workers United said in a statement. It did not say where the New Jersey walkout was occurring.

Starbucks did not immediately respond to a request for comment outside regular business hours.

Talks between the coffee chain and the union hit an impasse with unresolved issues over wages, staffing and schedules, leading to the strike.

The union is striking in 10 cities, also including Columbus, Denver and Pittsburgh, during the busy holiday season that may impact the company's Christmas sales.

Workers United warned on Friday that the strike could reach "hundreds of stores" by Tuesday, Christmas Eve.

Starbucks began negotiations with the union in April. It said this month it had conducted more than eight bargaining sessions, during which 30 agreements had been reached.

The company operates more than 11,000 stores in the United States, employing about 200,000 workers.