Saudi Arabia News
Daily News Update
Saudi Cabinet praises Public Investment Fund’s new five-year strategy
Cabinet praises new Public Investment Fund strategy to diversify economy, stimulate growth
It includes investment of at least $40bn a year in the local economy and will contribute SR1.2tn to non-oil GDP
RIYADH: Saudi Arabia’s sovereign wealth fund continues to contribute to efforts to support the development of the Kingdom, stimulate growth and diversify the nation’s economy, the cabinet said on Tuesday.
During its weekly meeting, chaired by King Salman, the Council of Ministers praised the Public Investment Fund’s strategy for the next five years, which will “place it in a prominent position on the world map as a pioneering sovereign fund capable of investing and managing large capital in multiple markets.”
The strategy, announced by Crown Prince Mohammed bin Salman last week, includes investment of at least SR150 billion ($40 billion) annually in the local economy, incrementally until 2025, and will contribute SR1.2 trillion to non-oil GDP, cumulatively, through the fund’s subsidiaries. It also aims to increase its assets by SR4 trillion by the end of 2025, and create 1.8 million jobs, directly and indirectly.
The Saudi cabinet also approved the issuance of residence permits for those having work licenses and the renewal of these permits will be at least on a quarterly basis (every 3 months), exempting domestic workers and those working in similar domains. The fees of work and residency licenses, issuance residency fees and expat levy will be collected in installments.
Majid Al-Qasabi, the acting Minister of Information, told the Saudi Press Agency that the cabinet was also briefed on local and international developments in the coronavirus pandemic.
Ministers discussed ways to preserve the Kingdom’s high global ranking in coronavirus research. The country is ranked first in the region and 14th in the world for its university research into the global progress of COVID-19, which is a sign of the Kingdom’s “interest and care in research and innovation and the efforts made in addressing the pandemic, reflecting its ability and position in dealing with crises.”
The cabinet also reviewed efforts by security forces to prevent the smuggling and distribution of drugs in the Kingdom, in particular an operation by the General Directorate for Narcotics Control that led to the seizure of 20 million amphetamine pills last week.
| Number | Title | Author | Date | Votes | Views |
| 4889 |
Trump’s Middle East tour will start in Saudi Arabia — the same place he began his debut overseas trip in his first term in 2017
abdullah
|
2025.05.13
|
Votes 0
|
Views 208
|
abdullah | 2025.05.13 | 0 | 208 |
| 4888 |
Trump’s Saudi visit pivotal for ‘global peace, security’: Princess Reema
abdullah
|
2025.05.13
|
Votes 0
|
Views 223
|
abdullah | 2025.05.13 | 0 | 223 |
| 4887 |
Saudi Stock Exchange chief says Vision 2030 has turned Kingdom into ‘reliable, investible destination’
abdullah
|
2025.05.13
|
Votes 0
|
Views 227
|
abdullah | 2025.05.13 | 0 | 227 |
| 4886 |
Arab leaders congratulate Saudi leadership on 94th National Day
abdullah
|
2024.09.24
|
Votes 0
|
Views 310
|
abdullah | 2024.09.24 | 0 | 310 |
| 4885 |
Saudi deputy minister receives Ukraine’s ambassador
abdullah
|
2024.09.18
|
Votes 0
|
Views 231
|
abdullah | 2024.09.18 | 0 | 231 |
| 4884 |
Authorities warn of thunderstorms, hail across Saudi Arabia until Sunday
abdullah
|
2024.09.18
|
Votes 0
|
Views 246
|
abdullah | 2024.09.18 | 0 | 246 |
| 4883 |
Saudi crown prince to deliver annual royal address at Shoura Council on Wednesday
abdullah
|
2024.09.18
|
Votes 0
|
Views 242
|
abdullah | 2024.09.18 | 0 | 242 |
| 4882 |
TAIF GOVERNOR RECEIVES VIETNAMESE AMBASSADOR
abdullah
|
2024.05.13
|
Votes 0
|
Views 321
|
abdullah | 2024.05.13 | 0 | 321 |
| 4881 |
SAUDI ARABIA'S ACHIEVEMENT OF WELCOMING +100 MILLION TOURISTS RECEIVES GLOBAL RECOGNITION FROM UN TOURISM AND WTTC
abdullah
|
2024.03.25
|
Votes 0
|
Views 304
|
abdullah | 2024.03.25 | 0 | 304 |
| 4880 |
한·사우디, 자동차·바이오 협력 강화…광물 등 신산업도 확대 중앙일보 입력 2023.12.15 18:14
abdullah
|
2023.12.16
|
Votes 0
|
Views 390
|
abdullah | 2023.12.16 | 0 | 390 |
| 4879 |
HD현대건설기계, 사우디서 굴착기 100대 수주… 연간 800대 예상 담맘~리야드 수도관 조성에 투입 예정 박정엽 기자 입력 2023.12.14 11:12
abdullah
|
2023.12.15
|
Votes 0
|
Views 334
|
abdullah | 2023.12.15 | 0 | 334 |
| 4878 |
사우디 산업광물자원부 장관, CTR 창원공장 방문 중앙일보 입력 2023.12.14 11:50
abdullah
|
2023.12.15
|
Votes 0
|
Views 332
|
abdullah | 2023.12.15 | 0 | 332 |
| 4877 |
조원경의 돈의 세계 엑스포와 사우디의 비전 중앙일보 입력 2023.12.15 00:11
abdullah
|
2023.12.15
|
Votes 0
|
Views 335
|
abdullah | 2023.12.15 | 0 | 335 |
| 4876 |
'석유목욕' 나라서 기후총회? 산유국 웃는 '화석연료 전환 합의' 중앙일보 입력 2023.12.15 05:00
abdullah
|
2023.12.15
|
Votes 0
|
Views 333
|
abdullah | 2023.12.15 | 0 | 333 |
| 4875 |
사우디 사막에 새우 양식장 만든다? 투자 전문가도 홀린 이 기술 중앙일보 입력 2023.12.10 07:00
abdullah
|
2023.12.11
|
Votes 0
|
Views 407
|
abdullah | 2023.12.11 | 0 | 407 |