Saudi Arabia approved the so-called National Transformation Plan last night, a key part of a blueprint to prepare the kingdom for the post-oil era. The plan outlines a number of initiatives to be undertaken by different ministries. Here is what we know so far:
Public finances
• Non-oil revenue is seen rising to 530 billion riyals (Dh519bn) by 2020 from 163.5bn riyals. Public-sector wages and salaries would fall to 456bn riyals from 480bn, and make up 40 per cent of total spending versus 45 per cent.
• Public debt will increase to 30 per cent of economic output from 7.7 per cent, while the kingdom’s credit rating is seen rising two levels to Aa2 from A1.
• Taxes would be imposed on “harmful products”.
• The plan sets aside costs for the “preparation and implementation” of income tax on residents as well as “the unified income tax”. Mohammed Al-Sheikh, a cabinet minister, said there were no current plans to tax foreigners and referred further questions to the finance ministry. He also reiterated the government won’t impose taxes on Saudi nationals.
• The private sector would fund about 40 per cent of the initiatives included in the plan
Investments, jobs, privatisation & exports
• The initiatives included in the plan will create 450,000 jobs by 2020.
• Non-oil exports would climb to 330bn riyals from 185bn riyals by 2020. Foreign direct investment would rise to 70bn riyals from 30bn riyals.
• The plan budgets 300 million riyals over five years to create a “centre of excellence” to support the privatisation of state-owned companies. The minister of environment, water and agriculture said the government plans to privatise the Saline Water Conversion Corporation.
• The initiative for reforming and “restructuring of primary health care” is estimated to cost 4.7bn riyals.
Energy, mining
• Oil output capacity is expected to stay at 12.5 million barrels per day by 2020 with refining capacity seen at 3.3 million barrels per day from 2.9 million.
• Output capacity of dry gas would reach 17.8 billion cubic feet per day versus 12 billion currently. The country will produce 4 per cent of its power from renewable energy by 2020.
• The mining sector is to contribute 97bn riyals to economic output from 64bn riyals.
Read the full National Transformation Program here
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
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How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)
Company%20Profile
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Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
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'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
Company%20profile
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
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Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
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