9 services were transformed from using paper powers of attorney to digital powers of attorney, which saved SAR 60 million annuallyNew tariffs to drive renewable projectsAs of January 1, 2018, the Electricity and Cogeneration Regulatory Authority (ECRA) announced a threefold increase in the electricity tariff designed to solidify the business case for renewable energy projects.Increase Fish Farming ProductionRaise the Efficiency of Small EnterprisesIn 2018, SAMA launched Fintech Saudi, an initiative to develop the Kingdom as a hub for financial technology and contributing to the support of financial inclusion and the rise of digital transactions. Through the app, users can make appointments at their nearest health center and provide an assessment of the service provided.
The project aims to encourage the private sector to leverage technology in housing project.In 2017, the government launched Miras, a one-stop shop for investors seeking to do business in Saudi Arabia and a major step toward consolidating efforts in trade and investment through an integrated system comprising a number of inter-governmental services.“Meras” Links 18 government and private sector entities to one-stop shops to provide their services online, in addition to opening local branches in Riyadh, Dammam and soon in JeddahAllow online payments for execution of judgments through the “Sadad platform”. Savings in spending during the first quarter of 2018 totaled SR12 billion.In 2018, the Saudi stock exchange joined the MSCI Emerging Market Index. In March and April, foreign reserves declined by $48.6bn - the largest monthly declines on record - to $448.6bn.“Issues go above and beyond [the impact of] Covid-19, to the viability of Vision 2030 itself.
The zone will deploy new intelligent logistic solutions for attracting international companies to provide their services from this zone, such as light maintenance, assemble lines, light manufacturing, and quality assurance tests.In 2017, the General Authority for Small and Medium Enterprises "Monsha'at" announced four initiatives as part of the Private Sector Stimulus Plan to support the growth and success of SMEs in Saudi Arabia, including a SR2.8 billion investment fund.Improve the billing system by installing one million high-precision electronic meters and linking them to the automatic reading systemIn 2018, the first solar power project to produce 300 MW of power in Al Jouf was awarded to ACWA Power.
But instead of the initial five percent to be floated, and raise over $100bn, the IPO was scaled down, with 1.5 percent sold for $26.5bn.With the PIF, and by default, Neom, under his thumb, it will be up to the crown prince as to whether the projects continue.“The diversification effort needs more FDI, and that has not happened over the last three years. SAMA has since approved its first two financial technology licenses.A world-class industrial park developed and operated by Saudi Aramco is targeting the localization of the energy manufacturing and services supply chain and is expected to create by 2035 US$6bn GDP annually and 100,000 direct and indirect jobs of which a large portion for Saudis.
Saudi Arabia ‘Vision 2030’ plan cut by ... broad reassessment of “Vision 2030” before the latest crisis, looking to increase the efficiency of spending on the plan and boost lagging progress. Using Vision 2030’s own “Key Performance Indicators” (KPIs) where available, economic data on Saudi Arabia, and comparative national surveys, the authors attempt to objectively assess the progress and approach toward this reform program to date. The project is expected to create 8,000 jobs.Increase Access to “Productive Families Program”Port & customes processes streamlinedEmpowering consumers on solar powerOut of five planned, one center for Industry 4.0 has been already established at KACST and currently expanding its activities and capabilities to meet the targets and objectives of Industry 4.0 strategy within NIDLPElectronic Reading of Water MetersIntroduce New Programs (University Technical Programs)King Salman Energy Park (SPARK)In 2017, the Saudi Citizen Account Program, a national scheme created to protect Saudi households from the impact of economic reforms, was launched. In a social sense, they have made big achievements, but now comes the real test,” said Theodore Karasik, a senior advisor to Gulf State Analytics, a Washington-based consultancy.For now, the PIF appears to have been giving preference over domestic development and V2030.The pandemic has also hit hard one of the key sectors for economic diversification: tourism, which was supposed to attract (outside of pilgrimage) 1.5 million visitors a year by 2030.Where the Vision has worked has been more widely told, such as women being allowed to drive and the opening of cinemas.Analysts are in two camps about Neom’s prospects. We stood with the kingdom in 1938 as they began really to develop the hydrocarbon resources," Ross told the audience.Vision 2030 aims to pave Saudi Arabia's path from an oil-dependent economy to a Middle East hub of international trade and commerce at the crossroads of Asia, Europe and Africa. It expresses our long-term goals and expectations and it is built upon our country’s unique strengths and capabilities.
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