Saudi Vision 2030 ‘will boost competitiveness,’ WEF says

Saudi Arabia’s capital Riyadh landscape at night. (Reuters)
Updated 25 August 2018
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Saudi Vision 2030 ‘will boost competitiveness,’ WEF says

  • Many young Arabs who dream of living and working in Europe are not only interested in earning better incomes
  • To maintain our identity, we need to modernize our work environment

LONDON: Countries across the Middle East are struggling to create diverse opportunities for their youth, according to the latest World Economic Forum (WEF) Arab World Competitiveness Report.
However, a number of countries are innovating and creating new solutions to previously existing barriers to competitiveness, the report noted.
Saudi Arabia has committed to significant changes to its economy and society as part of its Vision 2030 reform plan, while the UAE has increased equity investment in technology firms from $100 million to $1.7 billion in just two years.
Bahrain is piloting a new flexi-permit for foreign workers to go beyond the usual sponsorship system that has segmented and created inefficiencies in the labor market of most GCC countries.
The report found that, despite huge improvements in infrastructure and technology adoption, government-led investment in the Arab world has not been sufficient to encourage private sector participation on a wide scale.
The WEF report, written in conjunction with the World Bank Group, outlines recommendations for Arab countries to prepare for a new economic context, better education opportunities and increased social mobility.
“We hope that the 2018 Arab World Competitiveness Report will stimulate discussions resulting in government reforms that could unlock the entrepreneurial potential of the region and its youth,” said Philippe Le Houérou, IFC’s CEO.
“We must accelerate progress toward an innovation-driven economic model that creates productive jobs and widespread opportunities.”
The report states that the way toward less oil-dependent economies for the Arab region is through robust macroeconomic policies that facilitate investment and trade, promotion of exports, improvements in education and initiatives to increase innovation among firms.


Yemen’s Houthis targeting aid warehouses, Al-Rabeeah claims

Updated 42 sec ago
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Yemen’s Houthis targeting aid warehouses, Al-Rabeeah claims

  • Al-Rabeeah called on the UN and other organizations to intervene and stop “the Houthis’ violations of human rights”
JEDDAH: Dr. Abdullah Al-Rabeeah, general supervisor of the King Salman Humanitarian Aid and Relief Center (KSRelief) has condemned Houthi militias in Yemen for preventing officials from the World Food Programme (WFP) from accessing WFP grain stores in Hodeidah.
Al-Rabeeah also listed a series of “heinous crimes” that he claimed had been committed by the Houthis, including the recruitment of child soldiers, the bombing of refugee camps, looting and confiscation of humanitarian aid, and “indiscriminate setting of mines in civilian areas.”
He called on the UN and other organizations to intervene and stop “the Houthis’ violations of human rights.”