Exclusive: Ghana's John Mahama on his planned presidential comeback
Exclusive: Ghana's John Mahama on his planned presidential comeback
Exclusive: Ghana's John Mahama on his planned presidential comeback
Exclusive: Ghana's John Mahama on his planned presidential comeback
Exclusive: Ghana's John Mahama on his planned presidential comeback
Exclusive: Ghana's John Mahama on his planned presidential comeback
Unprecedented surge in franchise registrations
Saudi Arabia has seen an unprecedented surge in franchise registrations, marking an astonishing 866% increase to 1,788 by Q3 2024 from just 185 in 2021. The rise is primarily attributed to the Franchise Law implemented in October 2019 and subsequent regulatory enhancements that provide greater clarity for franchisors and franchisees. The accommodation and food services sector stands out with 1,232 registrations, followed by wholesale and retail with 689, and transportation with 257. Particularly, Riyadh leads the nation with 647 franchises, reflecting the country's strategic commitment to economic diversification and entrepreneurship aligned with Vision 2030.
Over 1,200 foreign investors awarded premium residency
Saudi Arabia has awarded premium residency to 1,238 foreign investors. This initiative, highlighted by Minister of Investment Khalid Al Falih during the World Investment Conference in Riyadh, is designed to attract global talent in alignment with the Vision 2030 reform agenda. As a result, the country has observed a 70% growth in its GDP, now reaching $1.1 trillion, with non-oil sectors now comprising 53% of the economy. The new residence status, effective January 2024 under the Expatriate Residency Law, provides significant benefits such as property ownership, independent business operations, and visa-free travel. Applicants can choose between a renewable one-year permit or an unlimited-term option depending on their eligibility.
28th World Investment Conference
Saudi Arabia has kicked off the 28th World Investment Conference (WIC), taking place in Riyadh from November 25-27 led by Crown Prince Mohammed bin Salman, and is poised to address vital topics for the future. Organised by the World Association of Investment Promotion Agencies and Invest Saudi, this year’s theme, "Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities," prioritises the Kingdom’s strategic vision and global partnerships aimed at sustainable economic growth.
US Senators oppose FIFA’s selection of Saudi Arabia as World Cup host
Two US Senators, Ron Wyden and Dick Durbin, have publicly opposed FIFA's selection of Saudi Arabia as a potential host for the 2034 World Cup, citing serious human rights violations. Their letter to FIFA President Gianni Infantino draws attention to severe issues including the torture of political dissidents, extrajudicial killings, systemic discrimination against the LGBTQ+ community, and widespread labour rights infringements. The senators argue that the approval of Saudi Arabia's bid, which is the only candidate following a fast-track nomination, would contradict FIFA's own human rights commitments. They have urged FIFA to reconsider the bid comprehensively before an expected endorsement in December.
Upgraded Moody’s credit rating
Rating agency Moody’s has upgraded Saudi Arabia’s sovereign credit rating to Aa3, recognising robust fiscal management and ongoing efforts in economic diversification. This upgrade signals strong confidence in the kingdom's capability to handle anticipated annual deficits ranging between 2% and 3% through 2030 while maintaining a projected low debt-to-GDP ratio, expected to rise to 35% by that year. The country's strategic investments in sectors such as tourism and electric vehicles herald significant economic prospects, although the pace of project implementation could face challenges due to resource limitations.
