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Crown Prince Mohammed Bin Salman signs deals with Pakistan

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Saudi Arabia has signed investment deals with Pakistan worth $20bn, as an attempt to boost Pakistan’s fragile economy.

The deal also includes funding for an oil refinery in Gwadar city, with an investment worth $8bn.

All this falls under the Crown Prince Mohammed Bin Salman’s high-profile Asian tour.

These investments are just what the country needs at the moment; as they suffer from a financial crisis, and has been looking for international backers to support them.

Pakistan’s Prime Minister, Imran Khan has been on the lookout for friendly countries to help him cut down the size of the bailout package that Pakistan is going to need from the International Monetary Fund.

The kingdom has already offered its help with a  loan worth of $6bn.

“It’s big for phase one, and definitely [our commercial relationship] will grow every month and every year, and it will be beneficial to both countries.” Crown Prince Mohammed Bin Salman commented regarding the latest deal.

Pakistan is the first country on the Asian tour, and the Crown Prince is scheduled to visit India on Tuesday, and China on the following Thursday and Friday.

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30 Mosques Renovated Under Crown Prince’s Plans to ‘Develop Historical Mosques’

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The first phase of the Mohammed bin Salman project for ‘Developing Historical Mosques‘ has been completed with the renovation of 30 mosques across different regions in the Kingdom.

The project had cost so far more than SR50 million ($13 million) and the first phase that covered 10 regions took 423 days, this falls under the crown prince’s plans to renovate 130 historical mosques in the Kingdom.

Renovations are done with the help of specialized companies in heritage buildings to ensure the preservation of the historical landmarks, and the involvement of Saudi engineers as well to ensure the preservation of each mosque’s authentic urban identity and at the same time use new, high-quality materials.

This historical mosques have been closed for over 40 years and the government is working hard toward renovating them and opening them once again to the public.

The renovated mosques will include several facilities such as women’s prayer rooms, services for disabled people, air conditioning, lighting and acoustics.

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Riyadh: Soon to Become the First Digital Capital City in the Arab World

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Riyadh will become the first digital capital city in the entire Arab world, the announcement was made during the 23rd session of the Council of Arab Ministers of Communications and Information Technology.

 

The session was held at the Ritz-Carlton hotel in the Saudi capital. The decision to grant Riyadh this title comes after the city’s significant role in adopting digital technologies, which is used in developing the socio-economic sector, improve education and advance health care, all of which eventually leads to increasing the welfare of the community.

 

The ICT sector in the Kingdom now makes up 4% of the GDP, which eventually lead to the country climbing 16 places in the World Economic Forum’s global competitive index 2019 and gain a top ease-of-doing-business ranking in the World Bank’s 2020 report.

Ever since the launch of the 2030 vision, the Kingdom’s ICT sector is now the largest in the Arab world after it witnessed a remarkable regulatory change.

This is why naming Riyadh the digital capital is considered to be a splendid recognition for the Kingdom’s achievements and success in the ICT sector.

 

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The Kingdom Ranked Among ’10 Global Business Climate Improvers’

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The Kingdom has been ranked among other countries in this year’s top 10 global business climate improvers, according to the World Bank Group’s Doing Business 2020 study

Saudi Arabia has succeeded in landing a spot thanks to the several reforms that have been implemented in eight Doing Business areas, the country has been ranked the 62nd globally with an overall score of 71.6 out of 100, it has successfully climbed 30 places.

“Saudi Arabia’s impressive reforms in doing business this year show its commitment to fulfilling a main pillar of its National Vision 2030: A thriving economy,” said Issam Abousleiman, World Bank regional director of the Gulf Cooperation Council (GCC).

“Easing the business climate for local entrepreneurs to thrive as well as foreign investors to work in the Kingdom shows a forward path to creating more jobs for Saudi youth and women, and creating sustainable, inclusive growth.” He added.

Saudi Arabia has indeed thrived this year in the field of starting a business, it now only costs 5.4% of income per capital for an entrepreneur to start their own business, which is lower than the cost in other North African and Middle Eastern countries.

 

 

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