ECONOMY

Development vision meets Saudi youth’s ambitions, say economists

Saudi stock market received the news of the appointment of Crown Prince Mohammed bin Salman, with a surge which almost reached 5.5 percent.

A number of Saudi economists have confirmed their optimism in the pledge of the Mohammed bin Salman as Crown Prince, to an economic future that matches the aspirations of young people.

They say that this pledge is towards a modern state that is scientifically, industrially, economically and militarily strong and an important economic impetus for the region and the world, and towards everything new that meets the ambition and aspirations of future generations.

The economists in their statements in the ‘Riyadh’ newspaper considered that the implementation of Vision 2030 in the Kingdom, launched by Mohammed bin Salman, will support economic restructuring, privatization, investment promotion, diversification of economic resources, raising the contribution of marginalized sectors to the gross domestic product and moving ahead with the diversification of income sources. 

Restoring allowances

Economists pointed to the decision to retroactively pay the allowances, stressing that it has a direct impact on the purchasing power of government employees who will receive the total allowances that were suspended from the first day until it was reinstated, which means greater capacity for consumer spending and a direct impact on the commercial sector.

For his part, Professor Ahmed Al-Sheikh, associate professor at the University of Jeddah and supervisor of the Tributaries House Expert for financial and legal consulting, said that those who would listen to the vision of Crown Prince Mohammed bin Salman understand that the Kingdom is capable of overcoming global crises and has financial and human resources that help to manage the economic equation in difficult times.

Dr. Abdul Salam bin Saeed Al Rashid, the Dean of the College of Administrative and Financial Sciences, at King Khalid University, said that the Saudi stock market received the news of the appointment of Crown Prince Mohammed bin Salman, with a very large surge which almost reached 5.5 percent, that does not occur except with very exceptional events. This is an indication to the great economic optimism about the appointment of Prince Mohammed bin Salman as Crown Prince. 

Positive market reaction 

Economist Mosaed Al- Saied stressed that the Saudi financial market has reacted positively to the appointment of Prince Mohammed bin Salman, and it was a very positive reflection of the investors' optimism for the economic future of the Kingdom in general and the financial market in particular.

Businessman Yasser bin Mohammed al-Harbi predicted that the retail and services market will witness a significant recovery after the decision to restore the financial allowances for public service salaries retroactively, which will provide cash to the banking and commercial sectors.

Financial expert Abdullah al-Rubdie said that, the pledge of allegiance to Prince Mohammed bin Salman has an important economic dimension, he is the guiding figure of the 2030 Saudi vision, which focuses on development and many economic aspects of Saudi Arabia over the next decade.

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Last Update: Sunday, 25 June 2017 KSA 21:45 - GMT 18:45
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