GCC News 966

Riyadh (January 29, 2021) Riyadh aims to more than double its population and become one of the 10 richest cities in the world under ambitious plans unveiled by Crown Prince Mohammed bin Salman at the Future Investment Initiative (FII) gathering in the Saudi capital. “All of Riyadh’s features set the groundwork for job creation, economic growth, investment, and many more opportunities,’’ the Crown Prince told Matteo Renzi, former prime minister of Italy, during a panel session on the future of Riyadh. “We are therefore aiming to make Riyadh one of the 10 largest city economies in the world. Today it stands at number 40, the fortieth largest city economy worldwide. We also aim to increase its residents from 7.5 million today to around 15-20 million in 2030,’’ he added. Cities represent 85 percent of global economic activity, he said. “True growth begins in the city, whether in terms of industry, innovation, education, services, or other sectors. I have no doubt that the world economies a...

  RIYADH (October 27, 2020) In a landmark move, Saudi Arabia is set to abolish the sponsorship system effective from the first half of the next year. More than one million expatriates are expected to benefit from the move, according to a report in Maaal online business daily. Saudi Ministry of Human Resources and Social Development will make the official announcement in this regard in the coming week. The historic initiative is aimed at improving the contractual relationship between expatriate workers and their employers. The sponsorship system, which has been in force for around seven decades, will be replaced by a work contract that regulates the relationship between employers and foreign workers. The current system, also known as the kafala system, ties workers to their employers, or sponsors, who are responsible for the employees’ visa and legal status. This is part of other initiatives that seek to improve the quality of life of expatriates, especially for housing and entertai...

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