Saudi Arabia appointed Khalid al-Falih, chairman of the state oil giant Saudi Aramco, as its new energy minister, replacing Ali al-Naimi, who had held the post since 1995. He will be heading the Ministry of Energy, Industry and Mineral Resources. Currently, Khalid al-Falih is considering plans of selling part of Aramco in an initial public offering. That planned IPO, which could value the energy giant between $2 trillion and $3 trillion, is a part of the broader reform of the kingdom's economy.
The government intends to step up fiscal revenues by $30 bln a year by reducing public spending on corporations.
The commerce and industry ministry was renamed the Ministry of Commerce and Investment, and Majed Al-Qasabi, formerly social affairs minister, was named its head. The goal of the ministry is to increase a share of the small business to 35% of GDP from 25% previously. Investors are awaiting a new legislation on bankruptcy, which is supposed to simplify the formality.
Saudi Arabia's top central banker, Monetary Agency Governor was replaced by Ahmed Alkholifey, formerly a deputy governor at the agency.
In 2015, forex reserves were tapering by $10 bln per month to $580 bln. The funds were spent to fill in the budget gap.
A General Authority for Entertainment and Culture will be established. Ex-healthcare minister Ahmed bin Aqeel Al-Khateeb is put in charge.
Deputy Crown Prince Mohammed bin Salman is determined to diversify the world's largest oil economy. “We have an addiction to oil. This is dangerous. I think that by 2020 we can live without it," he told Al Arabiya television.
It is an extraordinary claim for a government that has historically relied on oil exports for 90% of its income.
Economic inequality remains one of the most pressing issues in today's world. To measure the gap between the rich and the poor in each country, the Gini index is used. This coefficient reflects how income is distributed within a society: the closer the index is to 100, the greater the inequality. Let's explore which countries currently have the highest Gini index values
This year has been pivotal for Bitcoin, the world's leading cryptocurrency. One of the key milestones was the approval of Bitcoin spot ETFs by the US Securities and Exchange Commission. In April 2024, Bitcoin also experienced a halving event, which is typically seen as a positive development for the digital asset. This year, the cryptocurrency is up 57%, and analysts remain optimistic about its future. However, they highlight four key factors that could influence Bitcoin's trajectory, both for better and for worse
Analytical periodical US News and World Report has presented its ranking of the best countries in the world in terms of quality of life, based on a survey of nearly 17,000 people. The list considers factors such as economic and political stability, a strong labor market, income equality, family-friendliness, safety, the quality of education, and healthcare systems. Let's find out which countries made it to the top of this list.
