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97-460: In May 2018, prompted by recent changes to Vision 2030 economic reforms, SABB announced its intention to acquire Alawwal Bank in the Saudi banking sector's first merger in twenty years. On June 16, 2019, the official legal merger of Saudi British Bank and Alawwal Bank was completed, making the two banks one legal entity. The bank adopted its current name following the completion of the merger. SAB

194-508: A market cap of $ 17.2 billion. SABB shareholders owned 73 percent of the new bank, which is chaired by Saudi businesswoman Lubna Al Olayan . The final agreement on the merger deal was announced one week after the Saudi government launched the Financial Sector Development Program, an executive program aimed at overhauling the Saudi financial sector to create an effective capital market capable of supporting

291-487: A "dystopian" facility. They were concerned that the utopian idea of The Line will harm the environment. Besides, it will also impact the movement of birds and other animals. A senior adviser to the New Urban Mobility Alliance, Carlos Felipe Pardo said, "This seems impossible, greatly limited or just plain artificial." The project also remained questionable due to the possibility of its completion. It

388-784: A "just solution" for the Palestinian refugees . The Peace Initiative was again endorsed at 2007 in the Riyadh Summit. In July 2007, the Arab League sent a mission, consisting of the Jordanian and Egyptian foreign ministers, to Israel to promote the initiative. Following Venezuela 's move to expel Israeli diplomats amid the 2008–2009 Israel–Gaza conflict , Kuwaiti member of parliament Waleed Al-Tabtabaie proposed moving Arab League headquarters to Caracas , Venezuela . On 13 June 2010, Amr Mohammed Moussa, Secretary-General of

485-470: A 51% stake. On May 16, 2018, SAB, formerly known as SABB, and Alawwal Bank (formerly Saudi Hollandi Bank) entered into a non-binding agreement on a deal for SABB to acquire Alawwal. The agreement concluded nearly one year of negotiations, and SABB was represented by U.S. investment bank Goldman Sachs in the transaction. Alawwal Bank, as per agreement,ceased to exist as a legal entity and was absorbed into SABB, creating Saudi Arabia's third largest bank with

582-485: A Ph.D. student of Leeds University , was in Saudi on vacation since the end of 2019. In January 2021, she was detained for her activity on Twitter, where she followed and retweeted activists and dissidents. She was sentenced to six years at the end of 2021, but the sentence was increased to 34 years after she appealed. The court also ruled for a subsequent 34-year travel ban, confiscation of her mobile phone, and for her Twitter account to be "closed down permanently". Shehab

679-526: A contract worth $ 1.7 million, despite the ongoing COVID-19 crisis. After the assassination of Jamal Khashoggi , there has been a general reluctance among the international community to invest in Saudi Arabia. In addition, assets were moved overseas and the Gulf became economically unattractive. Despite this, foreign investments in the country rose in 2018 by 110% over the previous year, according to

776-407: A fee of $ 80. The visa can be either obtained online (eVisa) or on arrival. Some of the other major projects to be developed are listed in the table below: To achieve the strategic goals and targets of Vision 2030, thirteen programs called Vision Realization Programs (VRPs) were established. The VRPs were presented by Council of Economic and Development Affairs (CEDA) on 24 April 2017: The plan

873-657: A net income of $ 111.1 billion in 2018. In June 2019, the Financial Times reported that Aramco is striving to separate its association with the Ministry of Investment , ahead of its potential listing. The company had been paying Ministry-related expenses, according to unnamed sources. The report revealed that Khalid Al-Falih had been using the company's revenues for his expenses, either directly relevant to Aramco or otherwise diplomatic. However, Falih's ally stated that his policies have brought in greater revenues for

970-618: A peacekeeping force to deploy in South Lebanon, Darfur, Iraq, and other hot spots. At a 2015 summit in Egypt, member states agreed in principle to form a joint military force. The Arab League is rich in resources, such as enormous oil and natural gas resources in certain member states. Economic achievements initiated by the League amongst member states have been less impressive than those achieved by smaller Arab organisations such as

1067-421: A research paper written by Jane Kinninmont for Chatham House , the structural disadvantages of the country such as weak institutions, inefficient bureaucracy, and significant skill gaps between labor demands and the education system hinder the growth prospects of the country. Rebalancing the job market in the private sector will also prove to be a challenge since it is currently mostly staffed by expatriates. One of

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1164-421: A robust and compliant construction environment. Vision 2030's "Giga Projects" are central to Saudi Arabia's development strategy, aiming to stimulate economic growth, technological advancement, and sustainability. These mega-developments, including NEOM and The Red Sea Project, demand innovative project management and skilled labor. The government's substantial investments in infrastructure are expected to boost

1261-590: A smooth and efficient expansion process. This partnership model highlights the benefits of local expertise in facilitating market entry for international firms. The legal framework governing construction in Saudi Arabia combines Shari'ah principles with international standards, particularly FIDIC contracts. Shari'ah mandates transparency and fairness, while FIDIC contracts provide a standardized approach to risk allocation and contract terms. This dual legal system ensures that construction projects adhere to both local cultural values and international best practices, fostering

1358-470: A woman can travel. The app also sends alerts to men's phones if a woman uses her passport at the border. The European Parliament and United States Congress condemned the app and urged the Kingdom to abolish its male guardianship system. In August 2019, Saudi Arabia lifted travel restrictions on women and granted greater control to those above the age of 21. As part of its plan to modernize, Saudi Arabia

1455-656: Is Egypt , with a population of over 100 million. The least populated is the Comoros , with approximately 850,000 inhabitants. The majority of the Arab League's citizens adhere to Islam , with Christianity being the second largest religion. At least 15 million Christians combined live in Egypt , Iraq , Jordan , Lebanon , Palestine , Sudan and Syria . In addition, there are smaller but significant numbers of Druze , Yazidis , Shabaks and Mandaeans . Numbers for nonreligious Arabs are generally not available, but research by

1552-660: Is divided into five parts when it comes to transport, with the Arabian Peninsula and the Near East being entirely connected by air, sea, roads and railways. Another part of the League is the Nile Valley , made up of Egypt and Sudan . These two member states have started to improve the River Nile's navigation system to improve accessibility and thus foster trading. A new railway system is also set to connect

1649-445: Is individually responsible for its budget and objectives. To achieve the strategic objectives of Vision 2030, new government entities were created, and existing entities were reorganized and/or merged. The IMF 's report on Saudi Arabia a few months following the announcement of Vision 2030 explained that the fiscal deficit in the Saudi economy would continue to narrow in 2016. It also claimed that recent, major government deposits at

1746-823: Is one of the five largest Saudi banks by deposits, and has over eighty branches across Saudi Arabia and one branch in London , England . The British Bank of Iran and the Middle East , which became British Bank of the Middle East (BBME), opened branches in Jeddah and Khobar in 1950. The Jeddah branch in particular depended for its profits on the Hajj , the Muslim pilgrimage to Makkah (Mecca). Hongkong and Shanghai Banking Corporation ( HSBC ) acquired BBME in 1959. In 1976

1843-406: Is poised for significant growth driven by Vision 2030, which emphasizes urbanization and economic diversification. Major infrastructure projects, such as the $ 500 billion NEOM smart city and The Red Sea Global, are creating substantial demand for construction services. The Saudi government is actively welcoming foreign investment and offering incentives to international construction companies, making

1940-454: Is supervised by Crown Prince and Prime Minister Mohammad bin Salman. Overall, Vision 2030's directions and decision-making roles lie within a Council of Ministers and a Council of Economic and Development Affairs (CEDA). CEDA's director, as well as the managers of the first 12 Vision Realization Programs, ensure proper adherence to the plan on the five-year level. Annually, each entity concerned

2037-612: The Financial Times , the Los Angeles Times , and Huffington Post also withdrew as partners. On 7 June 2016, the Council of Ministers approved the National Transformation Program which set out the goals and targets to be achieved by 2020. It is the first of three 5-year phases. Each phase will contribute towards achieving a number of goals and targets that put the Kingdom on track to reach

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2134-579: The 1958 Lebanon crisis . The League has served as a platform for the drafting and conclusion of many landmark documents promoting economic integration. One example is the Joint Arab Economic Action Charter , which outlines the principles for economic activities in the region. Each member state has one vote in the Council of the Arab League , and decisions are binding only for those states that have voted for them. The aims of

2231-584: The Arabs of Palestine the framers of the Pact were determined to include them within the League from its inauguration. This was done by means of an annex that declared: Even though Palestine was not able to control her own destiny, it was on the basis of the recognition of her independence that the Covenant of the League of Nations determined a system of government for her. Her existence and her independence among

2328-758: The Beirut Summit on 28 March 2002, the league adopted the Arab Peace Initiative , a Saudi-inspired peace plan for the Arab–Israeli conflict . The initiative offered full normalisation of the relations with Israel . In exchange, Israel was required to withdraw from all occupied territories , including the Golan Heights , to recognise Palestinian independence in the West Bank and Gaza Strip , with East Jerusalem as its capital, as well as

2425-654: The Gulf Cooperation Council (GCC). Among them is the Arab Gas Pipeline , that will transport Egyptian and Iraqi gas to Jordan, Syria, Lebanon, and Turkey. As of 2013, a significant difference in economic conditions exist between the developed oil states of Algeria , Qatar , Kuwait and the UAE , and developing countries like the Comoros , Djibouti , Mauritania , Somalia , Sudan and Yemen . The Arab League also includes great fertile lands in

2522-561: The League of Arab States ( Arabic : جامعة الدول العربية , Jāmiʿat ad-Duwal al-ʿArabiyya ), is a regional organization in the Arab world . The Arab League was formed in Cairo on 22 March 1945, initially with seven members: Egypt , Iraq , Transjordan , Lebanon , Saudi Arabia , Syria , and North Yemen . Currently, the League has 22 members . The League's main goal is to "draw closer

2619-583: The Ministry of Economy and Planning . In 2021, Saudi Arabia hired the Boston Consulting Group , and some other Western consultants, regarding its interest in bidding to co-host the 2030 FIFA World Cup . These companies were given the responsibility of analyzing the possibilities of a Saudi bid. However, the bid was ultimately unsuccessful. Yet, uncertainties remained as Mohammed bin Salman maintained close ties with FIFA's President Gianni Infantino , and in 2023, Saudi Arabia eventually secured

2716-575: The Pew Forum suggests around 1% of people in the MENA region are "unaffiliated". The official language of the Arab League is Literary Arabic , based on Classical Arabic . However, several Arab League member states have other co-official or national languages, such as Somali , Afar , Comorian , French , English , Berber and Kurdish . In most countries, there is a dominant non- codified spoken Arabic dialect . The Pan-Arab Games are considered

2813-853: The Sahara . Nevertheless, it also contains several highly fertile lands like the Nile Valley , the Jubba Valley and Shebelle Valley in the Horn of Africa , the Atlas Mountains in the Maghreb , and the Fertile Crescent that stretches over Mesopotamia and the Levant . The area comprises deep forests in southern Arabia and parts of the world's longest river, the Nile . The Charter of

2910-711: The Saudi Arabian Monetary Agency and a Sharia Supervisory Committee. This ensures that SAB Islamic Financial Solutions conforms to strict adherence to the principles of Sharia. In August 2011, Fitch Ratings gave SAB's long-term issuer default rating (IDR) at “A” with a stable outlook as well as The Viability Rating (VR) has also been affirmed at “A”. In October 2018, in anticipation of its pending merger with Alawwal Bank, Moody’s reaffirmed local and foreign currency deposit ratings of SAB at A1/P-1 and Alawwal Bank at A3/P-2, respectively. Saudi Vision 2030 [REDACTED] Member State of

3007-565: The Saudi Arabian Monetary Authority (SAMA) acted as policy buffers to smooth the transition that the plan requires. In 2016, the IMF publicly warned that Saudi Arabia risks having no more foreign reserve currency within a 5-year period. In 2017, it projected that SAMA's net foreign assets would continue to decline, though remaining at a "comfortable level". It expects that the fiscal deficit will continue to improve over

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3104-606: The Saudi government . The Council of Ministers has tasked the Council of Economic and Development Affairs (CEDA) with identifying and monitoring the mechanisms and measures crucial for the implementation of "Saudi Arabia's Vision 2030". Despite efforts to reduce Saudi dependence on oil, as of 2022 , Saudi Arabia remains heavily dependent on oil revenue, as measured by its contribution to gross domestic product (GDP), fiscal revenue, and exports. Oil accounted for approximately 40% of Saudi GDP and 75% of its fiscal revenue. Additionally,

3201-611: The Shia Houthis and forces loyal to former President Ali Abdullah Saleh , who was deposed in the 2011 uprising . On 15 April 2018, in response to the Turkish invasion of northern Syria aimed at ousting U.S.-backed Syrian Kurds from the enclave of Afrin , the Arab League passed a resolution calling on Turkish forces to withdraw from Afrin. In September 2019, the Arab League condemned Benjamin Netanyahu 's plans to annex

3298-546: The Syrian National Coalition Syria's seat in the Arab League. On 9 March 2014, secretary general Nabil Elaraby stated that Syria's seat would remain vacant until the opposition completes the formation of its institutions. In 2021, the Arab League initiated a process of normalisation between Syria and other Arab nations. On 7 May 2023, at the meeting of the Council of the Arab League in Cairo, it

3395-411: The central bank enacted its sweeping policy of banking sector Saudization to address foreign banks' domination of the sector and its impact on the Saudi economy . Consequently, it directed all foreign bank branches to incorporate in Saudi Arabia (i.e., become Saudi companies with Saudi capital) and limited their parent companies to ownership of forty percent of these new entities. As a result, HSBC

3492-561: The sovereign wealth fund . Another major aspect is to lower the dependency of the country's citizens on public spending by spending on subsidies, higher salaries, and increasing the portion of the economy contributed by the private sector to provide more employment opportunities. The goals in Saudi Vision 2030 could be compared with other development plans in the Middle East, such as Kuwait Vision 2035 , Egypt Vision 2030 and UAE Vision 2021. The vision has three main pillars: to make

3589-599: The sovereignty of the individual member states. The internal regulations of the Council of the League and the committees were agreed in October 1951. Those of the Secretariat-General were agreed in May 1953. Since then, governance of the Arab League has been based on the duality of supra-national institutions and the sovereignty of the member states. Preservation of individual statehood derived its strengths from

3686-512: The 87th anniversary of the founding of the country with concerts and performances. Women were for the first time allowed into Riyadh's King Fahd International Stadium . On 5 March 2018, the General Sports Authority announced a 10-year partnership with American professional wrestling promoter World Wrestling Entertainment (WWE) to hold annual pay-per-view events in Saudi Arabia. The first event, Greatest Royal Rumble ,

3783-507: The Arab League Saudi Vision 2030 ( Arabic : رؤية السعودية ٢٠٣٠ ruʾyat al-suʿūdiyah alfayn thalāthūn , sometimes called Project 2030 ) is a government program launched by Saudi Arabia which aims to achieve the goal of increased diversification economically, socially, and culturally, in line with the vision of Saudi Crown Prince and Prime Minister Mohammed bin Salman . It was first announced on 25 April 2016 by

3880-535: The Arab League , also known as the Pact of the League of Arab States, is the founding treaty of the Arab League. Adopted in 1945, it stipulates that "the League of Arab States shall be composed of the independent Arab States that have signed this Pact." In 1945, there were seven members, but the Arab League now has 22 members, including 8 African countries: and 7 observer states (note: the observer states below have been invited to participate during select Arab League sessions but do not hold voting privileges): Egypt

3977-590: The Arab League initiated the creation of an organisation representing the Palestinian people. The first Palestinian National Council convened in East Jerusalem on 29 May 1964. The Palestinian Liberation Organization was founded during this meeting on 2 June 1964. Palestine was shortly admitted in to the Arab League, represented by the PLO. Today, State of Palestine is a full member of the Arab League. At

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4074-631: The Arab League is one of the Institutions of the Arab League . It was established under the terms of the Joint Defence and Economic Co-operation Treaty of 1950 to coordinate the joint defence of the Arab League member states . The Arab League as an organisation has no military Force, similar to the UN, but at the 2007 summit, the Leaders decided to reactivate their joint defence and establish

4171-692: The Arab League reflects Arab leaders' individual concerns for regime survival: "the politics of Arab nationalism and a shared identity led Arab states to embrace the rhetoric of Arab unity in order to legitimize their regimes, and to fear Arab unity in practice because it would impose greater restrictions on their sovereignty." The Arab League was "specifically designed to fail at producing the kind of greater collaboration and integration that might have weakened political leaders at home." The Arab League member states cover over 13,000,000 km (5,000,000 sq mi) and straddles two continents: Africa and Asia . The area largely consists of arid deserts, such as

4268-448: The Arab League refused to condemn the UAE 's decision to normalize ties with Israel . Nevertheless, "The goal all our Arab countries seek, without exception, is to end the occupation and establish an independent Palestinian state on the 1967 borders with East Jerusalem as its capital," Aboul Gheit said. In January 2024, the Arab League expressed support for South Africa's ICJ genocide case against Israel. The Joint Defence Council of

4365-562: The Arab League, visited the Gaza Strip , the first visit by an official of the Arab League since Hamas' armed takeover in 2007. The Arab League is a member of the China-Arab States Cooperation Forum (CASCF), which was formed in 2004. CASCF is the Arab League's earliest participation in a cooperation forum with another country or region. CASCF is the primarily multi-lateral coordination mechanism between

4462-579: The Arab states and China and within CASCF the Arab League represents its member states as a relatively unified force. The Arab League's coordination allows Arab states to negotiate actively for collective projects involving multiple states, such as railway projects, nuclear power projects, and Dead Sea initiatives. In 2015, the Arab League voiced support for Saudi Arabian-led military intervention in Yemen against

4559-637: The Arabian Peninsula by the Bab el Mandeb and this is quickly changing as Tarik bin Laden, the brother of Osama bin Laden , has initiated the construction of the ambitious Bridge of the Horns project, which ultimately aims to connect the Horn of Africa with the Arabian Peninsula via a massive bridge. The project is intended to facilitate and accelerate the already centuries-old trade and commerce between

4656-469: The Economic and Social Council of its Council of Arab Economic Unity (CAEU), the League facilitates political, economic, cultural, scientific, and social programmes designed to promote the interests of the Arab world. It has served as a forum for the member states to coordinate policy, arrange studies of and committees as to matters of common concern, settle inter-state disputes and limit conflicts such as

4753-542: The Jeddah Central Project launched in December. The demolitions affected 558,000 people in more than 60 neighbourhoods. Amnesty International confirmed through official documents that some of the residents were notified about evictions only 24 hours before, while others were between 1–6 weeks. In some cases "evacuate" was written on the buildings, while the state media and billboards informed others about

4850-506: The Kingdom an attractive destination for expanding operations. Grankraft, a leader in customized construction, recently expanded into Saudi Arabia , leveraging the opportunities presented by Vision 2030. Their landmark project, the Sheybarah Hotel, showcased their expertise and underscored the importance of having a local market entry partner like AstroLabs. AstroLabs assisted Grankraft in navigating regulatory requirements, ensuring

4947-542: The Kingdom's alleged involvement in Jamal Khashoggi's murder , many international companies have backed out of the conference. Google Cloud , KKR , Ford Motor , JPMorgan Chase , BlackRock , Uber and Blackstone all withdrew their CEO/chairmen's names from the summit that was held on 23 October 2018. Major media houses including CNN , Bloomberg , CNBC , the New York Times , Fox Business Network ,

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5044-413: The Kingdom's efforts to stage major sports events, particularly after the assassination of Jamal Khashoggi . On 24 November 2024, Jeddah hosted the lucrative Indian Premier League auction as Saudi Arabia Cricket Federation mentions strengthening cricket's position on global stage, on line with Vision 2030. In October 2021, Saudi authorities initiated a large-scale demolition and eviction plan for

5141-461: The NTP. Other criticisms have been regarding the lack of information about the detailed plans to accompany the intended transformation. Certain journalists speculated that the plan's goals were overly Saudi Ambitious Move: Leading The Way In AI At FII Miami Summit, and noted that non-oil growth so far was insufficient and would threaten the plan's successful implementation. One report felt that despite

5238-516: The U.S. conservative think tank Middle East Forum , to have the 2030 plan succeed ignoring the relationship between economic and political development is no longer a viable option, the developments required to increase the GDP as planned will encourage the breakage of the tribal system taking place. Another aspect is the "zero tolerance to corruption" that may be very difficult to achieve with a "society where family, tribal, and regional ties are stronger than

5335-543: The coming years, also noting that non-performing loans remained low, despite a slight increase in 2017. Over 300 specific targets for 2020 have been announced across 25 government entities as part of the National Transformation Plan (NTP). The NTP brings over 150 expected initial public offerings. However, reports noted the "key person dependency" on Crown Prince Mohammad bin Salman of the Vision and

5432-509: The construction of new movie theaters in the country, with the first new theatre, owned by AMC Theatres , opening on 18 April 2018 in Riyadh. In 2019, a winter festival known as Riyadh Season was first held in support of Vision 2030, including various concerts, entertainment events, attractions, and cultural pavilions, such as the MDLBeast "SoundStorm" electronic music festival , and

5529-404: The construction sector's market size to $ 91.36 billion by 2029, with an annual growth rate of 5.37%. This boom underscores the need for sustainable practices, advanced construction technology, and local talent development to meet the ambitious goals of Vision 2030. In early 2017, Saudi state schools announced that they would be offering physical education classes to both boys and girls starting in

5626-427: The country the "heart of the Arab and Islamic worlds", to become a global investment powerhouse, and to transform the country's location into a hub connecting Afro-Eurasia . The plan is supervised by a group of people employed under the National Center for Performance Measurement, the Delivery Unit, and the Project Management Office of the Council of Economic and Development Affairs. The National Transformation Program

5723-461: The country's first official New Year's Eve event at Boulevard Riyadh City . In January 2020, Saudi Arabia unveiled plans to build a new racing circuit in Qiddiya designed by former Formula One driver Alexander Wurz , aiming to host F1 or MotoGP events as early as 2023. In November 2020, it was announced that a circuit was being developed in Jeddah to host the inaugural Saudi Arabian Grand Prix in 2021. Saudi Arabia's construction sector

5820-449: The current government in the Kingdom and its leader Crown Prince Mohammed bin Salman…the disappearance of journalist Jamal Khashoggi, if proved true, would clearly change the ability of any of us in the West to do business with the Saudi Government." In May 2016, a General Authority for Entertainment was announced by royal decree, into which over $ 2 billion have been invested. In Riyadh, the first public live music concert in over 25 years

5917-404: The decision of the United Nations General Assembly. When Transjordan agreed to this proposal, Egypt intervened to prevent this from happening. It was followed by the creation of a mutual defence treaty two years later. A common market was established in 1965. The Arab League has not achieved much cooperation throughout its history. According to Michael Barnett and Etel Solingen , the design of

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6014-408: The demolitions to others. The state media was also spreading a narrative about the residents, stating that the majority of them were undocumented. It was claimed the neighbourhoods were "rife with diseases, crime, drugs and theft". In January 2022, Saudi authorities announced a compensation scheme, which didn't cover the foreign nationals that accounted for 47% of those evicted. The compensation value

6111-465: The difficulties is that the private sector has lower salaries and expats are easier to hire and fire. Currently, twice as many Saudi nationals work in the public sector as in the private sector. The challenge lies in getting a larger portion of nationals to accept lower-paying jobs with more hours than typical public jobs. The private sector must also be moved away from business activities that require very low-cost labor. According to Hilal Khashan, from

6208-427: The eastern portion of the occupied West Bank known as the Jordan Valley . The Arab League met in Cairo on 12 October 2019 to discuss Turkish offensive into north-eastern Syria . Upon meeting, its member states voted to condemn the Turkish offensive, dubbing it both an 'invasion' and an 'aggression' against an Arab state, adding that the organization saw it as a violation of international law. On 9 September 2020,

6305-441: The establishment of a Joint Arab Force with the aim of counteracting extremism and other threats to the Arab States. The decision was reached while Operation Decisive Storm was intensifying in Yemen. Participation in the project is voluntary, and the army intervenes only at the request of one of the member states. Heightened military arsenal in many member states and, in a small minority, civil wars as well as terrorist movements were

6402-516: The fall of 2017. Later that year, the state announced that they would allow women to attend sports events, including those inside sports stadiums. On 26 September 2017, a royal decree was issued granting women the right to drive vehicles which took effect in June 2018. While changes to the law have been implemented for the welfare of women, some argue more progress still needs to be made. The case of Israa al-Ghomgham came to light after she and her husband were arrested in December 2015 for calling for

6499-414: The firm. The two massive tourism projects along the Red Sea planned by the Saudi government were to be run under the directorship of Richard Branson . On 11 October 2018, Branson stated that he is suspending his advisory role for the two projects amidst the Jamal Khashoggi murder. Branson also suspended talks with the Saudi government about investment in Virgin Galactic . He said he had "high hopes for

6596-705: The goals of the Vision 2030 economic reform plans. The merger of the two banks was completed on 16 June 2019. The integration of the two banks was planned to be completed in about 18 months. The integration was completed in 18 months, which resulted in the retention of the brand name " Saudi British Bank ". On 14 March 2021, Alawwal & SABB fully integrated in historic bank merger. The combined bank uses HSBC's familiar hexagon logo and typeface in its branding. SAB offers services in investment banking , commercial banking , private banking and Islamic banking . SAB Islamic Financial Solutions (Arabic: الحلول المالية الإسلامية), which are part of SAB services, are regulated by

6693-434: The goals of the government since the 1970s. Oil and other natural wealth in countries that depend on these resources as a major source of income have been described as the " resource curse ". However, the implementation of this goal has been unstable and remains largely dependent on the price of oil. The core priority is to be able to develop alternative sources of revenue for the government, such as taxes, fees, and income from

6790-406: The impetuses for JAF's establishment. In the early 1970s, the Economic Council put forward a proposal to create the Joint Arab Chambers of Commerce across international states. That led to the setting up of mandates to promote, encourage and facilitate bilateral trade between the Arab world and significant trading partners. Following adoption of the Alexandria Protocol in 1944, the Arab League

6887-483: The largest ethnic group in the Arab League, there are several other ethnic groups that also reside in the region, including Berbers , Kurds , Somalis , Assyrians , Armenians , Nubians , Mandaeans , and Circassians . Each of these groups have their own distinct cultures, languages, and traditions. As of 1 July 2013, about 359 million people live in the states of the Arab League. Its population grows faster than in most other global regions. The most populous member state

6984-508: The league in 1945 were to strengthen and coordinate the political, cultural, economic and social programs of its members and to mediate disputes among them or between them and third parties. Furthermore, the signing of an agreement on Joint Defence and Economic Cooperation on 13 April 1950 committed the signatories to coordination of military defence measures. In March 2015, the Arab League General Secretary announced

7081-525: The league's history, other smaller Arab Organizations have achieved more than the league has, such as the GCC , but lately several major economic projects that are promising are to be completed, the Arab Gas Pipeline is to end by 2010, Connecting Egyptian and Iraqi Gas to Jordan, Syria and Lebanon, and then to Turkey thus Europe, a free trade Agreement ( GAFTA ) is to be completed by 1 January 2008, making 95% of all Arab products tax free of customs. The Arab League

7178-403: The national plan's overall forward-thinking direction, "political reform appears to be absent from the policy agenda". Reactions were mixed following the announcement that Saudi Arabia would lift the driving ban on women. Similarly to the overarching Vision 2030, some understood the announcement via royal decree as acquiescing to outside pressure, while others applauded the move. According to

7275-535: The nations can, therefore, no more be questioned de jure than the independence of any of the other Arab States. [...] Therefore, the States signatory to the Pact of the Arab League consider that in view of Palestine's special circumstances, the Council of the League should designate an Arab delegate from Palestine to participate in its work until this country enjoys actual independence At the Cairo Summit of 1964,

7372-429: The natural preference of ruling elites to maintain their power and independence in decision making. Moreover, the fear of the richer that the poorer may share their wealth in the name of Arab nationalism , the feuds among Arab rulers , and the influence of external powers that might oppose Arab unity can be seen as obstacles towards a deeper integration of the league. Mindful of their previous announcements in support of

7469-461: The nebulous conception of state identity". The hosting of sporting events in Saudi Arabia under the strategy have been described as attempts to sportswash the country's human rights record. In June 2020, following the killing of Abdulraheem al-Huwaiti of Huwait tribe, Saudi Crown Prince Mohammed bin Salman , hired a US Public Relations and Communications firm Ruder Finn , to counter the negative aspects of NEOM City project. The country signed

7566-624: The outbreak of the First Libyan Civil War . The Arab League voted to restore Libya's membership on 27 August 2011 by accrediting a representative of the National Transitional Council , which was the partially recognised interim government of the country. Syria was suspended on 16 November 2011 in the aftermath of the outbreak of the Syrian Civil War . On 6 March 2013, the Arab League gave

7663-530: The program is facing strong criticism from human rights advocates, with allegedly over 21,000 workers having died on the job in program-related projects between 2017 and 2024, according to a 2024 investigation. Oil accounts for 43% of Saudi Arabia 's real GDP . The contribution of oil revenue to Saudi GDP varies each year due to fluctuations in oil prices, but averages at 40% in the years prior to 2022. Oil accounts for an average of 75% of fiscal revenue. Decreasing this dependence on oil resources has been one of

7760-493: The relations between member states and co-ordinate collaboration between them, to safeguard their independence and sovereignty, and to consider in a general way the affairs and interests of the Arab countries". The organization has received a relatively low level of cooperation throughout its history. Through institutions, notably the Arab League Educational, Cultural and Scientific Organization (ALECSO) and

7857-424: The release of political prisoners and an end to anti-Shia government discrimination. Saudi prosecutors are seeking death penalty for Ghomgham. In 2019, the government-based web application Absher gained media attention and was criticized for tracking the movement of the women of the kingdom. The app, which promotes a male guardianship system, allows men to manage women's lives digitally by specifying where and when

7954-566: The rights to host the 2034 FIFA World Cup by itself. For the Vision 2030 program, Saudi has a major focus on sports, where it successfully signed contracts with Italy and Spain to host their domestic cup finals. In October 2021, as a part of a consortium, the PIF obtained an 80% stake in Premier League club Newcastle United , following a previous failed takeover attempt in 2020. Moreover, human rights groups have also been vocally opposing

8051-550: The southern Egyptian city of Abu Simbel with the northern Sudanese city of Wadi Halfa and then to Khartoum and Port Sudan . The third division of the League is the Maghreb , where a 3,000 km stretch of railway runs from the southern cities of Morocco to Tripoli in Western Libya . The fourth division of the League is the Horn of Africa , whose member states include Djibouti and Somalia . These two Arab League states are separated by only ten nautical miles from

8148-533: The southern part of Sudan . It is referred to as the food basket of the Arab World , the region's instability including the independence of South Sudan has not affected its tourism industry, that is considered the fastest growing industry in the region, with Egypt , UAE , Lebanon , Tunisia , and Jordan leading the way. Another industry that is growing steadily in the Arab League is telecommunications. Economical achievements within members have been low in

8245-791: The two regions. The last division of the League is the isolated archipelago of the Comoros located off the coast of East Africa , which is not physically connected to any other Arab state, but still trades with other Arab League members. In collecting literacy data, many countries estimate the number of literate people based on self-reported data. Some use educational attainment data as a proxy, but measures of school attendance or grade completion may differ. Because definitions and data collection methods vary across countries, literacy estimates should be used with caution. United Nations Development Programme , Human Development Report 2010. The Persian Gulf region has had an oil boom , enabling more schools and universities to be set up. While Arabs constitute

8342-460: The ultimate goals of Vision 2030. In addition, to assist the Kingdom in financing the projects to be developed and facilitate the process of achieving goals and targets, Crown Prince Mohammad bin Salman announced in January 2016 that an IPO of Saudi Aramco would take place. However, only 5% of the company will be made public. In March 2019, Aramco released its financial statements, disclosing

8439-412: Was adopting changes to enhance women's rights and gender equality. However, the country was being criticized, where human rights groups said that all its efforts "are not serious and fall within the whitewashing campaigns it is carrying out to improve its human rights record". It was after Saudi authorities detained a 34-year-old woman, Salma al-Shehab , and sentenced her to 34 years in prison. Shehab,

8536-453: Was agreed to reinstate Syria's membership. The Arab League is a political organization which tries to help integrate its members economically, and solve conflicts involving member states without asking for foreign assistance. It possesses elements of a state representative parliament while foreign affairs are often conducted under UN supervision. The Charter of the Arab League endorsed the principle of an Arab nation-state while respecting

8633-522: Was designed and launched in 2016 across 24 government bodies. Saudi Vision 2030 lays out targets for diversification and improving competitiveness. It is built around three main themes which set out specific objectives that are to be achieved by 2030: The Public Investment Fund organizes an annual investment forum, the Future Investment Initiative , in Riyadh. However, amid the rising controversy and escalating tensions due to

8730-520: Was founded on 22 March 1945. The official headquarters of the League was the Boustan Palace in Cairo. It aimed to be a regional organisation of Arab states with a focus to developing the economy, resolving disputes and coordinating political aims. Other countries later joined the league. Each country was given one vote in the council. The first major action was joint intervention to keep Palestine from being divided into two states in keeping with

8827-406: Was held in May 2017, which featured American country musician Toby Keith and Saudi singer Rabeh Sager . In April 2017, the government announced a 334 square kilometres (33,400 ha) sports, culture, and entertainment complex at Al-Qidiya, south-west of Riyadh . The project will include a Six Flags theme park, due to open in 2022. As a component of Vision 2030, there was a celebration of

8924-523: Was held on 27 April 2018 at King Abdullah Sports City in Jeddah . Due to restrictions on women's rights, WWE's female performers were not initially featured in these events. During Crown Jewel on 31 October 2019, Lacey Evans and Natalya participated in the first women's professional wrestling match to be held in Saudi Arabia. In observation of conservative dress, they both wore black leggings and T-shirts over bodysuits instead of their normal ring attire. Saudi Arabia lifted its 35-year moratorium on

9021-549: Was incorporated in Saudi Arabia in 1978 and opened up to local ownership, renaming itself the Saudi Arab British Bank (SABB). Ownership became 60% Saudi and 40% HSBC, and HSBC has a technical services agreement with the bank. HSBC Holdings of Britain held a 49% stake in the joint venture with SABB holding 51% until October 2019 when HSBC Group acquired shares from SABB to become the major shareholder with

9118-501: Was noted that it could take nearly 50 years to give life to the idea, but urban planners of "The Line" were under a pressure to complete it by 2030. Moreover, some of the Saudi's paused ambitious projects of the past also left the linear city's construction idea in doubt. [REDACTED] World portal Arab League The Arab League ( Arabic : الجامعة العربية , al-Jāmiʿa al-ʻArabiyya , Arabic: [al.d͡ʒaː.mi.ʕa al.ʕa.ra.bij.ja] ), formally

9215-411: Was reported on a Saudi-based crime-reporting app, Kollona Amn, or We Are All Security, by a user. Rights groups condemned Shehab's sentence, which they called evidence of Prince Mohammed's crackdown on dissent. To advance the Saudi Vision 2030, Saudi Arabia formally announced on 27 September 2019 the issuance of the tourist visa allowing visitors from 49 countries to visit the country up to 90 days for

9312-525: Was suspended from the Arab League on 26 March 1979 due to the Egypt–Israel peace treaty , with the League's headquarters moving from Cairo to Tunis , Tunisia. In 1987, Arab League states restored diplomatic relations with Egypt, the country was readmitted to the League in May 1989 and the League's headquarters were moved back to Cairo in September 1990. Libya was suspended on 22 February 2011, following

9409-550: Was to be appraised after the demolitions. Residents said the communities were being "destroyed" and it was difficult for the migrants to afford alternate housing. Some even complain about delays in compensation. In July 2022, Mohammed bin Salman released a promotional video, taking further the plans to build a 105-mile-long linear city, dubbed as The Line . Part of Neom, the project was designed to incorporate flying cars, robotic maids, and an artificial moon between two parallel mirrored buildings. However, critics said it will create

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