Latest news with #Vision2030
Arab News
10 hours ago
- Politics
- Arab News
Saudi Shoura Council delegation meets with speaker of Hungarian Parliament
BUDAPEST: A delegation from the Saudi Shoura Council, comprising members of the Saudi-Hungarian Parliamentary Friendship Committee and led by council member and head of the committee Ibrahim Al-Qannas, met with Laszlo Kover, speaker of the Hungarian Parliament, in Budapest recently as part of the Shoura Council delegation's official visit to Hungary. Kover welcomed the delegation, noting the importance of such meetings and exchange of visits to enhance parliamentary cooperation. He praised the Kingdom's achievements under Vision 2030. The meeting included discussions of bilateral relations and ways to enhance them, as well as exploring the prospects of parliamentary cooperation between the Shoura Council and the Hungarian Parliament. It also addressed several topics of common interest.
Saudi Gazette
15 hours ago
- Business
- Saudi Gazette
IMF praises Saudi economic resilience, inflation control, and Vision progress
Saudi Gazette report RIYADH — The Ministry of Finance has welcomed the Concluding Statement issued by the International Monetary Fund (IMF) following the completion of its 2025 Article IV Consultation with the Kingdom. The statement highlighted the resilience of Saudi Arabia's economy amid global uncertainty, driven by robust non-oil sector growth, low inflation, and record-low unemployment, all aligned with the strategic goals of Vision 2030. In a press release, the ministry noted the IMF's commendation of the Saudi government's efforts to reinforce fiscal sustainability and its ability to absorb economic shocks. The experts observed that strong domestic demand continues to fuel economic momentum despite global headwinds, reflecting the effectiveness of major Vision 2030 projects supported by both public and private investments. The IMF experts highlighted the Kingdom's success in containing inflation, which stood at 2.3% in April 2025, and is expected to remain near 2%. This stability is underpinned by several factors, including the riyal's peg to the US dollar, supportive government policies, lower transportation and communication costs, and a cooling of residential rent inflation. Imported inflation, largely stemming from global tariff increases, remains under control. The report also praised the Saudi Central Bank (SAMA) for enhancing its liquidity management framework, noting its role in maintaining stable monetary conditions. The experts acknowledged SAMA's continuous efforts to improve regulatory and supervisory mechanisms and further strengthen oversight in the financial sector. A key focus of the statement was the Kingdom's reform trajectory since 2016. The IMF noted the wide-ranging progress in business regulation, governance, labor markets, and capital market reforms. It cited new regulations enacted in 2025, including an updated investment law, labor law amendments, and a modernized commercial registration system. These initiatives are expected to enhance investor confidence, stimulate productivity, and support sustained non-oil sector growth. The IMF stressed the need for continued fiscal reform and a strong medium-term fiscal framework to maintain the sustainability of public finances and achieve Vision 2030's long-term objectives. The Concluding Statement represents the preliminary findings of the IMF mission and forms part of its annual economic consultations with member countries under Article IV of the IMF's Articles of Agreement. These consultations aim to assess economic developments, policy directions, and structural reforms. The Ministry of Finance reaffirmed its commitment to working closely with the IMF and other international institutions to ensure economic resilience, strengthen fiscal governance, and continue progress on structural reforms in support of the Kingdom's long-term development vision.
Globe and Mail
15 hours ago
- Business
- Globe and Mail
Saudi Construction Equipment Market to Surge: Can CAT Capitalize?
Caterpillar Inc. CAT is well-positioned to benefit from the projected long-term expansion of Saudi Arabia's construction equipment market, as outlined in a recent report by Research and Markets. The market is projected to grow from 37,272 units in 2024 to 52,621 units by 2030, reflecting a compound annual growth rate (CAGR) of 5.92%. This surge will be fueled by large-scale government investments in infrastructure renovation, port expansion and new logistics parks, all central to the Kingdom's Vision 2030 initiative. As the construction market's largest segment, earthmoving equipment continues to dominate, with excavators holding the lion's share in 2024. Saudi Arabia's investment in renovating its public infrastructure will drive the growth of the earthmoving market even further. Demand for material handling equipment is also growing due to the rising number of port expansion projects and the development of warehouses and logistics parks across the country. With Vision 2030 aiming to provide high-quality housing to Saudi citizens while driving the homeownership rate to 70% by 2030, the housing industry is expected to surge. Saudi Arabia's transport infrastructure has progressed significantly from its traditional dependence on personal automobiles to a diverse network of metros and railways connecting major urban centers. These endeavors are projected to support Saudi Arabia's construction equipment market growth. However, challenges such as high construction costs and skilled labor shortages remain potential hurdles. The expected surge in demand for heavy machinery, particularly in large-scale infrastructure projects, positions Caterpillar to capitalize on its extensive product portfolio and established presence in the region. The company's construction industries division accounted for 41.5% of total sales in 2024, with the EAME (Europe, Africa, and Middle East) region contributing 17% of external segment sales. These projections present Caterpillar with a promising opportunity to enhance its regional performance, particularly as investments ramp up. Also, CAT's efforts to automate its products will aid in solving Saudi Arabia's labor issues. Apart from Caterpillar, Komatsu Ltd KMTUY and Volvo VLVLY are other prominent players in the Saudi Arabia construction equipment market. Komatsu's EMEA offerings include crawler excavators, dozers, graders, wheel loaders and dump trucks, all of which are expected to see strong demand in Saudi Arabia's evolving construction landscape. Komatsu has made significant strides in addressing labor shortages by deploying Smart Construction —a technology that visualizes jobsite data from the start to end of construction and proposes the optimum procedures and resource allocation. Volvo's subsidiary, Volvo Construction Equipment (Volvo CE), produces a wide range of machinery for the construction, extraction, waste processing and materials handling sectors. With Volvo's product breadth and Saudi Arabia's development agenda closely aligned, the company is positioned to capture meaningful long-term value. CAT's Price Performance, Valuation & Estimates CAT shares have gained 12.6% so far this year compared with the industry 's 9.2% growth. In comparison, the Zacks Industrial Products sector has moved up 5.5%. The S&P 500 has gained 6.8% in the same time frame. Caterpillar is currently trading at a forward 12-month price/earnings (P/E) ratio of 18.71X compared with the industry average of 17.79X. The Zacks Consensus Estimate for CAT's 2025 earnings indicates a year-over-year decline of 14.6%. The consensus mark for revenues implies a drop of 2.4% for the year. The earnings estimate for 2026 indicates 12.8% growth, with revenue estimates rising 4.7%. Earnings estimates for Caterpillar for 2025 have moved down 1.27% over the past 60 days, while the estimate for 2026 has moved up 0.5%. Caterpillar stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks' Research Chief Picks Stock Most Likely to "At Least Double" Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren't winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%. See Our Top Stock to Double (Plus 4 Runners Up) >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Caterpillar Inc. (CAT): Free Stock Analysis Report Komatsu Ltd. (KMTUY): Free Stock Analysis Report AB Volvo (VLVLY): Free Stock Analysis Report This article originally published on Zacks Investment Research (
Yahoo
15 hours ago
- Automotive
- Yahoo
Foton to build truck plant in Saudi Arabia
Beiqi Foton Motor Company is looking to produce commercial vehicles in Saudi Arabia in partnership with its local distributor, Petromin Corporation, as the Chinese truck-maker continues to expand its presence in markets across the Middle East and Africa. Foton, part of the Chinese state-owned BAIC Group, has signed a memorandum of understanding (MoU) with its local distributor Petromin, the Saudi Ministry of Investment, and the National Industrial Development Center, to explore opportunities to establish a local commercial vehicle manufacturing plant as part of the kingdom's Vision 2030 industrial transformation strategy. The partners are looking at opportunities to produce a wide range of commercial vehicles, including light, medium and heavy trucks and buses, and to establish a local supply chain. The facility will aim to supply markets across the region. His Excellency Sheikh Abdullah Al-Dabbagh, chairman and CEO of Al-Dabbagh Group – the parent company of Petromin, said in a statement: 'This step aligns with our ambitions to promote a diversified economy based on industry and technology. We take pride in this partnership with Foton, which is number 1 in the Chinese commercial vehicle market. This partnership acts as a strong catalyst to deliver high-quality commercial vehicles that meet market expectations and support the achievement of Vision 2030 objectives.' Mr. Chang Rui, Chairman of BAIC Foton, added, 'We are proud of our partnership with Petromin to localize commercial vehicle manufacturing. Through this collaboration, we aim to transfer advanced technology to the Saudi market and provide innovative and sustainable mobility solutions benefiting businesses and consumers alike.' "Foton to build truck plant in Saudi Arabia" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Arab Times
21 hours ago
- Business
- Arab Times
Baqalas Restricted Under New Rules As Saudi Pushes Retail Reform
RIYADH, June 27: The Saudi Ministry of Municipal and Rural Affairs and Housing has announced sweeping changes to the operations of small grocery stores—known locally as baqalas—prohibiting them from selling several commonly stocked items, including tobacco, dates, meat, fruits, and vegetables. The decision, issued by Minister Majed Al-Hogail, aims to restructure the Kingdom's retail landscape while elevating public health and food safety standards. The new regulation is effective immediately; however, existing establishments will have a six-month grace period to comply. Key Restrictions Under the new rules, grocery stores, kiosks, and mini markets are no longer permitted to sell: Tobacco products, including cigarettes, electronic cigarettes, and shisha Dates Fresh meat Fruits and vegetables These items may now only be sold in: Supermarkets, which must obtain a special license for meat sales Hypermarkets, which may sell all the above without requiring additional permits The sale of accessories such as charger cables and prepaid recharge cards will still be allowed across all retail formats, including baqalas. Revised Space Requirements The regulation also introduces new minimum space requirements for each retail category: Baqalas (small grocery stores): Minimum of 24 square meters Supermarkets: Minimum of 100 square meters Hypermarkets: Minimum of 500 square meters These requirements are intended to create clear operational distinctions between store types and ensure more rigorous oversight. Impact on Retailers and Consumers The regulation is expected to affect thousands of small retailers across the Kingdom, many of which have long depended on items like dates and tobacco to drive daily sales. Store owners seeking to continue offering restricted goods will need to either expand their premises or transition to a higher retail classification. For consumers, the new policy could mean fewer convenience options at local shops, particularly for fresh produce. However, officials say the changes will enhance consumer protection through better product storage and handling practices in larger, licensed establishments. Enforcement and Compliance The Ministry confirmed that inspection teams will monitor compliance throughout the six-month transition period. After that, non-compliant businesses may face penalties, including fines or possible closure. The reforms are part of Saudi Arabia's broader efforts under Vision 2030 to modernize its economy, streamline commerce, and promote public well-being through stricter food and retail standards.
