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Saudi Arabia to introduce 'Green Card' for expats

03:42 PM | 26 Apr, 2016
Saudi Arabia to introduce 'Green Card' for expats
JEDDAH (Web Desk) - Saudi Arabia will introduce a "green card" system within five years to allow resident expatriates in the kingdom to have more rights, in a bid to improve its investment climate.

In an interview yesterday, Deputy Crown Prince Mohammed bin Salman said that planned sweeping reforms, of which the proposed green card is one, will be implemented even if oil prices rise back above $70 a barrel. He pledged to end Riyadh's dependence on crude revenue by 2020.

End of Oil Age: Saudi Arabia planning for $2 trillion investment fund

 

The Saudi government on Monday approved a plan for vast economic reforms dubbed ‘Saudi Vision 2030’ to substantially reduce the Opec powerhouse’s reliance on oil, the official SPA news agency reported.

Read: Umrah visas can be converted into tourist visas now

The plan, details of which were to be announced later Monday, focuses on privatisations, further reductions in subsidies, the sale of part of state oil giant Aramco and the creation of a giant $2 trillion Sovereign Wealth Fund, the SPA reported.

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Saudi Arabia's new "Vision 2030" reform plan will not require major spending but will involve restructuring, Deputy Crown Prince Mohammed bin Salman said, adding that spending on infrastructure projects would continue.

Read more: Oil exporting countries may lose $500b this year

He said Saudi Arabia plans to set up a holding company for military industries that would be fully owned by the government at first and listed later on the Saudi bourse.

The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007. REUTERS/Ali Jarekji (SAUDI ARABIA) - RTX1NKK

"We expect it to be launched by end of 2017 with more details."

Saudi Arabia's new investment fund will turn the world's top oil exporter into a global investment power, Mohammed bin Salman said.

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He told the Al Arabiya television to announce sweeping reforms known as Vision 2030 that the kingdom's existing Public Investment Fund had made returns of 30 billion ($8 billion) riyals in 2015.

The writer is a member of the staff.

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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