Saudi Vision 2030

Events

Crude oil price: $107.45

June 1, 2014

Crude oil price: $49.37

January 1, 2015

King Salman grants two month salary to public sector employees

January 30, 2015

Upon becoming King, King Salman awarded all public sector employees an award of two months' extra salary

Crude oil price: $60.19

June 1, 2015

Government freezes new infrastructure projects

October 15, 2015

Reducing subsidies on oil, gas, electricity and water

December 28, 2015

Beginning of a move to lift subsidies from oil, gas, electricity and water. Oil prices increased by up to 66%. Subsidies will be lowered gradually and completely cutoff by 2020.

2016 Budget deficit

December 29, 2015

Expected deficit of $87 billion

Crude oil price: $29.01

January 1, 2016

Private sector slows

January 8, 2016

Consumer spending falls

March 8, 2016

Jarir, a prominent Saudi retailer, reports an expected sales fall by 30% year on year

Private sector employees complain of late or non-payment

March 17, 2016

Specifically in the construction sector, there have been complaints of late/non-payment

Saudi plans to set up largest sovereign investment fund

April 2, 2016

Water minister fired

April 23, 2016

Abdullah Al-Hussain, minister of water and electricity relieved from his duties following public outcry about high prices

Amendment to water subsidy

April 24, 2016

Progressive increase on prices of water. The top segments paying about 60 times what the bottom segments pay.

Ending domestic university grants

April 26, 2016

Put an end to financial scholarships that were granted to students to enter private universities because of the inability of public universities to accommodate them

Saudi cabinet approves Vision 2030

April 26, 2016

Merging government ministries and duties

May 7, 2016

Structural adjustments for efficiency

'White' Land Tax on underdeveloped land

May 8, 2016

A historic move to tax underdeveloped land (2.5%) to solve housing problems

Divest 5% of Aramco

May 9, 2016

Government plans to release 5% of Aramco to the public

Crude oil price: $48.43

June 1, 2016

Saudi Oger close to bankruptcy

August 10, 2016

One of the biggest Saudi construction giants has massive financial difficulties, namely: unpaid salaries, debts

Saudi nationals unemployment 11.6%

August 30, 2016

64% of unemployed Saudis are women. 83% of employed are men

Cut Wages for top government employees

September 26, 2016

Cut Minister salaries by 20%, Consultative council by 15%, also cut many of their allowances

No bonuses for the upcoming calendar year

September 26, 2016

No public sector bonuses will be given

Cut in Consultative Council members' allowances

September 26, 2016

15% reduction in allowances for furniture and car fees

Allowances cut for public sector

September 26, 2016

Many allowances are completely removed, others are amended and reduced.

Exclusion of military personnel from allowance reforms

September 26, 2016

Military personnel involved in the Yemen War and in other military, intelligence, and security missions abroad are excluded

Mandating an upper limit for overtime pay

September 26, 2016

Ministers and minister-level employees no longer receive communication insurance

September 26, 2016

Insurance payments previously made for landlines and cellphones are lifted

Halt on car insurance payments for top government personnel

September 26, 2016

One year stopping of car insurance payments

SAMA to inject $5.33 billion into banking system

September 27, 2016

A massive cash injection by the Saudi Arabia Monetary Agency to address banking liquidity difficulties

OPEC agrees to cut production

September 29, 2016

First cut in production since 2008, from 33.5m barrels/day to between 32.5m b/d and 33m b/d

Shrink the external scholarship program

October 1, 2016

Raise the requirements for government sponsored study abroad. Ex: only to top 50 schools, in specific majors, exceptionally high high school achievement required

Gov shifting to Gregorian calendar for salary deposit

October 1, 2016

This shift from the Hejri calendar to the Gregorian calendar will cost each employee about half a month of pay every year because the Gregorian calendar year is about 11 days longer than the Hejri.

Number of govornment-sponsored students in USA drops by 33%

November 4, 2016

Gov owes private sector tens of billions of dollars

November 14, 2016

Gov ensures that delayed payments to private sector, namely construction firms, medical organizations, foreign consultancies will be made soon.

SBG dismisses 70,000 workers in one year

November 14, 2016

Saudi Binladen Group, a construction giant dismisses many workers following a stop in government construction projects and delayed payments

Launch of 'Citizen's Account'

December 22, 2016

A direct fund transfer system, to start in June 2017, to act as the primary means of providing government support to citizens

2017 Expected budget deficit

December 22, 2016

Expected 7.7% of GDP, $53 billion

Crude oil price: $52.81

January 1, 2017

Gov lifts subsidy on imported long shelf life dairy products

January 15, 2017

The 80% subsidy on long shelf life imported dairy products that the government paid in the past was lifted.

Tax on Tobacco and Soda

May 1, 2017

VAT on soda (50%) and tobacco (100%)

Raising electricity prices

May 15, 2017

This policy, set for implementation in the coming month, will raise electricity bills by 163% on average. Some users will see an increase of up to 280% of their past bills.

VAT on all non-essential goods

February 1, 2018

A VAT of 5% will be levied on all products and services, with some basic goods excluded