Life is going to take a drastic change and all for the better in the coming year as its all set for economic overhaul and ending the many rigid rules.
Change is now coming fast as several major drastic reforms are going to be changed all for the better.But it may not be easy as it seems.As reforming a country like Saudi Arabia is almost like transforming an aircraft carrier.It will be over a while that the numerous changes actually take place and sees fora drastic change.
So what’s in store for the citizens? We take a look-
Gas Prices will go up-
Saudi Arabians will just have to start paying up more for the gas they use.State owned Aramco which is the world’s biggest oil producer inched up the prices far high as by 127% on January 1.The gasoline prices now costs up-to 2.04 riyals which is equivalent to around 2.05 gallon.
This would overall weaken the consumption but should strengthen the Governments stance to drive the growth of the non-oil economy.They are also paying more for consumer goods and services so a new 5% of tax is to be levied on the citizens in order to boost the government’s revenue from various sources apart from oil.
Movie Theaters will return-
This comes as a much refreshment for Saudi Arabians as a 35 year old ban will be lifted.The citizens will be able to go again to the theaters and the government will grant commercial movie licenses in the theaters.Some international and regional chains are also eyeing this opportunity in the new market of 30 million people.The movie market in the kingdom is pegged to be around $1 billion.
Yes,there will be women drivers-
Another long standing ban on women drivers will be lifted.The announcement was made in September 2017.It is going to be a welcome change as it will be a big spurt to the economy. Only 22 % of the women are active in the workforce and this vision which is aimed for 2030 is looking to make it up-to 30%.
Getting more women to workforce is the key.
Tourists will get visas-
Tourists visas which were not a norm until recently will make way for tourists visas.The kingdom will be issuing the first tourist visas in the year 2018 and it plans to grow its tourism industry and has also announced several projects in the same direction.
It has decided to build a sea of resorts on about around 100 miles around the Red Sea’s coastline and it aims to attract around 30 million visitors in the coming year.
Aramco will go into privatization-
Saudi officials are planning to sell a stake in Aramco in the year 2018.And if at all it happen it will be one of the biggest in the stock market history.There are also plans to sell to the strategic investor first and then go about by marking the exact timing and the size of the IPO.