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2.08 MB

Extraction Summary

3
People
5
Organizations
1
Locations
2
Events
1
Relationships
3
Quotes

Document Information

Type: Interview transcript / government record
File Size: 2.08 MB
Summary

This document appears to be a transcript of an interview with a high-ranking Saudi royal (referred to as 'Your Highness,' likely Mohammed bin Salman) discussing economic reforms under Vision 2030. Topics include the stimulation of the private sector through government spending and the Public Investment Fund (PIF), the sale of Aramco, the refusal to impose income taxes, and the streamlining of foreign investment procedures, specifically mentioning a diplomatic intervention regarding German business licenses. The document bears a House Oversight Bates stamp.

People (3)

Name Role Context
Your Highness Interviewee
Addressed as royalty, discussing high-level Saudi economic policy, PIF, and Aramco. Likely Mohammed bin Salman (MBS).
German Chancellor Head of State
Mentioned regarding a recent visit to Saudi Arabia and negotiations regarding business license durations.
The Minister Government Official
Mentioned in relation to comments made at a symposium regarding the privatization of hospitals.

Timeline (2 events)

Future projection
Sale of Aramco
Saudi Arabia
Aramco Public Investment Fund
Recent past relative to document
Visit of the German Chancellor to Saudi Arabia.
Saudi Arabia
German Chancellor Saudi Officials

Locations (1)

Location Context

Relationships (1)

German Chancellor Diplomatic/Economic Saudi Government
Visit mentioned where German companies' complaints about license duration were addressed.

Key Quotes (3)

"The Public Investment Fund will spend in Saudi Arabia, after Aramco has been sold, more than SR 500 billion in just three years."
Source
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Quote #1
"We mentioned that there would be no taxes on wealth or any taxes on income."
Source
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Quote #2
"They have been given a change in this aspect so that the license lasts for five years, this are easy procedures that greatly stimulate the work of foreign companies in Saudi Arabia."
Source
HOUSE_OVERSIGHT_023655.jpg
Quote #3

Full Extracted Text

Complete text extracted from the document (3,177 characters)

* Does this mean that the state can lend them?
- it may be according to what will be announced in the program.
* Private sector now complains of high operating costs, and believes that this will become harmful to the industry and in trade, what is the opinion of Your Highness regarding the high prices and the shrinking economic situation?
- I do not think this is accurate, but the programs that will come out will stimulate the private sector very strongly. Sales of the private sector will increase very strongly. If you spend hundreds of billions in a short period of time, this will undoubtedly have a very positive effect on the private sector. I would like to give you an example. In the past, we used to rely solely on government capital expenditure. Nowadays, in the coming years, we will have high government capital spending, that is the first thing. The second: there will be spending from the reserves mentioned in the fiscal balance program is 200 billion riyals for private sector development, this spending differs than the capital spending we are all used to. Thirdly: and it is important- it is the spend of the Public Investment Fund. The Public Investment Fund will spend in Saudi Arabia, after Aramco has been sold, more than SR 500 billion in just three years. You can imagine this spending in the military industry, the automotive industry, the entertainment industry, the tourism industry or in other industries. How will it affect all of the private sector, and this will stimulate their sales in very strong manner in all sectors, both in the retail, transport, services sector and so on.
* Will you impose taxes on corporate income?
- No, this has not and will not be mentioned in the program of financial balance. We mentioned that there would be no taxes on wealth or any taxes on income.
* Companies coming to Saudi Arabia, Are there facilities for foreign investment?
- That is true, today, the Ministry of Commerce is working on screening the work of the Investment Authority. We worked different than what was happening in the past of waiting for the demand comes from the companies, but today we pick up the companies that we want to work in Saudi Arabia. There is a very long list of companies that the Investment Authority must seize each year and enter them in the Saudi market.
* Is there anyone who wants to enter but complain about the procedures we have?
- This is true, and they are all easy procedures and contribute very significantly to the work of these companies. For example, remind you the last event in the visit of German Chancellor, the German companies have had a problem that our license in Saudi Arabia only lasts for one year, while their strategies and investments are based on four years. They have been given a change in this aspect so that the license lasts for five years, this are easy procedures that greatly stimulate the work of foreign companies in Saudi Arabia.
* With respect to the health sector, it means the privatization of the health sector, it was published on the lips of the Minister in a symposium that the hospitals will be privatized, and then it was said that it
HOUSE_OVERSIGHT_023655

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