The Government of MBS is Busy Achieving his Dreams Instead of Strengthening the Saudi Economy

The Government of MBS is Busy Achieving his Dreams Instead of Strengthening the Saudi Economy

The Government of MBS is Busy Achieving his Dreams Instead of Strengthening the Saudi Economy
The Government of MBS is Busy Achieving his Dreams Instead of Strengthening the Saudi Economy

The Kingdom of Saudi Arabia has been known as a country that does not apply taxes on its citizens.

However, this was before the Saudi Crown Prince Mohamed bin Salman assumed the mandate in 2017, after which Saudi Arabia’s situation deterred at all levels due to the inexperienced policies and practices of MBS.

MBS imposed intensive taxes on citizens, then the government increased the tax three times in a row to become 15% instead of 5%.

The government also announced cutting the cost of living allowance for Saudi citizens, due to the sharp decline in oil prices, the large deficit in the budget is due to spending of billions of the sovereign fund in the establishment of NEOM, which the government insists on completing while suspending other feasible projects due to the economic crisis.

Economic analysts have agreed on the difficulty of establishing NEOM, which has negative impacts on the Saudi economy as it is a useless institution without an economic vision for the future.

Economic analysts specializing in the Gulf countries saw that the measures imposed by the Saudi government on citizens reflect the urgent need to reduce spending and the attempts to restore some stability to the oil prices.

It also revealed that the Kingdom’s economy is in a dire situation, and in order to recover from the deflation, the government must work according to the visions approved by those with experience in the economy, fight corruption in the government, and work hard for many years, which is not possible with MBS’s government which lacks experience.

Furthermore, they stressed the need to restore trust with the Western investors, whose positions have changed after the murder and dismemberment of Saudi journalist Jamal Khashoggi in the Kingdom’s consulate in Istanbul in 2018, simply because he wanted reformer of the Kingdom.

The large numbers of detained reformers during MBS’ era due to their rejection of the policies that contradict the values and ethics of Saudi public opinion, all resulted in installing fear in the hearts of foreign investors who fled from working in the Saudi economic market and Neom.

The open war waged by the Kingdom of Saudi Arabia for years against the neighbouring state of Yemen has caused it heavy economic losses and affected its prestige regionally, especially after Saudi and several countries announced the blockade on Qatar.

In addition to all these measures, Saudi Arabia needs to end the state of the strategic threat of Iran, especially under the presidency of Donald Trump, which did not succeed.

These are the priorities the government should take to save the Kingdom, but would bin Salman’s government realize it, or would it only continue to realize his dreams at the expense of the people and the country?

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