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BUSINESS & ECONOMY

CFA Franc: is the Time up for the Colonial Currency?

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11 months ago

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By Kai Koddenbrock

At no point in history has the CFA franc – the name of a colonial currency used in west and central African countries belonging to the franc zone – been closer to its demise. Senegal has overwhelmingly voted for leftwing Pastef candidate Bassirou Diomaye Faye (and his former party leader Ousmane Sonko) while the coup governments in Mali, Burkina Faso and Niger have been talking about leaving the CFA franc for some time.

Senegal under outgoing president Macky Sall was a pillar of the longstanding French attempt to remain influential among its former colonies, often named “Francafrique”. Now newly elected Faye, under the moniker of “Left Panafricanism”, has vowed to make his country more sovereign in food, energy and finance. Never before have four west African governments, including one of the regional leaders, Senegal, been simultaneously eager and ready to get out of the neo-colonial stranglehold of the CFA franc. The CFA franc zone was founded by then colonial power France after the second world war. Its aim was to ensure a continuously cheap influx of resources into France.

The zone is divided into two. The west African CFA franc zone has eight members: Mali, Niger, Burkina Faso, Senegal, Côte d’Ivoire, Benin, Togo and Guinea-Bissau. The central African zone has six: Cameroon, Gabon, Republic of Congo, Central African Republic, Chad and Equatorial Guinea.

Popular mobilisation against the currency has been intense in recent years in west Africa. This led to cosmetic changes to the currency arrangements. For example in 2019, French president Emmanuel Macron and the sitting president of Côte d’Ivoire, Alassane Ouattara, announced the withdrawal of French staff from some of the regional central bank’s decision-making bodies. They also waived the requirement – much maligned on the continent – to store 50% of all reserves in Paris as a guarantee to the former colonial power that they wouldn’t be wasted on irresponsible fiscal expansion. Overall, however, the CFA franc has remained more or less the same and France has not been willing to leave the arrangement of its own accord. The old colonial attachment and supposed developmental benevolence has carried the day.

But the conditions for major change are in place. The Alliance of Sahel States between the junta-led governments of Mali, Burkina Faso and Niger has stated its intention to introduce the “Sahel” as a new regional currency. Whether this initiative – and the Senegalese plan for a national currency – will amount to a full break-up of the CFA franc zone and its terminal decline will depend on how well they plan and execute the transition to several new currencies or a new one without any French involvement.

A hard road ahead

Historically, as shown by Fanny Pigeaud and Ndongo Sylla in their book Africa’s Last Colonial Currency: The CFA Franc Story, serious attempts at leaving the CFA franc since its inception in 1948 have been sabotaged by France. For example, Guinea was flooded by counterfeit banknotes when it left the CFA franc in the 1960s. Mali was put under pressure to rejoin the CFA franc after its departure in 1967. It returned into the fold in 1984. In 2011, Ivorian president Laurent Gbagbo, who had been considering pulling out of the CFA franc, was made to step down after controversial elections with the help of a military intervention force. He was then sent to the International Criminal Court before being acquitted 10 years later.

France went further in 2011 – a case countries wanting to make the next attempt at leaving the CFA franc should be cognisant of. It used its seat on the Central Bank of West African States decision-making bodies to block Côte d’Ivoire from being refinanced by the bank. It also induced the subsidiaries of BNP Paribas and Societe Generale to temporarily close their branches. Leaving the CFA franc has thus historically come with a high risk of French sabotage. But the constellation of forces has shifted and west African governments can better prepare this time. If they join forces – and Côte d’Ivoire votes for a less France-dependent president in the presidential elections in 2025 – the end of the west African CFA franc may indeed be near.

The trust factor

The stability and legitimacy of a currency depend primarily on trust. The users of a currency (people and corporations) need to trust that its price is more or less stable. This includes a reasonably low rate of inflation, and engagement in growth-inducing economic activity. Periods of high inflation and hyper inflation have always been the result of a serious economic crisis in which trust was absent.

Monetary stability thus depends on social and macroeconomic stability. This, in turn, is the result of how well governmental policies and domestic and world market processes align. A government that is seen to have a plan and is able to adapt to and steer economic pressure goes a long way in creating trust. And, by implication, it makes a new currency less prone to speculative attack or massive devaluation.

In Senegal, Pastef’s election program had a roadmap towards leaving the CFA franc and setting up a national currency. Among the key steps are:

  • creating a national central bank
  • refinancing of state expenditure at 0%
  • de-monetising gold and preventing its import and export to build up a gold reserve
  • repatriating gold reserves still stored in Paris and all over the world
  • reprofiling public debt and cancelling private debt through monetary fiat
  • installing a deposit insurance scheme for small savers
  • building a national stock exchange.

Finally, the new currency will be floating and non-convertible or semi-convertible to shield it from speculative attacks. This menu is similar to some of the strategies China has employed over the last decades to maintain government control over the economy and shield the Chinese economic growth path from foreign – in other words speculative – interference. The success of such a strategy depends to a large degree on mobilising domestic financial and real domestic resources. And, in the absence of China’s massive domestic market, building regional economic complementarities.

The strategic challenge for Diomaye will thus be to enlist a sufficiently large group of small business people, landowners and power-brokers around Mouride and Tidjaniyya Muslim brotherhoods and the capitalist class in Senegal to his economically transformative project. This will be a sizeable challenge in the face of upcoming export revenues from gas and oil – contracts Pastef has vowed to renegotiate – and an overall economic structure that is not yet domestic market oriented.

A national currency could support this shift in focus towards the well-being of the Senegalese people. This is because its logic would be to reorient the government towards the domestic economy and its people. Imports and easy repatriation of earnings by foreign corporations, which are some of the main effects of the often overvalued CFA franc, would become more difficult.

Make or break factors

The reaction to Faye’s agenda by the International Monetary Fund, the World Bank and other donors and creditors will be crucial to watch. To what extent the new Senegalese government is prepared to dispense with their sizeable sums in aid and credits remains to be seen. Niger recently did dispense with them and reduced its budget by 40% as aid was frozen.

Overall, Senegal and the Sahel governments are in a stronger position globally than ever before. The African continent is seen as essential to ensure the energy transition in Europe as well as its diversification of oil and gas supply. And western military, diplomatic and trade hegemony on the continent is being challenged by China and Russia as well as the United Arab Emirates, Qatar and Turkey. If Senegal and the Sahel governments position the end of the CFA franc well in their overall negotiations with their international partners as well as their domestic capitalist class and opposing political forces, its end may indeed by near.

That will not be the end of the long road towards food, energy and overall economic sovereignty to the benefit of the people. But it will be an important symbolic and material victory against postcolonial interference and meddling. The colonial CFA franc has outlived its usefulness for today’s “Left Panafricanism”. Organising its end is a sizeable challenge, but for the first time in decades is one that can be confronted head on.

Kai Koddenbrock is Professor of Political Economy , Bard College Berlin

Courtesy: The Conversation


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BUSINESS & ECONOMY

Yousef Khalawi Outlines Strategies to Shape the Future of the Global Halal Economy at MFH 25

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2 weeks ago

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March 4, 2025

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Hafiz M. Ahmed

In a talk at the Makkah Halal Forum 2025 , H.E. Mr. Yousef Khalawi , Secretary General of the Islamic Chamber of Commerce and Development (ICCD), shared his vision for shaping the future of the global halal economy. The session, titled “Strategies Shaping the Future of Halal,” was moderated by Dr. Wael Eldesouki Bedda , Secretary General of the Saleh Kamel Sustainable Entrepreneurship & Enterprise Development Organization (SKSEED), and provided attendees with a roadmap for driving innovation, sustainability, and inclusivity in the rapidly growing halal sector.

During the 20-minute interview, Mr. Khalawi emphasized the transformative potential of the halal industry,He outlined key strategies to position the halal economy as a force for ethical trade, environmental stewardship, and cross-border collaboration.

“The halal economy is not just about compliance—it’s about creating value that benefits humanity and the planet,” Mr. Khalawi stated. He highlighted the importance of aligning halal practices with the United Nations Sustainable Development Goals (SDGs), ensuring that growth in the sector contributes to poverty alleviation, gender equality, and climate action.

One of the central themes of the discussion was the role of technology in advancing the halal ecosystem. Mr. Khalawi praised the integration of blockchain, artificial intelligence (AI), and e-commerce as tools to enhance transparency, traceability, and consumer trust.

“Digital solutions are revolutionizing the halal supply chain,” he explained. “From farm to fork, blockchain ensures that products meet halal standards at every stage, while AI optimizes resource use and reduces waste.”

He also called for greater investment in halal tech startups, urging governments and private sectors to support innovation in areas like halal pharmaceuticals, logistics, and fintech.

Mr. Khalawi underscored the critical role of small and medium enterprises (SMEs) and women entrepreneurs in driving the halal economy forward. “SMEs are the backbone of the halal industry, and women are its untapped potential,” he said.

He highlighted initiatives led by the ICCD to provide training, funding, and market access to SMEs, particularly in underserved regions. Similarly, he praised programs empowering women entrepreneurs, noting that their leadership is essential to fostering inclusivity and innovation.

The interview also addressed the need for harmonized global standards to facilitate trade and build consumer confidence. Mr. Khalawi stressed the importance of partnerships between international organizations, governments, and private sectors to overcome barriers such as certification inconsistencies and trade restrictions.

“Unified standards are the foundation of trust,” he asserted. “By working together, we can create a seamless halal ecosystem that benefits producers and consumers alike.”

Mr. Khalawi commended Saudi Arabia’s leadership in advancing the halal agenda, aligning with the Kingdom’s Vision 2030 goals. He noted that Makkah’s unique position as the spiritual heart of the Islamic world makes it an ideal hub for fostering collaboration and innovation in the halal sector.

“Makkah is not just a host—it is a symbol of unity and ethical leadership,” he said. “This forum is a testament to the Kingdom’s commitment to shaping the halal future.”

Concluding the session, Mr. Khalawi issued a call to action for stakeholders across the halal ecosystem. “We must move beyond dialogue and take concrete steps to implement these strategies,” he urged.

Hafiz Maqsood Ahmed is the Editor-in-Chief of The Halal Times.

Courtesy: the Halal Times


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Can Trump Halt the BRICS De-Dollarization Effort?

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3 weeks ago

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February 23, 2025

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Timothy Hopper

Various efforts to reduce reliance on the US dollar in global trade are putting the future of this dominant currency under a spotlight. Donald Trump, the newly elected US president, has returned to the global economic stage with the same aggressive style and approach as before. This time, Trump has set his sights on the BRICS group, launching threats and criticisms from the outset. BRICS, composed of major economies such as Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, is currently discussing the creation of a common currency that could challenge the dollar’s long-standing dominance in global trade.

Trump has responded to these moves with harsh rhetoric, threatening 100% tariffs and the complete exclusion of BRICS members from US markets should they continue to push for de-dollarization. Yet Trump’s remarks have drawn renewed global attention to the question of the dollar’s future.

Reacting to BRICS discussions about creating a rival currency or supporting the adoption of an alternative to the dollar—which would likely spell the end of the dollar’s dominance in global trade, a position it has held since World War II—Trump stated: “We urge these countries to abandon the idea of creating a rival currency or agreeing on an alternative to the dollar. Otherwise, they will face 100% tariffs, completely losing access to America’s unrivaled economic markets.” Recently, Trump also threatened to impose a 25% tariff on all imports from Canada and Mexico, along with an additional 10% tax on goods made in China.

On the surface, Trump’s tactics might seem like they could strengthen the dollar’s position; however, a deeper analysis suggests they will backfire. Instead of deterring BRICS countries, they might actually spur their efforts forward, with China in particular taking the lead to accelerate the de-dollarization process. Long suspicious of Washington’s use of the US dollar as a geopolitical tool, China has spent the last decade slowly building up alternative financial systems, for example by increasingly using the yuan for international trade settlement and expanding Beijing’s direct influence through the Belt and Road Initiative. The Chinese government has also diversified its foreign reserves, reducing its reliance on the US dollar in favor of gold and other currencies.

From this perspective, Trump’s statements are not a deterrent for BRICS countries but rather a rallying cry for urgent action. His persistent use of tariffs and sanctions as tools of economic diplomacy has not only deepened divisions between the United States and rival nations but also fueled distrust among US trading partners. This approach will undoubtedly drive other nations to seek alternatives to the dollar. China and Russia, as key targets of US sanctions and trade wars, are at the forefront of these changes, having signed agreements for trade in local currencies and deepened cooperation under the BRICS framework.

While the creation of a BRICS common currency or adoption of a US dollar alternative remains entangled in logistical and temporal challenges, the initiative symbolizes the bloc’s collective determination to build a financial system that is less reliant on the United States. Trump’s repeated threats may disrupt these efforts in the short term, but they will inevitably validate the concerns underlying these initiatives: the fear that the United States wields its economic power with little regard for long-term global financial stability, and solely in pursuit of its own unilateral interests.

For China, locked in strategic competition with the United States, shaping a new and favorable global order extends beyond economics. These initiatives are part of Beijing’s broader ambitions to establish itself as a global superpower. A multipolar financial system would reduce China’s and other BRICS countries’ vulnerability to US economic pressures, granting them greater freedom to pursue strategic goals on regional and global scales. For example, China’s digital yuan project is part of this vision, potentially serving as an alternative to dollar-based international payment systems, particularly in emerging markets.

Ultimately, the dollar’s dominance has been built primarily on trust—a belief that the United States will act as a responsible leader in the global economy and that dollar-based assets will remain stable and accessible. However, by weaponizing the dollar through sanctions and tariffs, Trump risks undermining this trust, not just among adversaries but also among allies. As this trust wanes, the dollar’s status as the world’s reserve currency is also weakened.

The paradox of Trump’s aggressive posture toward de-dollarization is that by favoring tariffs and sanctions, Trump is accelerating the very trends he seeks to combat. If he fails to change course, the world may soon find itself more united against Washington.

Courtesy: Geopolitical Monitor


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BUSINESS & ECONOMY

Saudi Arabia’s Economic Power Showcased at the World Economic Forum 2025

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4 weeks ago

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February 16, 2025

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Aamer Yaqub

Saudi Arabia’s Economic Power will be on full display at the World Economic Forum (WEF) in Davos, Switzerland in 2025. This yearly confluence of global leaders from business, politics, and academia is poised to witness a commanding presence from the Kingdom. This robust participation underscores Saudi Arabia’s ascendant position on the world stage: a top 20 global economy, a dominant force within the energy sector, and a nation undergoing a profound and multifaceted economic transformation.

Diversification as the Bedrock of Economic Power

Investment Minister Khalid Al-Falih’s presence at the WEF is a powerful symbol of this paradigm shift. Saudi Arabia’s global identity has been almost exclusively intertwined with its vast hydrocarbon reserves for decades. However, the Kingdom is now proactively and strategically rewriting its narrative, placing economic diversification at the core of its future trajectory. This strategic redirection, meticulously articulated and implemented through the Vision 2030 plan, aims to forge a vibrant, sustainable, and diversified national economy.

This entails significantly reducing reliance on oil revenues and establishing Saudi Arabia as a leading player across a multitude of sectors on the global economic stage. This diversification is not merely a theoretical exercise or a public relations campaign; it is a concerted, well-funded, and meticulously planned national effort to build Saudi Arabia’s Economic Power on a robust foundation of innovation, technological advancement, and the cultivation of human capital.

The WEF provides an unparalleled platform for the Kingdom to share its unique insights, learn from global best practices, and, crucially, forge strategic partnerships that contribute to a more resilient, inclusive, and equitable global economic order. This encompasses collaborations on critical issues such as strengthening global supply chain resilience, fostering technological innovation and adoption, and collaboratively addressing pressing global challenges such as poverty, inequality, and climate change.

Building a Modern, Dynamic Kingdom

The WEF provides an optimal stage for Saudi Arabia to articulate and showcase the core pillars of Vision 2030. This ambitious national plan is far more than a simple collection of economic reforms; it represents a comprehensive societal transformation, impacting every facet of Saudi Arabian life. Here’s a more granular look at how the Kingdom is translating its vision into tangible progress:

  • Diversifying the Economy: Beyond Hydrocarbons: Vision 2030 unequivocally prioritizes the rapid development of non-oil sectors such as tourism, renewable energy generation, advanced technology, logistics and transportation infrastructure, world-class healthcare services, and a modernized education system. This multi-pronged strategy is designed to create millions of new job opportunities for Saudi citizens, foster a vibrant culture of innovation and entrepreneurship, and attract substantial foreign investment across diverse sectors.

  • Investing in the Future: Attracting Strategic Foreign Direct Investment (FDI): The Kingdom is actively and strategically working to attract substantial foreign direct investment (FDI) to provide the necessary fuel for its ambitious economic transformation. The National Investment Strategy plays a pivotal role in this crucial endeavor, offering a range of attractive incentives for foreign businesses, streamlining complex regulatory processes, and significantly improving the overall business environment within the Kingdom.

  • Untapped Potential: A Nation Ripe with Opportunities: Saudi Arabia possesses several key competitive advantages that it is effectively leveraging to attract investment, stimulate economic growth, and drive national development. These include a young and rapidly growing population, a highly strategic geographic location bridging Asia, Africa, and Europe, and a wealth of natural resources that extend far beyond oil, including significant reserves of minerals, abundant solar energy potential, and vast stretches of coastline suitable for tourism development.

Showcasing Progress and Future Potential

The strategically positioned “Saudi House” at the WEF serves as a central and highly visible hub for the Kingdom’s presence. This dedicated space provides a dynamic platform to:

  1. The Story of Transformation: The Saudi House will offer visitors an immersive and engaging experience, showcasing the Kingdom’s remarkable economic and social transformation through a combination of interactive exhibits, informative presentations, and high-level networking events.

  2. Tangible Achievements: The space will highlight Saudi Arabia’s tangible accomplishments across a diverse range of fields, including culture, innovation, tourism, and sustainability. This includes showcasing significant advancements in areas such as large-scale renewable energy projects, the preservation and promotion of Saudi Arabia’s rich cultural heritage, and the development of new and exciting tourist destinations designed to attract international visitors.

  3. Strategic Investment Opportunities: A core focus of the Saudi House will be to highlight attractive investment opportunities within the key sectors targeted for accelerated development under Vision 2030. This includes showcasing specific high-profile projects, clearly outlining available investment incentives, and facilitating direct and meaningful engagement with key Saudi government officials and influential business leaders.

Engaging with Global Leaders

Minister Al-Falih consistently emphasizes the crucial role of the WEF in facilitating high-level bilateral and multilateral meetings with major global investors. These strategic interactions are specifically designed to:

  • Specialized Expertise: The WEF provides a uniquely valuable platform for Saudi Arabia to connect directly with potential investors, showcase the significant progress it has made in enhancing the investment environment, and attract the necessary capital and specialized expertise to effectively support its ambitious economic diversification efforts. The Kingdom’s strategic position as the largest and most dynamic market in the Middle East and the Arab world further strengthens its inherent attractiveness to global businesses seeking new growth opportunities.

  • Global Best Practices: The forum provides an invaluable opportunity for Saudi Arabia to share its inspiring success stories in implementing far-reaching economic reforms, actively promoting entrepreneurship and innovation, and steadily developing a robust and sustainable knowledge-based economy. This crucial exchange of knowledge and global best practices not only benefits Saudi Arabia directly but also contributes meaningfully to the ongoing global conversation on sustainable economic development.

Addressing Critical Global Challenges

Saudi Arabia’s participation in the WEF extends far beyond transactional deal-making and investment pitches. The Kingdom is actively and constructively engaged in high-level discussions on a wide range of critical global issues, including climate change mitigation and adaptation, the complex global energy transition, and the collective pursuit of a truly sustainable future for all.

Vision 2030 places a strong and unwavering emphasis on environmental sustainability, and the WEF provides a crucial platform for Saudi Arabia to share its experiences, showcase its innovative initiatives in renewable energy and green technologies, and collaborate effectively with other nations on developing and implementing effective solutions for a more sustainable and environmentally responsible future.

While Saudi Arabia has made significant and demonstrable strides in implementing the core objectives of Vision 2030, the ongoing journey is not without its inherent challenges. These include:

  1. Developing a Skilled Workforce: Developing a domestic workforce equipped with the advanced skills and expertise required for the emerging new economy is a critical and ongoing challenge. The Kingdom is investing heavily in a range of targeted education and training programs to proactively address this crucial skills gap.

  2. Streamlining Bureaucratic Processes: Streamlining complex bureaucratic processes and further improving the overall ease of doing business within the Kingdom remains an important and ongoing priority for the Saudi government.

  3. Managing Global Economic Volatility: External factors beyond the Kingdom’s direct control, such as global economic slowdowns, geopolitical instability, and fluctuations in global commodity markets, can potentially impact Saudi Arabia’s economic growth trajectory.

  4. Managing Social and Cultural Shifts: Implementing significant social and cultural changes requires careful and sensitive management to ensure a smooth and inclusive transition that respects the Kingdom’s unique cultural heritage.

Despite these inherent challenges, the long-term opportunities for Saudi Arabia are immense. The Kingdom’s unwavering commitment to the strategic objectives of Vision 2030, its highly strategic geographic location at the crossroads of three continents, its vast and diverse natural resources, and its growing and increasingly active engagement with the global community position it for continued and sustainable economic growth and national development in the decades to come.

A New Era for Saudi Arabia

Saudi Arabia’s prominent presence at the WEF signifies a truly pivotal moment in the Kingdom’s modern history. It is a compelling narrative of ambitious economic transformation, deepened global collaboration, and an unwavering commitment to building a sustainable and prosperous future for its citizens and the wider world. The WEF serves not merely as a platform to attract foreign investment but also as a strategically important stage to articulate and share Saudi Arabia’s overarching vision, engage in constructive global dialogue on critical issues, and actively contribute to a more interconnected, equitable, and prosperous global community.

The Kingdom’s resolute focus on building Saudi Arabia’s Economic Power through strategic diversification, fostering a vibrant culture of innovation, and forging crucial strategic partnerships is effectively setting the stage for a new and transformative era of sustained economic growth, enhanced global influence, and enhanced national development on the world stage. The Kingdom’s dynamic and proactive participation in global forums like the WEF is a powerful testament to its clear ambition to emerge as a leading global economic powerhouse in the 21st century and beyond.

Deep Dive into Diversification

The cornerstone of Vision 2030 is undoubtedly the ambitious drive to diversify the Saudi economy away from its historical over-reliance on the hydrocarbon sector. This strategic shift is not simply about reducing dependence on a single commodity; it’s about building a more resilient, sustainable, and dynamic economy capable of generating long-term growth and prosperity for future generations. Several key sectors have been identified as crucial for this diversification effort:

  • Tourism: Saudi Arabia is investing heavily in developing its tourism sector, aiming to attract millions of international visitors each year. This includes developing luxury resorts along the Red Sea coast, promoting cultural heritage sites, and hosting major international events.

  • Renewable Energy: The Kingdom is making significant investments in renewable energy technologies, particularly solar and wind power. This not only helps to reduce its carbon footprint but also creates new economic opportunities in a rapidly growing global sector.

  • Technology and Innovation: Saudi Arabia is actively promoting the development of a vibrant technology and innovation ecosystem. This includes supporting startups, investing in research and development, and attracting leading technology companies to the Kingdom.

  • Logistics and Transportation: Given its strategic geographic location, Saudi Arabia is investing in developing its logistics and transportation infrastructure to become a major regional and global hub for trade and commerce.

  • Manufacturing: The Kingdom is also focusing on developing its manufacturing sector, aiming to produce a wider range of goods for both domestic consumption and export.

Investing in the Future Workforce

Recognizing that a skilled and adaptable workforce is essential for driving economic growth and innovation, Saudi Arabia is making significant investments in education and training programs. This includes:

  1. Improving the Quality of Education: The Kingdom is working to improve the quality of education at all levels, from primary school to university, with a focus on developing skills in science, technology, engineering, and mathematics (STEM).

  2. Providing Vocational Training: Saudi Arabia is also expanding vocational training programs to equip young people with the skills needed for jobs in high-growth sectors.

  3. Promoting Lifelong Learning: The Kingdom is encouraging lifelong learning and skills development to ensure that its workforce remains adaptable and competitive in a rapidly changing global economy.

Vision 2030 is not just about economic reforms; it also encompasses significant social and cultural changes aimed at creating a more open, inclusive, and vibrant society. These include:

  • Empowering Women: Saudi Arabia has made significant progress in empowering women in recent years, including increasing their participation in the workforce and granting them greater social freedoms.

  • Promoting Cultural Expression: The Kingdom is actively promoting cultural expression and creativity, supporting the development of a vibrant arts and entertainment scene.

  • Improving Quality of Life: Saudi Arabia is investing in improving the overall quality of life for its citizens, including developing new housing projects, improving healthcare services, and creating more recreational opportunities.

Saudi Arabia’s presence at the WEF 2025 is more than just a symbolic gesture; it represents a powerful statement of intent. The Kingdom is determined to play a leading role in shaping the global economy of the 21st century, leveraging its strategic location, its vast resources, and its ambitious vision to build a more prosperous and sustainable future for itself and the world. The journey of transformation is ongoing, but the progress achieved thus far is undeniable. Saudi Arabia is not just adapting to a changing world; it is actively shaping it, solidifying its position as a rising global economic power.

Courtesy: Halal Times


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