Latest news with #PublicInvestment
Zawya
03-06-2025
- Business
- Zawya
Algeria: Boosting productivity to achieve sustainable and diversified growth
Algeria's economy maintained its momentum in 2024 with non-hydrocarbon GDP expanding by 4.8 percent, driven by strong public investment and robust household consumption. Inflation eased significantly to 4.0 percent in 2024, partly due to the strong performance of the agricultural sector despite limited rainfall, supporting a slowdown in food prices, according to the World Bank's latest economic update for Algeria. Real GDP growth is projected to moderate to 3.3 percent in 2025 as extractive sectors recover, but public investment consolidates. If global oil prices were to remain low, external and fiscal deficits could expand in 2025. A contraction in hydrocarbon output and rising imports led to the return of a modest current account deficit, a decline in foreign exchange reserves, and a widening fiscal deficit. 'Algeria's growth path continues to be solid. However, the fiscal and external balance remain highly sensitive to oil and gas prices,' said Kamel Braham, World Bank Resident Representative for Algeria. 'Accelerating structural transformation is essential to build resilience and support sustainable growth.' Looking ahead, the report outlines several priorities to support long-term growth. It stresses the need to enhance productivity and gradually shift employment toward sectors with higher value-added, to help reduce reliance on public spending and hydrocarbons while making the economy more adaptable to future shocks. 'Productivity gains, particularly in manufacturing and services, are essential to unlock Algeria's growth potential,' observed Cyril Desponts, Senior Economist for Algeria. 'A shift toward higher-value-added sectors, supported by a progressive fiscal rebalancing, targeted reforms to boost private investment, and a skill development strategy, will be key to building a more resilient economy.' To achieve sustained growth acceleration, the report highlights the importance of strengthening the macroeconomic policy framework and economic governance, strategically investing in human capital, and promoting foreign investment to foster the transfer and diffusion of productive technologies and management practices across the economy, a key mechanism underpinning the graduation of middle-income countries to high-income status. Distributed by APO Group on behalf of The World Bank Group.
NBC Sports
09-04-2025
- Business
- NBC Sports
Augusta National continues to support USGA, R&A in ball rollback
AUGUSTA, Ga. – All eyes in the golf world turn to Augusta National Golf Club each year for the chairman's annual press conference, and Wednesday's edition had its share of nuggets that were sure to draw interest. Chairman Fred Ridley began his press conference with about 10 minutes of prepared comments with a nod to many of the game's hot-button topics, including pace of play and the ongoing divide between the PGA Tour and Saudi Arabia's Public Investment. He also addressed, unprompted, the USGA and the R&A's plan to roll back the golf ball starting in January 2028 for professionals. 'Once again, I am here reaffirming our support of the governing bodies and their efforts to address the issue of distance. Together, the R&A and the USGA have been deliberative and collaborative on their efforts on this topic to arrive at a decision which was announced in 2023,' Ridley said. It was not a surprise Augusta National moved early to support the governing bodies and the rollback, but there has been speculation that the PGA Tour and PGA of America are not in line with the rollback. Ridley appeared to touch on those concerns in his opening remarks, pointing out that implementation in 2028 for professionals and 2030 for amateurs will require a united front. 'Implementation is the next challenge, as we all knew it would be. It is critical for the good of the game that all stakeholders work together as this issue evolves,' Ridley said. 'I'm encouraged by the constructive and positive discussions that are aimed at successfully implementing this important change.' At this year's PGA Show in January, PGA of America CEO Derek Sprague reiterated that his association does not support the roll back and said, 'It's time to just hit the pause button.'
Arab News
22-03-2025
- Business
- Arab News
New Murabba reinforces global investor appeal at real estate event
New Murabba, a Public Investment Fund company, participated in the real estate event 'MIPIM 2025,' held from March 11-14 in Cannes, France. This year's participation aimed to enhance international investment in the Kingdom and highlight its commitment to economic diversification. According to a company press release issued recently, New Murabba's presence at MIPIM 2025 featured a series of insightful sessions led by key executives. These sessions provided attendees with a deeper understanding of New Murabba's strategic vision and its alignment with Saudi Arabia's broader development goals. CEO of New Murabba Michael Dyke took part in a panel discussion titled 'How the Saudi Giga Projects Are Contributing to the Kingdom's Economy and Vision 2030.' 'We are committed to collaborative development and world-class execution. New Murabba has completed 14 million cubic meters of excavation while achieving 5.5 million safe hours without lost-time incidents. This milestone enables the commencement of permanent works for The Mukaab, ensuring the groundwork is set for the next phase of construction,' said Dyke. He also added that this progress underscores New Murabba's dedication to delivering a world-class destination that will redefine urban development and contribute to a vibrant live-work-visit offering within the project. EPMO and Stakeholder Management Division Head Eissa Almunif contributed to the panel 'Changing Demographics in Saudi Arabia and How This Affects Development Planning.' Development Director Ashwaq Albabtain joined the panel 'Mega Events, Hospitality, and Leisure,' while Executive Director of Capital Partnerships Development Nida Raza participated in the discussion 'The Evolving Real Estate Sector in Saudi Arabia.' Director of Healthcare and Education Development Reham Alawaji took part in the panel 'Creating Livable Cities with Purpose.' These sessions provided valuable insights into the development's strategic relevance and its potential to reshape the urban landscape.
