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Overview

Localisation in security, aerospace and defence spurring growth in Saudi Arabia
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In 2022 Saudi Arabia devoted 7.4% of GDP to defence expenditure, positioning the Kingdom as the second-highest-spending nation on defence as a share of its GDP after Ukraine, which has been embroiled in a large-scale conflict with Russia following the invasion of the former’s territory by its neighbour in February 2022. Amid escalating global tensions stemming from the fighting, worldwide military…

Overview

Opportunities for investment in Saudi Arabia’s non-oil industries
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Saudi Arabia’s industrial and mining sectors have long been singled out by the authorities as targets for expansion to support economic diversification. The Kingdom aims to attract international manufacturers, and develop the capacity of industrial small and medium-sized enterprises (SMEs) to strengthen domestic value chains. At the same time, the country is making efforts to upgrade its transport…

Overview

Global energy leader Saudi Arabia invests in renewables
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Saudi Arabia’s energy strategy revolves around extracting maximum economic benefit from its remaining hydrocarbons reserves while expanding renewable power capacity at home by investing in research, development and innovation activities to develop clean energy solutions, as well as to reduce the environmental impact of fossil fuels. The Kingdom’s strategy is guided by forecasts of an eventual…

Overview

What is fuelling growth in Saudi Arabia’s insurance sector?
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Fuelled by mandatory health insurance and strong economic growth, the Kingdom emerged as the largest insurance market in the Gulf in 2022, with sector-wide gross written premium (GWP) reaching SR53.4bn ($14.2bn). In addition to headline growth drivers, the country benefitted from heightened risk-management awareness, the emergence of new insurable assets and a more competitive marketplace. Regulators…

Overview

Saudi Arabia aims to enhance its status as a leader in capital markets
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Saudi Arabia has the largest and most liquid stock market in the MENA region. With a market capitalisation of about $2.9bn as of July 2023, Saudi Arabia is considered an attractive destination for international investment. The Kingdom is advancing a comprehensive Financial Sector Development Programme (FSDP) to diversify the economy away from reliance on hydrocarbons in line with the long-term socio-economic…

Overview

How digitalisation is changing Saudi Arabia’s banking sector
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The sector is in the process of updating the Kingdom’s banking laws for the first time in over 50 years, with draft changes currently under public consultation. This, along with regulatory sandboxes and new support for financial technology (fintech) businesses, has added further momentum to a rapidly changing and burgeoning sector, which has seen ATMs and bank branches close as digital payments and…

Overview

Saudi Arabia looks to economic diversification, giga-projects for growth
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Saudi Arabia entered 2023 on the back of its fastest economic expansion in over a decade, with its growth rate exceeding that of other G20 countries in the face of a variety of macroeconomic headwinds. Factors buffeting Western economies as a result of Russia’s invasion of Ukraine, not least higher energy prices, proved to be a boon for the Kingdom, lifting oil sector activity by 15.4% over the course…

Overview

How Saudi Arabia is laying the groundwork for future growth
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Located at the crossroads of Europe, Asia and Africa, Saudi Arabia has long been a centre of religious and cultural significance, dating back to before the foundation of the modern Kingdom in September 1932. Since first striking oil in 1938 it has become the world’s largest oil producer and the only Arab country in the G20 (see Energy & Utilities chapter). In recent years Saudi Arabia has embarked…
Interview

Turki Alalshikh, Chairman, General Entertainment Authority (GEA): Interview
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Interview:Turki Alalshikh What is your assessment of the performance of Saudi Arabia’s entertainment sector in recent years? TURKI ALALSHIKH: From 2019 until the first quarter of 2023 the entertainment industry saw significant momentum, with the Kingdom becoming a centre of economic, social and artistic activity. The sector presented over 8732 events spanning more than 76,000 activity days,…
Interview

Hisham bin Saad Aljadhey, Executive President, Saudi Food and Drug Authority (SFDA): Interview
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Interview:Hisham bin Saad Aljadhey How can the private sector further contribute to Saudi Arabia’s health care and related industries? HISHAM BIN SAAD ALJADHEY: The Ministry of Health is prioritising the privatisation of the national health care sector to increase the range of services provided, with related insurance services also growing thanks to the efforts of the private sector. With…