OBG Event

01 Feb 2011

Publication highlights key role earmarked for private sector in Kingdom’s major projects

Riyadh, Saudi Arabia, 1st February 2011: The transformation taking place across Saudi Arabia’s economy, propelled by new technology and an increase in downstream industries, is mapped out in a wide-ranging report just published by Oxford Business Group (OBG).

The Report: Saudi Arabia 2010 provides in-depth coverage of the government’s move to channel funds into key projects, with health, education and electricity segments earmarked for major investment, among others. The global publishing, research and consultancy firm’s report also explores the increased role the private sector is expected to play in the country’s long list of infrastructure projects.

The publication, which was launched at an event held at the Four Seasons Hotel in Riyadh on 1st February 2011, includes a detailed, sector-by-sector guide for investors, together with a wide range of interviews with the most prominent political, economic and business leaders, including HH Prince Fahad bin Abdullah bin Mohammed Al Saud, Assistant to the Minister of Defence and Aviation for Civil Aviation and Chairman of the Economic Offset Committee.

The Mayor of Mecca Osama Al Bar, the Chairman of the Board and President of the Saudi Commission for Tourism and Antiquities HRH Prince Sultan bin Salman bin Abdulaziz Al Saud and the Minister of Higher Education Khalid Al Angary are among those who give their views on Saudi Arabia’s economic development.

The Report: Saudi Arabia 2010 also includes contributions from high-profile international representatives, including US Assistant Secretary of State Jeffrey Feltman and Singapore’s Minister of State for Trade, Industry and Manpower, Lee Yi Shyan, together with first-time analysis of the Eastern Province and extensive coverage of the Kingdom’s mining and agriculture industries.

Saudi Arabia’s banking sector is put under the microscope in OBG’s new publication, with incisive coverage of the key role played by the Central Bank in reducing interest rates and injecting liquidity into the system. The report’s Banking Chapter also provides in-depth analysis of Saudi Arabia’s much-anticipated mortgage law, which is expected to bring about significant and positive changes to housing finance.

With hydrocarbons continuing to dominate the Kingdom’s economy, The Report: Saudi Arabia 2010 maps out the steps that the country is taking to boost exploration. It charts the investment which is being channelled into increasing capacity in both oil and gas, while gauging the progress the Kingdom is making in expanding downstream activities such as refining and petrochemicals.

OBG’s new report also looks in detail at how Saudi Arabia’s industry sector is redefining itself by developing high-value manufacturing. There is in-depth analysis of the growing role which the country’s steel industry is playing in economic development, indicated by a rise in both production and capacity increase.

Oliver Cornock, OBG’s Regional Editor, said that the progress Saudi Arabia had made in propelling its economic development forward was undoubtedly generating interest among international investors.

“Saudi Arabia’s private sector is strengthening its foothold in the Kingdom’s economic expansion, with a growing number of firms setting up shop across the country’s industrial cities,” he said. “As the government prepares to bring businesses on board with its large-scale projects, I am confident that these exciting developments will help to promote the country’s investment opportunities on the global stage.”

OBG’s Country Director, Neslihan Aydagul, added that the Group’s new report highlighted the steps that Saudi Arabia was taking to equip its younger generation with the education and skills needed to embrace economic change.

“Our publication maps out the significant investment and extensive reforms that Saudi Arabia has introduced in its education sector, which include the construction of over 3,000 new schools and the training of around 23,000 additional teachers,” she said. “These developments indicate the impressive pace of Saudi Arabia’s economic transformation. Our team at Oxford Business Group looks forward to documenting the next phase in the Kingdom’s economic expansion in what will be our fifth-anniversary report.”

The Report: Saudi Arabia 2010 marks the culmination of more than six months of field research by a team of analysts from OBG, assessing trends and developments in all major sectors of the economy, including energy, industry, finance, banking, tourism, transport and real estate. It will be available in print form and online.