Saudi Arabia Economic Research Highlights
Omer Abdullah Al Nomany, CEO, solutions by stc
In this Global Platform video, Omer Abdullah Al Nomany, CEO of solutions by stc, discusses business-to-business opportunities, Saudiisation and female participation in the sector.
Saudi Arabia has undergone significant reforms to foster growth and diversification. While some initiatives were delayed during the Covid-19 pandemic, progress in areas such as the digital economy accelerated. Aided by elevated oil prices in 2022, strategies underlined in Vision 2030 continue moving forwards, and the Kingdom today presents ample opportunities for foreign investors, underpinned by efforts to boost private sector participation in the economy.
Economic Analysis & Insights 2022-23: Saudi Arabia
As the world’s largest oil producer and the only Arab country in the G20, Saudi Arabia is a key geopolitical player on the global stage. Officially established in September 1932 the Kingdom has begun to pour its considerable financial resources into a series of large-scale economic development, diversification and modernisation initiatives in recent years.
Saudi Aramco is planning to boost its maximum crude oil production capacity to over 13m barrels per day (bpd) by 2027, up from 12m bpd as of August 2022. This is set to bolster Saudi Arabia’s position in global energy markets and afford the Kingdom greater agility under various possible energy transition scenarios.
A key institution in the enactment of Vision 2030, the Public Investment Fund (PIF) is one of the world’s largest sovereign wealth funds. The PIF became the fifth-largest sovereign wealth fund in the world in April 2022 with $620bn in terms of assets, following a $40bn contribution in February 2022 from a 4% share in Saudi Aramco, the Kingdom’s oil and gas producer.
On recent developments in tax administration
While Saudi Arabia has long been a key market for many multinational corporations, these have often headquartered themselves elsewhere in the region, with only a secondary presence in the Kingdom. This is changing, however, as the market opens up more to international businesses and a new policy begins to take effect.
On how legal and judicial reform is transforming the Kingdom
Saudi Arabia has traditionally had low rates of female labour force participation, as legislative, social, educational and occupational constraints prevented women from fully taking part in the labour market. Vision 2030 – the Kingdom’s blueprint for socio-economic transformation – sought to create a society and economy in which women could play a much fuller role.
Saudi Arabia’s reform and energy initiatives attract investment
Saudi Arabia pushing investment in oil and gas to meet global demand
Saudi Arabia’s sovereign wealth fund key to diversification
Tareq al Sunaid, Head of Tax, KPMG Saudi Arabia: Viewpoint
Saudi Arabia entices international companies to establish regional offices
Eyad Reda, Managing Partner, Eyad Reda Law Firm: Viewpoint
The changing role of women in Saudi Arabia’s workforce
Saudi Arabia: Economic Research & Views
Building on the e-commerce momentum from the Covid-19 pandemic, the “buy now, pay later” (BNPL) model is one of the fastest-growing segments in consumer finance, particularly in emerging markets.
On collaborating with the private sector to diversify Saudi Arabia’s economy
As part of plans to expand and diversify its global trade partners, the GCC has launched negotiations with the UK on a free trade agreement that is expected to bolster the bloc’s economy, help attract investment and provide greater opportunities for local businesses.
In this Global Platform video, Eyad Reda, managing partner of the Eyad Reda Law Firm, shares an overview of recent legal changes and targeted areas of reform to improve the experience of international investors and strengthen the local business environment.
Following delays, the long-awaited GCC Railway looks likely to be revitalised, a move that could transform trade and connectivity across the Gulf.
Nations in the MENA region have been intensifying efforts to increase their food security, with Russia's invasion of Ukraine the most recent geopolitical event to underline the fragility of global supply chains, as well as the importance of agricultural self-sufficiency.
With connectivity being widely recognised as a key driver of the post-coronavirus economic recovery, GCC countries are poised to benefit from the expansion of their 5G networks.
Can the “buy now, pay later” model unlock e-commerce potential in emerging markets?
Abdullah Ibrahim Alkhorayef, CEO, Alkhorayef Commercial Company
Which sectors stand to benefit from a UK-GCC trade deal?
Recent reforms improve the business environment in Saudi Arabia
How the GCC Railway could revolutionise trade and transport in the Gulf
How are MENA nations moving to bolster food security?
Could a shift towards 5G boost the GCC’s Covid-19 recovery?
Saudi Arabia ESG Research & ViewsEconomic News
With temperatures in cities set to rise in the coming decades, many public and private players in emerging markets are looking to tackle the challenge of extreme heat through technology, sustainable building techniques and the expansion of urban green spaces.
With electric vehicles (EVs) set to proliferate and become more accessible to drivers around the world, several emerging markets are looking to expand their EV manufacturing.
Long seen as a high-cost, energy-intensive process, desalination mega-projects are seeking to tap renewable resources to limit the cost and environmental concerns of this crucial technology.
Amid an increase in global demand and concerns over key supplies, global oil prices are approaching $100 per barrel for the first time since 2014. But, with prices rising, what does this mean for the renewable energy transition, especially in Gulf countries?
More female employees are joining workplaces and boardrooms in the UAE and Saudi Arabia, with gender equality a key target of a regional drive to improve environmental, social and governance (ESG) standards.
After remaining resilient in 2020, the Islamic finance segment is performing strongly this year, as an improved economic environment, a rise in the number of large projects and an increased focus on environmental, social and governance (ESG) factors combine to drive demand.
As global leaders in politics and business continue to meet in Glasgow to discuss environmental issues as part of UN Climate Change Conference (COP26), some of the world’s most fossil fuel-dependent countries have launched plans to reach net-zero carbon emissions.
As industries around the world increasingly turn towards environmental, social and governance (ESG) strategies to support their recovery from the Covid-19 pandemic, focus is sharpening on sustainable construction in the Middle East.
With hydrocarbons-rich countries in the Gulf increasingly looking to reduce their carbon emissions, some in the region are turning towards multi-coloured hydrogen as a more environmentally sustainable solution.
Oxford Business Group has launched The Report: Saudi Arabia 2022. This Market Profile video highlights how the Kingdom’s diversified approach to economic development is helping to position it as one of the fastest-growing G20 economies in 2022.
ESG Intelligence Reports: KSA & GCC
Vision 2030 includes social development initiatives to empower micro-, small and medium-sized enterprises (MSMEs) and citizens, promote entrepreneurship and widen access to financing. Meanwhile, the Kingdom committed to net zero in 2021, and retains a focus on responsible governance for sustainable development.
COP26 has focused the world’s attention on the need for a more sustainable economic model that ensures profits and growth are not achieved at the expense of ecological health and social well-being. Business and political leaders in Saudi Arabia are increasingly aware of the need to move beyond the bottom line and pursue strategies for long-term value creation that address the needs and concerns of all stakeholders.
ESG Report: How can the benefits of the digital economy be extended to all segments of Saudi society?
Saudi Arabia’s long-term vision for economic advancement and diversification is underpinned by commitments that are aligned with ESG principles, with a focus on easing dependence on fossil fuels, expanding opportunities to all segments of society and enhancing the effectiveness of government services.
Automotive stakeholders are increasingly aware that the business-as-usual scenario that has sustained the industry for more than 100 years is no longer tenable. Regulatory changes and emissions-reduction targets at the national and global level are spurring a pivot to low-carbon and zero-emissions vehicles.
The regulatory landscape for Gulf financial service providers is changing, with growing awareness of the need for banking institutions to adopt sustainable finance frameworks and responsible lending and operational practices in order to manage risk and attract international investment.
With the publication of its National Environment and Climate Change Strategy in 2021, Qatar has recognised that a proactive and holistic approach is needed to meet the challenge of global warming and environmental degradation.
With the world economy heading into a complex post-pandemic recovery, GCC governments have outlined a wide-ranging set of environmental targets – and shone a stronger spotlight on sustainability.
Report: What factors are driving social development in Saudi Arabia?
Report: Can heavy industry support Saudi Arabia’s sustainability ambitions?
ESG Report: How can the benefits of the digital economy be extended to all segments of Saudi society?
Report: The road to a zero-emission automotive industry in the Middle East and Africa
Report: The future of sustainable finance in Kuwait’s banking sector
Report: How Qatar is confronting environmental and social challenges
Report: How can sustainable finance support the transformation of hydrocarbons-dependent economies?
Education: Shaping Saudi's FutureFocus Report
As policymakers imposed varying levels of restrictions on campus and classroom tuition in an effort to reduce transmission, educational institutions turned to remote learning and video conferencing tools to enable learning continuity.
With the current semester winding up, many higher education institutions in the Gulf are already planning an expanded offering of courses for the next academic year – with a focus on supporting the needs of the region’s post-pandemic economy.
As Gulf countries look to rebound from the disruption of 2020, higher education institutions are playing a key role in meeting the needs of the region’s post-coronavirus economy.
As the Kingdom works towards reaching net-zero carbon emissions by 2060, corporations and supporting bodies such as the Saudi Industrial Development Fund are taking actions to reduce their carbon footprints and adopt clear environmental, social and governance (ESG) policies to ensure future expansion is sustainable and inclusive.
The global oil industry had yet to recover from the price crash of 2014-15 by the time the pandemic hit in early 2020, which meant that upstream operators and service providers were already grappling with cost-related challenges and falling profit margins.
Covid-19 Response & Recovery - KSA
Governments around the globe have responded to the pandemic in various ways. The economic impact on emerging markets has been severe, in many cases compounding existing challenges such as food insecurity.
KSA’s strong government structure aids economic development by leveraging large amounts of capital to carry out infrastructure projects, yet a long-term goal is to increase the contribution of the private sector to ease the burden on the public purse.
After emerging in Wuhan, China in November 2019, Covid-19 posed unprecedented challenges for world leaders due to its relatively high rate of contagion combined with the prevalence of asymptomatic and mild cases that helped the virus spread to more vulnerable groups.
Food production in the GCC has long faced obstacles ranging from water scarcity to a lack of arable soil – factors that are being exacerbated by climate change. Prior to Covid-19, imports accounted for 85% of the region’s collective food needs.
The GCC chemicals and petrochemicals industry demonstrated considerable resilience in the face of Covid-19 and oil price fluctuations.
Report: What are the post-pandemic prospects for growth in the Saudi food industry?
Report: What does the Covid-19 pandemic mean for Saudi industry?
Report: How did Covid-19 impact aviation ground services in Saudi Arabia?
Report: Can agri-tech offer sustainable solutions to GCC food security challenges?
Report: What is the post-Covid-19 outlook for GCC chemicals and petrochemicals?
2021-22 GCC Economic Reports beyond KSAVideo
Oxford Business Group has now launched The Report: Qatar 2022. This 16th edition of our national macroeconomic analysis shines a spotlight on Qatar’s efforts to leverage its abundant natural gas resources and its status as host of the 2022 FIFA World Cup to develop a diversified, knowledge-based economy.
Future Readiness Report
In the wake of a period of severe disruption to global trade, Gulf shipping and logistics companies are adapting to government efforts to boost self-sufficiency in the region, while also investing in corporate digital solutions to improve communication with stakeholders, and predict and mitigate challenges along the supply chain
Elevated oil prices are helping Bahrain rebound from the challenges of the Covid-19 pandemic, and driving an economic expansion that is expected to continue through 2022 and into the coming years. With some $30bn in infrastructure projects in the pipeline, the country is seeking to strengthen its position as a regional logistics destination.
Covid-19 Response Report
Report: Was Oman's banking sector resilient enough to support economic stability during the pandemic?
Oman’s economy was heavily reliant on hydrocarbons when the pandemic began, creating fiscal pressures as demand and prices fell. However, the country was able to rely on a well-capitalised and regulated financial services system to maintain macroeconomic stability, and years of sustained investment in the public health system helped it cope with the sudden demands of a medical crisis.
Primary tabs View(active tab) Edit Manage display Products Revisions In this report Profile Economy Education & Health Tourism & Culture Financial Services Industry & Energy Transport & Logistics Construction & Real Estate The Guide Table of Contents As it seeks to capitalise on the innovative opportunities presented by the Fourth Industrial Revolution, Sharjah benefits from developed transport and logistics infrastructure, access to the Gulf and the Gulf of Oman, and a well-connected international airport.
Covid-19 Response Report
Sustained investment and foresighted policy initiatives meant that the UAE and Abu Dhabi had developed a modern and effective public health system prior to the pandemic, supported by a growing number of private operators offering complementary services.
Covid-19 Response Report
ubai’s diversified and digitalised economy was able to absorb the impact of the Covid-19 pandemic relatively well. The emirate enjoys some of the fastest internet speeds and most advanced broadband infrastructure in the world, which facilitated the rapid shift to online work, education and commerce.