Country Profile
From The Report: Saudi Arabia 2018
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Home to an estimated 15.7% of the world’s proven oil reserves and the single largest economy in MENA, Saudi Arabia is a key player not only in the region, but also globally. Since its establishment in September 1932, the Kingdom has poured its considerable resources into a series of large-scale economic development, diversification and modernisation initiatives. In the last few years, Saudi Arabia has also attracted global attention for the momentum of its socio-economic transformation taking place under the auspices of the Vision 2030 development blueprint.

This chapter contains a viewpoint from Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud; and interviews with Prince Saud bin Nayef Al Saud, Governor, Eastern Province.

Articles from this Chapter

Overview

Setting sights: The Kingdom moves ahead with plans for economic diversification under the Vision 2030 banner
OBG
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Home to an estimated 15.7% of the world’s proven oil reserves and the single largest economy in MENA, Saudi Arabia is a key player not only in the region, but also globally. Since its establishment in September 1932, the Kingdom has poured its considerable resources into a series of large-scale economic development, diversification and modernisation initiatives. In the last few years, Saudi Arabia has also attracted global attention for the momentum of its socio-economic transformation…

Overview

Setting sights: The Kingdom moves ahead with plans for economic diversification under the Vision 2030 banner
OBG
plus

Home to an estimated 15.7% of the world’s proven oil reserves and the single largest economy in MENA, Saudi Arabia is a key player not only in the region, but also globally. Since its establishment in September 1932, the Kingdom has poured its considerable resources into a series of large-scale economic development, diversification and modernisation initiatives. In the last few years, Saudi Arabia has also attracted global attention for the momentum of its socio-economic transformation…

Viewpoint

The path ahead: Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, on the Kingdom’s investment priorities going forward
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Viewpoint:Mohammed bin Salman bin Abdulaziz Al Saud Just a few months after the unveiling of Saudi Vision 2030, we began launching executive programmes with clear objectives and methods to achieve the vision. Many achievements have already been made, including a contribution to the treasury from the Public Investment Fund (PIF). We transferred SR100bn ($26.7bn) to the PIF and initiated a restructuring of its subsidiaries to maximise profitability and growth performance. Saudi Aramco’s initial…

Interview

Eastern promise: Prince Saud bin Nayef Al Saud, Governor, Eastern Province, on ambitious developments in the Kingdom
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Interview:Prince Saud bin Nayef Al Saud In what fields can the Eastern Province lead progress towards Saudi Arabia’s Vision 2030 goals? PRINCE SAUD BIN NAYEF AL SAUD: The Vision 2030 strategy relies on effective collaboration among all government bodies as the supporting foundation for a successful endeavour. The Eastern Province is an integral player, and can invest its various resources – mainly its economic ones – to contribute to Vision 2030. The Eastern Province is home to first-rate…

Interview

Eastern promise: Prince Saud bin Nayef Al Saud, Governor, Eastern Province, on ambitious developments in the Kingdom
OBG
plus

Interview:Prince Saud bin Nayef Al Saud In what fields can the Eastern Province lead progress towards Saudi Arabia’s Vision 2030 goals? PRINCE SAUD BIN NAYEF AL SAUD: The Vision 2030 strategy relies on effective collaboration among all government bodies as the supporting foundation for a successful endeavour. The Eastern Province is an integral player, and can invest its various resources – mainly its economic ones – to contribute to Vision 2030. The Eastern Province is home to first-rate…

Analysis

Social shifts: Entertainment activities to expand and social restrictions to ease as the Kingdom looks to modernise its economy
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When Crown Prince Mohammed bin Salman laid out Saudi Arabia’s Vision 2030 in April 2016, he proposed reducing the country’s dependence on oil revenues by modernising the economy and creating a more moderate society. While the full economic impact of the plan will take a few years to be felt in the country, a series of bold moves to loosen restrictions regarding entertainment and women’s participation in society are opening up new areas of economic potential. Entertainment Vision 2030…

Analysis

Beyond oil: Privatisation of key state assets and strengthening of the sovereign wealth fund to diversify economic growth
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The foundations for a major overhaul of the economy were laid during 2017, with the Saudi government taking steps to privatise key state assets and stimulate investment, as part of plans to diversify the economy away from a reliance on hydrocarbons revenues. Strong Returns The reforms came as the non-oil economy gained some momentum in the second half of 2017. After falling by 0.8% in the first six months, year-end GDP growth was expected to be -0.5%, according to the Ministry of Economy…

Analysis

Beyond oil: Privatisation of key state assets and strengthening of the sovereign wealth fund to diversify economic growth
OBG
plus

The foundations for a major overhaul of the economy were laid during 2017, with the Saudi government taking steps to privatise key state assets and stimulate investment, as part of plans to diversify the economy away from a reliance on hydrocarbons revenues. Strong Returns The reforms came as the non-oil economy gained some momentum in the second half of 2017. After falling by 0.8% in the first six months, year-end GDP growth was expected to be -0.5%, according to the Ministry of Economy…