Country Profile
From The Report: Saudi Arabia 2020
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Home to an estimated 15% of the world’s proven oil reserves and as the largest economy in MENA, Saudi Arabia is a key player not only in the region, but on a global scale. Over the last few years, Saudi Arabia has attracted international attention for the momentum of its socio-economic transformation taking place under the auspices of the Vision 2030 development blueprint. In November 2020 Riyadh is set to host the 15th annual G20 Leaders’ Summit, bringing together the heads of some of the world’s largest economies. This chapter contains a viewpoint from Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, as well as interviews with Prince Badr bin Abdullah bin Mohammed bin Farhan Al Saud, Minister of Culture, and Prince Faisal bin Salman bin Abdulaziz Al Saud, Governor of Medina.

Articles from this Chapter

Overview

Bright future: The Kingdom attracts international attention as its Vision 2030 economic development plan continues to unfold
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Home to an estimated 17.2% of the world’s proven oil reserves and the largest economy in MENA, Saudi Arabia is a key player not only in the region, but also on a global scale. Since its establishment in September 1932, the Kingdom has poured its considerable financial resources into a series of large-scale economic development, diversification and modernisation initiatives. In recent years Saudi Arabia has attracted international attention for the momentum of its socio-economic transformation taking…

Viewpoint

Supporting diversification: Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, on the 2020 budget and priorities to achieve Saudi Vision 2030
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The government’s economic renewal of the Kingdom is progressing steadily in accordance with Saudi Vision 2030. The budget for 2020 reflects and reinforces our commitment to implement reforms, plans and programmes to achieve our vision, setting specific goals in a number of areas to help create a vibrant and ambitious society, as well as a prosperous economy. The government is working to improve the quality of life in the Kingdom by developing and diversifying the economy, improving job opportunities,…

Interview

Creative renewal: Prince Badr bin Abdullah bin Mohammed bin Farhan Al Saud, Minister of Culture, on utilising the full potential of arts and culture to benefit the Kingdom’s economy
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How can the deepening of cultural ties between countries enhance regional cooperation? PRINCE BADR: We are pursuing one of the most significant cultural renewal programmes in history. Arts, culture and heritage have lacked a dedicated portfolio for the past generation. Now, under the leadership of a new Ministry of Culture and with a dedicated cultural vision, we are putting that right. The Kingdom is a major G20 nation with a pivotal place in the world economy. We take our regional and global responsibilities…

Analysis

The place to meet: A pipeline of major international events shines a spotlight on the Kingdom’s regional leadership and diversifying economy
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In November 2020 Riyadh is set to host the 15th annual G20 Leaders’ Summit, bringing together the leaders of some of the world’s largest economies. Although the summit will span a period of just two days, more than 150 separate meetings, exhibitions and events are being organised around it, and are expected to be a major boon for the local economy. According to Riyadh-based investment and asset management company Jadwa Investment, the G20 summit is expected to add 0.2% to the country’s…

Interview

Global example: Prince Faisal bin Salman bin Abdulaziz Al Saud, Governor, Madinah Province, on putting the personal development and well-being of citizens at the heart of diversification
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Interview:Prince Faisal bin Salman bin Abdulaziz Al Saud What are some of the challenges Medina faces regarding the need to balance infrastructure development with the region’s historic heritage? PRINCE FAISAL BIN SALMAN BIN ABDULAZIZ AL SAUD: Medina is not just the historic sites, but a region of the Kingdom with its own development challenges and opportunities. The development of historic places presents a particular challenge for urbanisation. This is due to the embedded tension between…

Analysis

Evolving strategies: GCC countries adapt to the challenges and opportunities presented by rapidly advancing technologies
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The Fourth Industrial Revolution (4IR) will pave the way for technology that has the power to greatly transform economies and societies worldwide. These technologies, which include artificial intelligence (AI), blockchain, big data tools, the internet of things (IoT) and robotics, can improve overall quality of life and increase the efficiency of governments and businesses. However, the technologies can also be disruptive, requiring recalibrations of the workforce and changes to existing…

Analysis

Smart solutions: Rapidly evolving technology presents opportunities to improve patient care and overcome challenges
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Across the Gulf public health authorities and private institutions are investing in smart technologies to improve patient care. Data collection, sharing and analysis, DNA-driven research on precision medicine, and distance consultation and diagnostics are already being implemented in some areas of the GCC. The region’s hydrocarbons wealth is also being used to support the latest research and the commercial development of solutions for both medical professionals and patients. Meanwhile,…