Country Profile
From The Report: Saudi Arabia 2022
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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 invest 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 place under the auspices of the Vision 2030 development plan, and the scale of giga-projects being developed across the country in support of emerging economic sectors such as tourism, entertainment and green technologies.

Articles from this Chapter

Overview

Evolving framework: Strategic reform and energy initiatives promise increased diversification as the Kingdom attracts new investment
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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 Arabia has attracted international attention for the momentum of its socio-economic transformation taking place under the auspices of…

Analysis

Winds of change: Social and economic reforms seek to generate prosperity for the dynamic and increasingly active younger generations
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Vision 2030 was launched in 2016 with the aim of renewing the social contract between the long-ruling Al Saud family and various segments of society, as well as addressing fiscal imbalances resulting from a reliance on oil revenue, low labour force participation rates and generous social benefits. Some of Vision 2030’s primary objectives were to spur job creation for Saudi nationals; bolster the economic contribution of the private sector; diversify the economy; and catalyse investment in sectors…

Analysis

Regional ties: Bilateral trade talks between the UK and the GCC are set to boost renewable energy and food security in the bloc
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In June 2022 the UK and the GCC officially launched negotiations for a comprehensive trade deal to reduce or remove tariffs on a series of goods and services. Anne-Marie Trevelyan, former UK secretary of trade, met with Nayef Falah Al Hajraf, the GCC secretary-general, and representatives from the six GCC countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. Energising Renewables The deal is expected to have a significant impact, helping Gulf countries diversify their energy sectors…