Economy
From The Report: Saudi Arabia 2023
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Saudi Arabia, started 2023 with its most rapid economic expansion in over a decade, outpacing the growth of its G20 peers despite global economic challenges. The Kingdom benefitted from higher energy prices amid Russia’s invasion of Ukraine, elevating oil sector activity by 15.4% during the year. This boost led to a fiscal surplus, offering flexibility for diversification efforts and non-oil sector growth. Saudi Arabia continues to be a vibrant destination for business, attracting both major corporations collaborating with government entities and smaller firms benefitting from private sector expansion. While dynamics of the global energy market still influence Saudi Arabia’s economy, non-oil sectors play an increasingly pivotal role in driving overall growth. With Vision 2030 guiding the way, the country is balancing tradition with innovation – presenting opportunities for companies of all sizes.
This chapter contains interviews with Mohannad Basodan, CEO, National Center for Privatization & PPP; Meshaal bin Omairh, Group CEO, Abdullah Al Othaim Investment; and Fahad Al Jubeir, Mayor, Eastern Province Municipality.