Cover of The Report: Saudi Arabia 2020

The Report: Saudi Arabia 2020

Saudi Arabia’s decision to weaken the link between hydrocarbons and economic growth, and pursue a policy of diversification has seen a wide range of projects come to fruition in the last several years. While at present the Covid-19 pandemic and the unprecedented plunge in oil prices are causing significant short-term uncertainty, the reforms that have been put in place in recent years should stand the Kingdom in good stead over the longer term.

Reforms and initiatives under Vision 2030 have led to an increasing number of international investors tapping into Saudi Arabia’s more open and streamlined business environment, with significant growth opportunities identified across a range of non-oil sectors. Indeed, this was reflected in Saudi Arabia being the most-improved country on the World Bank’s 2020 ease of doing business index. The energy sector continues to drive the bulk of economic growth, and 2019 proved a headline year for national oil giant Saudi Aramco following its record-breaking initial public offering. At the same time, the Kingdom is developing the Jafurah non-associated gas field, which promises to fuel power generation and industry once world economies bounce back from Covid-19. While 2019 brought much to celebrate, plans for sectors such as tourism have been put on hold in 2020, as authorities work to defend citizen health and the economy against the effects of Covid-19.

See also:

Focus Report: The Report: Medina 2020

 

 

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