Featured by OBG
Saudi Arabia, the region’s largest economy, is progressing towards diversification under Vision 2030. The digital economy is a standout performer, contributing 14% of GDP, while government-led giga-projects open long-term opportunities across various sectors. Despite a dip in oil activities that reduced the current account surplus to 3.2% in 2023, tourism income surged by 38%, boosting the service trade surplus to a record high. The Kingdom’s economy is forecast to grow by 4.6% in 2025. Saudi Arabia offers a dynamic business environment, attracting both large corporations working with government entities and smaller companies leveraging private sector activity. Key sectors like banking, energy and construction are thriving, driven by strategic investment and reforms.
The collapse in oil prices has weighed on the Algerian economy, giving rise to twin deficits in the budget and current account. In mid-2016 the government introduced a bold medium-term plan that targets a balanced budget by 2020, alongside a new growth model with a strategy for economic development and diversification by 2030. These moves have coincided with the private sector playing a much stronger role in the economy.
2017 proved a turbulent year for Qatar, dominated by the diplomatic rift that emerged between the country and several other regional states in June 2017. However, Qatar has adapted quickly, with many in the local business community confident about the future.
With Africa’s largest economy and its biggest population, Nigeria is the continent’s heavyweight. The country has been blessed with resource-rich lands, areas of great agricultural fertility and favourable demographics, but it has also had its fair share of challenges.
After a number of challenging years, PNG is starting to hit its equilibrium point again. It has largely passed through the period of difficult adjustments, and now some balance has returned. A number of long-planned projects are progressing and new areas of opportunity are being explored.
As Kuwait’s economy continues to adjust to the new oil price environment the country’s government is pushing ahead with investment plans and reforms that promise to put the country on a sustainable growth path in the coming years.
