TAG: Saudi Arabia
Like other countries in the GCC, Saudi Arabia is undergoing a period of deep economic transformation aimed at easing the pressure on government revenues imposed by a sustained period of low oil prices, while also increasing the contribution of non-oil industries to the national economy. To this end, the government has launched Vision 2030, a long-term policy plan focused on modernising the public sector, developing the country’s human capital and opening up to greater foreign investment.
On Tuesday's (04/10/16) newspaper review with BBC World News, OBG managing editor Oliver Cornock discusses the deterioration in diplomatic relations between the US and Russia, and the economic uncertainty driven by the emergency rule extension in Turkey with the Turkish Lira dropping further. The review also covers the story on the US congress overturning Obama’s 9/11 veto bill, and more.
Oliver Cornock shares his views on economic factors leading to the Saudi Bond issue and why the kingdom is tapping into international debt markets.