The foundations for a major overhaul of the economy were laid during 2017, with the Saudi government taking steps to privatise key state assets and stimulate investment, as part of plans to diversify the economy away from a reliance on hydrocarbons revenues.
The government’s recently defined youth employment targets come at a time when the issue has never been more pressing. According to the General Authority for Statistics, the total employment rate in the Kingdom was 94.2% as of the third quarter of 2017, while the employment rate for Saudis was 87.2%. Worryingly, however, youth unemployment has...
According to Vision 2030, the expansion of private sector activity is a key strategic objective of the Ministry of Economy and Planning, which has been charged with creating “an attractive environment for both local and international investors, and enhancing their confidence in our economy”. More specifically, government bodies such as the...
With Vision 2030 and the National Transformation Programme (NTP) already in place, Saudi citizens, businesses and economic observers are keen to see how the government will adjust its expenditure and revenue streams to meet its newly established goals under the Fiscal Balance Programme (FBP) announced in early 2017. The FBP outlines the ways...
The number of sovereign wealth funds (SWFs) operating in the GCC has grown significantly in the last decade. The value of these SWFs – created to invest and manage the huge sums flowing into the region from hydrocarbons sales – stood at $2.9trn in March 2017, according to the Sovereign Wealth Fund Institute (SWFI), reflecting 38.5% of the...
Home to an estimated 15.7% of the world’s proven oil reserves and the single largest economy in MENA, Saudi Arabia is a key player not only in the region, but also globally. Since its establishment in September 1932, the Kingdom has poured its considerable resources into a series of large-scale economic development, diversification and...
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