Weaker energy prices and an ambitious reform programme aimed at increasing private sector participation in the economy were key themes of 2016 as Saudi Arabia accelerated efforts to diversify its economy.
Saudi Arabia Economy
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Recent changes to the terms and conditions of employment in Saudi Arabia’s civil service are expected to result in major budget savings; however, there are some concerns that the alterations could negatively affect the broader economy.
Reforms aimed at opening up Saudi Arabia to investment and encouraging private sector participation are moving forward, even as further details of the Kingdom’s long-term National Transformation Plan (NTP) have yet to be released.
Economic update | Saudi Arabia Year in Review 2015
24 Dec 2015
Falling oil revenues and an expanding budget deficit were the hallmarks of Saudi Arabia’s economic activity in 2015, as heavy investment in development projects widened the Kingdom’s spending gap.
Despite the turmoil in global energy markets, Saudi Arabia moved towards the end of 2014 with its economy having outperformed many in the region.
Plans for new regulations on direct foreign investment in the Saudi Arabian stock market have been outlined, setting out requirements and limits for oversees buyers seeking to buy into the region’s biggest exchange.