GCC countries have long appreciated the importance of education for their sustained development. However, the sector, and higher education in particular, has risen as a priority over the past decade with the launch of ambitious economic diversification plans across the region. These strategies seek to harness the potential of the GCC’s...
Home to an estimated 15% 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 globally as well. Since its establishment in September 1932, the Kingdom has poured its considerable financial resources into a series of large-scale economic development, diversification...
A welcome improvement was seen in the Kingdom’s economic fortune in 2018, with GDP growth of 1.2% in the first quarter marking the first expansion of the national economy after five consecutive quarters of contraction. Overall, the economy grew by 2.2% for the year, compared to a contraction of 0.7% in 2017. Firming oil prices have enabled the...
To support the government in achieving the objectives laid out in Vision 2030, the Council of Economic Affairs and Development (CEAD) has formulated 12 Vision Realisation Programmes (VRPs). One of the most important of them, the Quality of Life Programme 2020, was launched in May 2018, giving Saudis an overview of the scale of social and...
Saudi Arabia’s budget for 2019 set a record-high expenditure level of SR1.11trn ($295.9bn), a rise of SR76bn ($20.3bn) over the previous year. The expansionary stance means the government is able to boost its current spending, which rose by 4% to SR860bn ($229.3bn), and thereby maintain its commitment to education, health care and social...
While firming oil prices have allowed Saudi Arabia to boost state spending, energise the economy and narrow the fiscal deficit in 2018, the Kingdom’s longterm strategy is built on driving growth through private sector activity rather than the public purse. Attracting sufficient levels of investment to bring about this change in economic model...
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