Benefitting greatly from rising oil prices and production over the last decade, Saudi Arabia has used its sizeable revenues to build up strong external buffers and drive GDP growth through extensive spending programmes. The decline in oil prices that began in mid-2014, however, has significantly lowered export revenues and brought the era of...
Since Saudi Arabia began reducing its domestic wheat production in 2008, the issue of food security has been high on the agenda for GCC governments. The Kingdom, which was once self-sufficient in the grain and even exported to the wider region, recognised a fact that is true across the whole of the Arabian Peninsula: it is running out of water...
Public sector salary cuts and subsidy reductions will play an important part in Saudi Arabia’s effort to close its fiscal gap. However, much attention is also being paid to the other side of the ledger, where a series of tax proposals offer a route to new revenue streams for the government. Historically, taxation has only played a small role...
All success stories start with a vision, and successful visions are based on strong pillars. The first pillar of Saudi Arabia’s Vision 2030 is our status as the heart of the Arab and Islamic worlds. We recognise that Allah the Almighty has bestowed on our lands a gift more precious than oil. Our Kingdom is the land of the Two Holy Mosques, the...
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