As one of the biggest banking sectors by assets in the MENA region, Saudi Arabia has been something of a sleeping giant in recent years. Economic uncertainty and the effects of low international oil prices have seen both muted lending growth and deposit acquisition, while economic reforms have led to more market uncertainty. The Kingdom’s lenders have, however, remained profitable throughout...
Saudi Arabia
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Chapter | Trade & Investment from The Report: Saudi Arabia 2019
Firming oil prices have brought about an improvement in Saudi Arabia’s trade balance in 2018. The government’s longer-term ambition, however, is to protect itself from the uncertainty of the energy market by diversifying the export base away from hydrocarbons. The Kingdom’s newly formulated economic strategy also aims to boost foreign investment, thereby reducing the economy’s dependence on...
A welcome improvement was seen in the Kingdom’s economic fortunes 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 government to produce two record-breaking budgets...
Chapter | Country Profile from The Report: Saudi Arabia 2019
Saudi Arabia is the largest country in the Middle East and the 13th-largest nation in the world, with an area of approximately 2.15m sq km, covering 80% of the Arabian Peninsula. 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 both regionally and globally. Established in September 1932, in recent years the Kingdom...
Home to an estimated 15% of the world’s proven oil reserves and the single-largest economy in MENA, Saudi Arabia is a key regional and global player. The Vision 2030 blueprint sets out regulatory, budget and social reforms that will be implemented over the coming decade as the nation sets about curbing its reliance on crude oil production and export, which accounted for 43.5% of GDP in 2018.
Changing labour market trends, in part a result of efforts to boost the number of domestic citizens in the workforce, are shifting Saudi Arabia’s economy and the retail sector in particular.