The Middle East Economy

For many decades Saudi Arabia has built its financial reserves with the proceeds of oil exports, while its increasingly affluent consumers have established the country as a significant importer of goods and services. However, lower oil prices have eroded the Kingdom’s healthy trade surplus, reminding countries around the world of the...

In the third quarter of 2017, 13.76m people were registered as working in the Kingdom, according to the General Authority for Statistics, with Saudi citizens making up just over 3m of the total. Foreign nationals have accounted for the bulk of the workforce for decades, and can be found in all strata of the economy, from CEOs and white-collar...

Unveiled in October 2017, the Public Investment Fund (PIF) Programme 2018-20 is a development roadmap that aims to position the PIF as one of the world’s top sovereign wealth funds. Key objectives of the plan are to increase assets under management from $230bn to $400bn by 2020 and $2trn by 2030, and achieve average investment returns of 4-5%...

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.

For the nations of the GCC, the drop in oil prices highlighted something many already knew: there is a pressing need for economic diversification and to further engage with global partners across different markets. To this end, countries in the region have made efforts to expand their international role and reach in recent years, with trade...

DRESS: Qatari nationals often choose to wear the traditional clothing of the Gulf region. Foreign visitors and residents are expected to dress in a style that is sensitive to local culture, with conservative clothing recommended. Men generally wear long trousers and a shirt in public. Women’s public...