In the nearly three years since Vision 2030 was launched, Saudi Arabia has made great strides towards developing and diversifying its economy. Many sectors and government institutions have been restructured and upgraded, and economic and social reforms have been implemented across the board, notably in the cultural, entertainment and sporting...
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...
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...
With both economic diversification plans under way across the region, GCC states are seeking to bolster trade relations with countries across the world and draw in foreign investment. Regional governments have found a willing partner in China, which is seeking to expand its trade and investment presence on the Eurasian continent, as...
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...
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...
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