The Middle East

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Russia’s invasion of Ukraine in February 2022 caused disruptions across the global economy, from food to energy, and prompted an increase in the number and sophistication of cyberattacks – exacerbating similar impacts from the Covid-19 pandemic.

Saudi Arabia’s defence expenditure was the sixth highest worldwide in 2021, behind the US, China, India, Russia and the UK. The localisation of industry, and enhanced research and development (R&D) are core to Vision 2030, the government’s long-term blueprint for development. Given the defence sector’s traditional prominence in the annual budget, it is among the areas...

The expansion of Saudi Arabia’s industrial sector is a core part of the Vision 2030 strategy to diversify the economy and reduce reliance on hydrocarbons revenue. Industry has been targeted as a driver of future non-oil growth and job creation. Expansion plans are under way for the country’s main strategic industrial segments: oil and gas; petrochemicals; and mining, a...

With Russia’s invasion of Ukraine reigniting debate about the pace of the energy transition and the risks of relying on oil and gas imports from countries with opposing agendas, discussion in the Gulf is framed around how to extract maximum benefit from hydrocarbons while also playing a responsible role in efforts to both mitigate climate change and maintain stability in...

Saudi Arabia is seeking to attract SR637.7bn ($170bn) worth of investment in the mining industry by 2030 to help the country capitalise on its wealth of mineral resources, the total value of which is estimated to exceed SR4.88trn ($1.3trn), according to figures from the government. Global demand for minerals is likely to increase as the energy transition accelerates, with...

Vision 2030 was launched in 2016 with the aim of renewing the social contract between the long-ruling Al Saud family and various segments of society, as well as addressing fiscal imbalances resulting from a reliance on oil revenue, low labour force participation rates and generous social benefits.

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