Economy

As a member of the G20 and the world’s 17th-largest exporter, Saudi Arabia is an economic powerhouse. Classified as a high-income nation by the World Bank, its population of over 30m has established a consumer market in which domestic and global businesses have prospered. The exploitation of its hydrocarbons resources has driven growth for decades, and the nation’s trading status has been augmented by its geographic advantage as a connector of three continents as well as its proximity to the Red Sea – through which 10% of world trade travels. However, this period of low oil prices has presented a number of challenges, not just to Saudi Arabia but to economies across the region. Consequently, economic reform is taking place in many Gulf countries, and the long-standing goal of diversifying revenues away from hydrocarbons is more preeminent than ever.

This chapter contains interviews with Prince Turki bin Saud bin Mohammed Al Saud, President, King Abdulaziz City for Science and Technology; Abdullah Al Sagheir, Acting Governor, General Authority for Small and Medium Enterprises; and Ahmed S Al Rajhi, Chairman, Riyadh Chamber.