Riyadh: Efforts under way in Saudi Arabia to transform the economy by privatising several key state-owned entities and fostering new trade relations are explored in a new report from the global research and consultancy firm Oxford Business Group (OBG).
The Report: Saudi Arabia 2019 charts the latest developments in the Kingdom’s ongoing drive to diversify its oil revenues through a wide-ranging reform programme.
OBG’s report provides details of the move to lay the foundations for a new phase of industrial development by rolling out mega-projects for raw materials that are needed to construct new manufacturing plants. It also considers the key role earmarked for small and medium-sized enterprises in reshaping the economic landscape.
Other segments of the economy analysed include Saudi Arabia’s important defence and security industry which was allocated $78.4bn, or 27% of the total 2019 budget. The report shines a spotlight on the rising number of joint ventures and investment opportunities emerging in the industry, while also looking at the Kingdom’s plans to boost the volume of domestically produced hardware in the coming years.
Tourism and entertainment are two sectors set to play a significant part in supporting the Kingdom’s diversification efforts, steered forward by a pipeline of multibillion-dollar investment projects which range from resorts and hotels to cultural attractions. OBG’s report tracks the latest developments in the country’s ambitious plans to boost the number of arrivals from untapped source markets and also charts the various new entertainment offerings that have started to come online in the Kingdom. In addition the report shines a spotlight on the cities of Makkah and Medina, looking at moves to improve connectivity and transport links for pilgrims.
With oil and gas still expected to continue making a major contribution to the economy, OBG provides coverage of Saudi Arabia’s plans to boost downstream offerings, such as petrochemicals, while also diversifying the energy mix. In addition, it provides details of the planned new terminals which will help to boost energy exports.
The Report: Saudi Arabia 2019 contains a viewpoint by Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, together with a detailed sector-by-sector guide for investors.
It also features a wide range of interviews with other high-profile personalities, including: Prince Khalid bin Faisal Al Saud, Governor, Makkah Province; Ibrahim Al Omar, Governor, Saudi Arabian General Investment Authority; Ahmed Alkholifey, Governor, Saudi Arabian Monetary Authority; Andreas Schwer, CEO, Saudi Arabian Military Industries; and Amr Banaja, CEO, General Entertainment Authority.
Commenting ahead of the launch, OBG’s Editor-in-Chief Oliver Cornock said that Saudi Arabia’s transformation into a a more mature and diverse economy was accelerating, with record spending in 2019 expected to support new initiatives across the sectors.
“The shift from a public-sector-dominated economy to one where the private-sector is playing a much more prominent role is gaining pace on the back of the Kingdom’s reform programme,” he said. “While mega-projects are among the most visible signs of change, the increasing number of smaller-sized businesses and the higher numbers of Saudis entering the workforce, especially women, is equally significant.”
Managing Director for the Middle East, Jana Treeck, added that the creation of one of the world’s largest sovereign wealth funds from Saudi Arabia’s privatisation drive would support the Kingdom’s plans to continue investing in the infrastructure needed to attract international companies.
“New transport infrastructure and special economic zones are high on the list of projects being rolled out to tap higher levels of foreign and domestic investment,” Treeck said. “A draft public-private partnership law could also increase activity in the Kingdom by addressing key investor considerations.”
The Report: Saudi Arabia 2019 marks the culmination of more than 12 months of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the Kingdom, including those in macroeconomics, infrastructure, banking and others.
The Report: Saudi Arabia 2019 has been produced with the Riyadh Chamber of Commerce, the Jeddah Chamber of Commerce and the King Abdulaziz City for Science and Technology. Contributions have also been made by HSBC and KPMG. It is available online and in print.
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About Oxford Business Group
Oxford Business Group (OBG) is a global research and consultancy company with a presence in over 30 countries, from the Middle East, Africa and Asia to the Americas. A distinctive and respected provider of on-the-ground intelligence on over 30 of the world’s fastest growing markets for sound investment opportunities and business decisions.
Through its range of products - Economic News and Views, OBG Business Barometer - CEO Survey, OBG Events and Conferences, Global Platform - exclusive video interviews, The Report publications - and its Consultancy division, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments.
OBG provides business intelligence to its subscribers through multiple platforms, including its direct 6 million verified subscribers, over 1.2 million subscribers of Dow Jones Factiva, the Bloomberg Professional Services’ 325,000 subscribers, Refinitiv’s (previously Thomson Reuters) Eikon 300,000 subscribers, and more.
For more information, please contact:
Marc-André de Blois
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