ECONOMY

Reforms and changing demographics bringing new dynamism in Saudi Arabia

Reuters Images/Faisal Al Nasser
Reuters Images/Faisal Al Nasser
Reuters Images/Faisal Al Nasser
Saudi Arabia will be included in the MSCI Emerging Markets Index for the first time in June 2019
PHOTO

RIYADH — Most of the executives interviewed for the 2019 edition of the Business Barometer: KSA CEO Survey carried out by Oxford Business Group (OBG) were upbeat about the country’s long-term economic prospects, although they also acknowledged the severity of the current challenging global conditions.

As part of its survey on the economy, the global research and consultancy firm asked more than 100 C-suite executives from across Saudi Arabia’s industries a wide-ranging series of questions on a face-to-face basis aimed at gauging business sentiment.

More than four-fifths (82%) of business leaders interviewed said they were confident that the Kingdom would successfully achieve the targets laid out out in Vision 2030, KSA’s long-term plan to diversify the economy and reduce its dependence on oil.

Manufacturing was identified by interviewees as the sector most likely to drive non-oil growth in the short to medium term, chosen by 15% of respondents, closely followed by tourism (12%).

ZAWYA NEWSLETTERS

Get insights and exclusive content from the world of business and finance that you can trust, delivered to your inbox.

Subscribe to our newsletters: