OBG also charts Saudi Arabia’s economic performance before the arrival of Covid-19, which was marked by strong GDP growth and macroeconomic fundamentals relative to the G20. Here, it considers the part that sustained, broad-based investment and a strong government structure played in supporting the Kingdom’s efforts to cushion the impact of the virus on both its citizens and the economy, while positioning it for a swift recovery.
The report provides coverage of the measures that Sherbiny introduced to maintain business activity during the pandemic, which helped the domestic equipment and solutions provider deliver a strong year-to-date performance, despite the challenges it faced. In addition, it tracks the steps the firm is taking to align itself with changing market demand and Vision 2030, which will support both a localisation push under way in oil & gas and manufacturing, and facilitate greater export opportunities.
Majed Sherbiny, Chief Commercial and Operations Officer, Sherbiny, told OBG that the government’s ambition to create a diversified economy is also leading to numerous opportunities for investors, and a bright future awaits for all of those committed to Vision 2030.
“The pandemic has separated the strong and agile from the weak and rigid. The government has demonstrated strong support for the private sector in all aspects, especially small and medium-sized enterprises. Through this support, I believe they have secured the confidence of investors who witnessed unprecedented subsidies to sustain employment and financial stability,” Sherbiny added.
Jana Treeck, OBG’s Managing Director for the Middle East, said that Saudi Arabia looks set to withstand the economic shock of the pandemic better than most regional economies, buoyed by strong anticipated growth in both the oil and non-oil sectors.
“The IMF expects Saudi Arabia to rebound in 2021, with GDP forecast to reach 3.1%,” she said. “Oil is expected to spearhead the recovery. However, industry is not far behind in terms of growth and job creation, which reflects the Kingdom’s commitment to creating a more diversified economy and stronger private sector.”
The CRR on Saudi Arabia forms part of a series of tailored reports which the global research and advisory company is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of country-specific Covid-19 Economic Impact Assessment articles and interviews.
The CRR is now available to view and download at: https://oxfordbusinessgroup.com/blog/patrick-cooke/focus-reports/report-what-does-covid-19-pandemic-mean-saudi-industry
About Oxford Business Group
Oxford Business Group (OBG) is a global research and advisory company with a presence in over 30 countries, spanning the Middle East, Africa, Asia and the Americas. It is recognised internationally as a distinctive and respected provider of on-the-ground intelligence on world’s fastest-growing markets, termed The Yellow Slice, in reference to OBG’s corporate colour.
Through its range of products - Economic News and Views; OBG CEO Surveys; OBG Events and Conferences; Global Platform, which hosts exclusive video interviews; and The Report publications – as well as its Advisory division, OBG offers comprehensive and accurate analysis of macroeconomic and sector-level developments for sound investment opportunities and business decisions.
OBG provides business intelligence to its subscribers through multiple platforms, including its direct 6 million verified subscribers, Dow Jones Factiva subscribers, the Bloomberg Professional Services subscribers, Refinitiv’s (previously Thomson Reuters) Eikon subscribers and more.
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