CAST your mind back four years. Donald Trump was yet to formally launch his presidential campaign. The ink on the Iran nuclear deal was still drying, and oil had just plunged to $26 a barrel.
Against this background, in a rare press conference, Saudi Arabia’s Crown Prince, Mohammed bin Salman bin Abdulaziz unveiled Vision 2030, an ambitious plan to end the kingdom’s “addiction” to oil, and transform it into a global investment power.
The promise of an Aramco IPO grabbed most headlines, but equally important were the hundreds of reforms designed to boost foreign direct investment (FDI) to 5.7 per cent of GDP by 2030.
A few months later, the International Monetary Fund (IMF) “welcomed the [Saudi] authorities’ timely response” to the decline in oil prices, and supported their plan to increase the role of the private sector in the economy by focusing on privatisation and public-private partnerships, improve the business environment, develop local capital markets, encourage FDI, and support small and medium enterprises.”
Since the unveiling of Vision 2030, the speed and scope of change in Saudi Arabia has been extraordinary. The combination of economic and social reforms have led to cinemas opening, women driving and K-pop stars performing in packed venues. The Crown Prince has announced several seaside giga-projects, opened up the kingdom’s tourism sector with an easy e-visa, and invited the world’s best sportsmen and women to compete in events as varied as golf, women’s wrestling and Formula E racing.
The question remains whether all this fanfare translates into foreign investment. The official figures certainly seem to indicate that they do.
This story is from the March 2020 edition of Gulf Business.
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This story is from the March 2020 edition of Gulf Business.
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