Saudi Arabia: Defying the Downturn
Cover Story
Defying the downturn: Saudi Arabia in 2009 and beyond
In the coming years, Saudi Arabia will cement its position as the Middle East’s economic powerhouse. Not simply because of its size, although this is a key factor, but also because of a series of far-sighted reforms introduced in recent years by King Abdullah bin Abdulaziz al-Saud.
Rest of Supplement
Aramco seeks to slash costs
Tumbling raw materials prices have given the state energy giant an opportunity to negotiate cheaper deals on its refinery projects to ensure they go ahead on schedule.
Third Saudi mobile operator makes it mark
A reduced roaming call price offer from new arrival Zain has sparked fierce competition between the kingdom’s telecoms licence holders.
Riyadh targets domestic tourism
While religious visitors remain the backbone of the Saudi tourism industry, the government is investing in an ambitious infrastructure building programme to encourage nationals to holiday in the kingdom.
Riyadh tackles rising demand for power and water
With a growing population and ageing power plants, the kingdom urgently needs to build additional capacity. Its willingness to consider a range of financing options suggests it will be successful.
Contractors face up to a new reality in Saudi Arabia
While the kingdom is expected to provide a source of work for construction firms despite the slowdown elsewhere in the Gulf, the lower profits margins available from retendered projects are causing concern.
Saudi housing demand set to increase pressure
A planned mortgage law will be crucial in helping the kingdom meet its predicted rapid growth in demand for homes.
Saudi banks weather the downturn
The Saudi central bank’s economic prudence is paying off, with the sector in a strong position.
Saudi petrochemicals producers keep projects on track
With access to cheap feedstock giving Saudi petrochemicals firms an advantage over their international rivals, plans to develop a series of major ventures will go ahead despite the global economic downturn.
Reserves offer Riyadh a platform for growth
The massive oil revenues earned in recent years will enable Riyadh to support industrial development.
Riyadh adapts to the Obama era
When Saudi Arabia’s King Abdullah bin Abdulaziz al-Saud told the world that the seven-year-old Arab peace initiative could not remain on the table indefinitely, his announcement could not have been better timed.
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