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Saudi Arabia, the world’s biggest oil exporter, is hugely exposed to the transition away from oil. With nearly 35 million people and a large young population with high expectations, Riyadh is in a race against time to diversify the kingdom’s economy and to create jobs and opportunities for young Saudis.
Over the past five years, the Public Investment Fund (PIF) has emerged to lead the transformation of the Saudi economy.
PIF’s latest five-year plan, unveiled in February, aims to increase the value of its assets under management to $1.1tn by 2025, and $2tn by 2030, up from an estimated $400bn today. The plan also involves an estimated $3tn of investments by 2030.
Within 10 years, if all goes to plan, Saudi Arabia will be unrecognisable. The capital Riyadh will have doubled in size, becoming a city of 15 million people; a $500bn futuristic city will have been built out of the desert in the northeast at Neom; and these sprawling cities will be joined by a raft of specialised gigaprojects completed across the kingdom.
The March 2021 issue of MEED Business Review shines the spotlight on Riyadh's great transformer as PIF powers up.
This month's exclusive 17-page Market Focus, meanwhile, offers a comprehensive look at Saudi Arabia's key sectors, including banking, upstream oil and gas, downstream, power and water, and construction.
Keeping the focus on the kingdom, guest writer Yazaid al-Salloom, CEO of Standard Chartered Bank Saudi, discusses how the country's economic growth journey and expanding privatisation and foreign investment ambitions will demand unprecedented capital flows, with opportunities for investors in attractive sectors such as healthcare, education, entertainment and infrastructure that were previously the domain of public sector funding.
Must-read sections in the March 2021 edition of MEED Business Review include:
> AGENDA: Riyadh’s great transformer
> SPECIAL REPORT: Saudi Arabia wrestles with its bottom line
> LABOUR LAW: Gulf states advance labour law reforms
> UNCONVENTIONAL ENERGY REPORT: Region makes unconventional strides
> TECHNOLOGY: UK-Gulf relations ripe for green tech collaboration
> LEADERSHIP: Unlocking Saudi’s diversification opportunities
> ROAD TO EXPO: Equipping healthcare for future resilience
> GULF PROJECTS INDEX: Gulf projects index declines in February
> CONTRACT AWARDS: Middle East contract awards: January 2021
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
We hope you find the March 2021 edition of MEED Business Review informative.
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