Based on an analysis of the political, economic, and social factors governing the Kingdom of Saudi Arabia (KSA), this study provides a comprehensive understanding of the past, present, and future economic scenarios in the country. With a fairly stable political situation, Saudi Arabia is the largest economy in the Arab world, ranking second-highest in oil reserves worldwide. However, the recent attacks on its oil-producing facilities and the ongoing Houthi conflict in Yemen have had an impact on the country’s foreign relations and trade. The study examines the social and technological trends along with the legal and environmental factors that surround the business environment in the country. It also discusses the measures adopted by the government to reel the Saudi economy from 2017 global financial crisis and the economic outlook till 2024.
The government has prioritized economic diversification to decrease the country’s dependency on oil. It is focusing on strengthening private sector growth, investing in infrastructure development and increasing non-oil exports, all of which are creating substantial investment and growth opportunities in the KSA. The study presents a detailed discussion on specific industries such as ICT, healthcare, renewable energy, and tourism and the initiatives adopted by the Saudi government to promote investment and growth in these areas. It also provides an in-depth analysis of the current scenario in these industries, highlighting the factors that can contribute to their prospective growth. The study further identifies other potentially lucrative sectors of investment that can drive revenue generation and boost the country’s overall growth prospects.
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Executive Summary
