Saudi Arabia’s economic reform

Saudi Deputy Crown Prince Mohammed bin Salman speaks to Gulf Cooperation Council defense ministers in Riyadh
Spearheading the Saudi economic reforms is Deputy Crown Prince Mohammed bin Salman, seen here at a meeting of Gulf defense ministers in Riyadh (source: dpa)
  • Oil price volatility has been traditional spur to failed Saudi reforms
  • This time climate change and demographic pressure make changes more urgent
  • Sale of Saudi Aramco stake may be less effective than opening market to oil majors

Saudi Arabia is once again keeping analysts busy worldwide. This time attention has been drawn by an audacious economic reform rather than by oil policy, although the two are closely intertwined. Some of the development strategy’s goals are not new and others are probably unattainable, but there seems to be a stronger will to proceed today than in the past decades. The journey will not be quick, easy or cheap.

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