Saudi Calls For Dreamers To Radically Reshape Economy

27 Oct 2017 Issue: 60 / 43

Saudi Arabia held its ‘Davos in The Desert’ this week, announcing a host of multi-billion-dollar initiatives designed to transform its economy. With major question marks over the viability of the headline projects, will investors stump up the cash?

Saudi Arabia’s Public Investment Fund (PIF) this week unveiled its first ever business plan, an extraordinarily ambitious roadmap aimed at overhauling the Saudi economy and reducing its dependence on oil revenue under the kingdom’s Saudi Vision 2030. To even come close to pulling it off would be a major achievement, but how much of it is achievable?

With projects totaling hundreds of billions of dollars, major foreign investment is required. To this end, Crown Prince Muhammad bin Salman’s pledge that the kingdom is set to embrace a more moderate form of Islam is essential. But while eye-catchingly futuristic plans with expedited timeframes are good for generating headlines, potential investors will want realistic sightlines for a return on their investments. (CONTINUED - 1624 WORDS)