The Oil & Gas Year Saudi Arabia 2020

Book excerpt: “The investment climate in Saudi Arabia has become increasingly conducive for local and foreign investors.” Abdulhakim H. Al Khalid, Chairman, Asharqia Chamber of Commerce The Oil & Gas Year Saudi Arabia 2020 charts the transformation of a key oil producer as it pursues wide-reaching plans to diversify the economy away from oil and develop new and varied economic activities. These include increasing non-oil government revenue from USD 43.5 billion to USD 266.6 billion and growing the private sector’s contribution to GDP from 40% to 65%, among other reforms. “The kingdom has seen a tremendous transformation over the last three to four years. We are seeing a positive impact of this transformation on our business.” Tareq Al Nuaim, president and CEO, Luberef As part of its Vision 2030, the government has been establishing partnerships and channelling local and foreign investment into a flurry of domestic projects, from digitisation and automation programmes to research centres, manufacturing hubs and smart cities. This fifth edition of The Oil & Gas Year Saudi Arabia series provides insight to investors and companies looking at strategic opportunities in the country, at a time when Saudi Arabia is experiencing a transformation to a more diverse and technology-driven hydrocarbons industry.