As you’d expect, the Saudi economy is still dominated by the Oil and Gas industry, with 72.5% of government revenues and 78.5% of all exports coming from the sector. The Vision 2030 plan is built around diversification away from this “addiction to oil” as MBS described it and increasing the participation of the private sector in Government projects. This diversification is and will continue providing opportunities for forward-looking businesses who wish to target emerging markets.
KSA has a relatively bloated public sector which is acknowledged internally as unsustainable- hence the drive for more private sector involvement. The private sector is dominated by large, entrenched family businesses that are clustered in key industrial sectors including Oil & Gas, Infrastructure, Transportation and FMCG. The SME component is under-developed and has been made a core area of focus within the Vision 2030 plan and National Transformation Plan 2020.