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THE REPORT Saudi Arabia 2020 THE REPORT Saudi Arabia 2020 ECONOMY ICT JEDDAH INDUSTRY UTILITIES CAPITAL MARKETS ENERGY BANKING ENTERTAINMENT TRANSPORT EDUCATION INTERVIEWS www.oxfordbusinessgroup.com SPECIAL EDITION KIICO 0 4 3 8 1 5 2 1 9 1 8 7 9 CONTENTS SAUDI ARABIA 2020 5 49 Privatisation push: Dedicated framework ISBN 978-1-912518-52-4 supports a more cooperative approach between Editor-in-Chief: Oliver Cornock the government and investors Regional Editor, Middle East: Billy 51 Interview: Anas Alfaris, President, King Abdulaziz FitzHerbert City for Science and Technology Editorial Managers: Alban Serin, Eduardo Brandi, Carlos Ortega 52 Interview: Saad bin Othman Al Kasabi, Governor, Saudi Standards, Metrology and Quality Group Managing Editor: Laura Nelson Chief Sub-Editor: Tim Owens Organisation Deputy Chief Sub-Editors: Jennifer 53 Regional leader: The Kingdom is set to play a key Ma, Kayla Moser Senior Sub-Editor: Dominic Mealy role in strengthening global cooperation and Senior Sub-Editor, Digital: John Gray coordination Writer and Editor, Digital: Alex Pichaloff 55 Tax liabilities: Impacts of the trend towards Sub-Editors: Kevin Mataraci, Teresa lower corporate tax rates on developed and Meoni, Morgan Soares-Astbury, Lizzie Staying on course developing economies Waymouth Analysts: Lloyd Belton, Jade Currie, Page 41 TRADE & INVESTMENT Tom Hill, Andy Peters, Charles Phillips Real GDP grew by 0.3% in 2019, down from 2.2% 58 Global partnerships: Government support for Head of Research: Susan Manoğlu Editorial Researchers: Kasia Kuğay, in 2018. While this is a muted performance by economic diversification is set to substantially Beatriz Trigueros historical standards, some areas of the econ- increase opportunities for investment Group Creative Director: Yonca Ergin omy showed great promise: non-oil GDP ex- 62 Improved inflows: New initiatives are enhancing Art Editors: Catherine Celeste, Zahra panded by 3.3% during the year, and non-oil the appeal of the Kingdom to international Rashid Junior Graphic Associate: Babylynne private sector growth hit 3.8%, a five-year high. investors B Cruz Although the first quarter of 2020 brought 63 Worldwide ambitions: The Kingdom has been Illustrations: Shi-ji Liang Additional Photography: SABIC, MDA the global spread of Covid-19, the Kingdom rapidly increasing its business footprint overseas - Shaker Samargandi held true to its long-term development goals through a variety of investments Logistics & Administration Manager: Burçin Ilgaz while taking mitigating short-term action. Logistics Executive Team Leader: BANKING Marly F Gimeno Logistics Associate: Will H Mamatra 67 Solid foundations: The banking industry enters a SNAPSHOT challenging 2020 with a sound base and strong 10 Saudi Arabia in brief regulatory framework 76 Local talent: The Kingdom is investing in financial COUNTRY PROFILE education and training to increase the number 15 Bright future: The Kingdom attracts of Saudis in high-ranking positions international attention as its Vision 2030 79 Interview: Ahmed Alkholifey, Governor, Saudi economic development plan continues to unfold Arabian Monetary Authority in the new decade 80 Interview: Tareq Al Sadhan, CEO, Riyad Bank 21 Viewpoint: Crown Prince Mohammed bin Salman 81 A swing in the balance: Following a bin Abdulaziz Al Saud retrenchment of overseas operations by 22 Interview: Prince Badr bin Abdullah bin numerous major banks, how are firms in Mohammed bin Farhan Al Saud, Minister of emerging markets responding? Culture 23 The place to meet: A pipeline of major CAPITAL MARKETS international events shines a spotlight on the 87 Major player: Ongoing efforts form part of Kingdom’s regional leadership and diversifying a national strategy to boost the Kingdom’s economy standing as a regional and global financial centre 25 Interview: Prince Faisal bin Salman bin Abdulaziz 91 Interview: Khalid Al Hussan, CEO, Saudi Stock Al Saud, Governor, Medina Province Exchange 27 Evolving strategies: GCC countries adapt to 92 Interview: Rajiv Shukla, CEO, HSBC Saudi Arabia the challenges and opportunities presented by rapidly advancing technologies ALTERNATIVE INVESTMENTS 30 Smart solutions: Rapidly evolving technology 94 Resilient options: A diverse investment presents opportunities to improve patient care landscape and improved regulatory framework and overcome challenges support sector expansion ECONOMY INSURANCE 41 Staying on course: The government holds steady 103 Poised for growth: New regulatory guidance to long-term goals, while mitigating the effects seeks to increase policy uptake and encourage of recent global economic challenges in the first foreign investment half of 2020 107 Premium protection: As the risk of data theft 48 Interview: Fahd Al Rasheed, President, Royal continues to rise, the cyberinsurance segment is Commission for Riyadh City poised for significant growth Bloomberg Terminal Research Homepage: OBGR‹GO› THE REPORT Saudi Arabia 2020 6 CONTENTS SAUDI ARABIA 2020 Chairman: Michael Benson-Colpi 153 Interview: Khaled Al Qureshi, CEO, Saudi Water Partnership Company Managing Director: Polina Virr 154 Solar powered: Diversifying the energy mix Regional Director, Middle East: Jana through solar and wind projects Treeck Country Directors: Esra Ayyildiz, Lucrezia Di Francesco INDUSTRY Project Coordinator: Leslie Pascual 159 Alternative engine: Industrial operations are Director of Field Development: pegged to drive future non-oil growth and Helena Alvarez-Vieitez provide attractive employment for citizens Field Operations & Systems Manager: 167 Interview: Bandar Alkhorayef, Minister of Christian L Sibayan Field Operations Associates: Industry and Mineral Resources Charmagne Loyola, Julie Anne 169 Blueprint for success: The National Industrial Septimo Development and Logistics Programme lays the For all editorial and advertising foundation for Saudi Arabia’s economic vision enquiries, please contact us at: Future in mind [email protected]. 171 Interview: Ibrahim Almojel, CEO, Saudi Industrial Page 128 To order a copy of this publication or Development Fund to enquire about your subscription, please contact us at: The energy sector remains the backbone of 172 Buried treasure: Mining clusters support [email protected]. the economy, with oil accounting for 77.3% of expansion, while new opportunities emerge for All rights reserved. No part of this export revenue and 27.4% of GDP in 2019. Oil private firms publication may be reproduced, was initially expected to account for approx- 174 Interview: Khalid Al Salem, Director-General, stored in a retrieval system or transmitted in any form by any means imately 63% of government revenue in the Saudi Authority for Industrial Cities and without the prior written permission 2020 budget, but the statement came before Technology Zones of Oxford Business Group. the steep decline in oil prices that began in 175 Chemical reaction: Domestic consolidation and While every effort has been made mid-February 2020 and the worldwide out- international partnerships provide support to to ensure the accuracy of the information contained in this book, break of Covid-19, which is significantly slowing the petrochemicals industry the authors and publisher accept no global growth and, therefore, energy demand. 177 Catalysed diversification: Industrial clusters are responsibility for any errors it may contain, or for any loss, financial or set to bring benefits to strategic segments otherwise, sustained by any person 179 New streams: Funding to industry is increased, using this publication. MAKKAH & MEDINA and extended to mining and mineral extraction Updates for the information provided 114 Expansion plans: The Hajj and Umrah pilgrimages in this volume can be found in Oxford Business Group’s ‘Economic Updates’ play key roles in economic growth SECURITY, AEROSPACE & DEFENCE service available via email or at 117 Interview: Fahad Albuliheshi, Mayor, Almadinah 183 System ready: Administrative reform and a focus www.oxfordbusinessgroup.com. Almunawarah Region; and CEO, Almadinah on local manufacturing capacity Region Development Authority 188 Forward march: A new framework for Bloomberg Terminal Research Homepage: 118 Appetite for wellness: Rising visitor numbers international contracts and domestic research OBGR‹GO› offer an avenue to promote medical tourism funding support military industry localisation JEDDAH ICT 121 Facing forward: Developments in transport, 193 Well connected: 5G and other innovative tourism and entertainment underscore the city’s technologies encourage sector growth investment opportunities 201 Interview: Prince Naif bin Sultan bin Mohammed 126 Interview: Mohammed Yousuf Naghi, Chairman bin Saud Al Kabeer, Chairman, Zain Saudi Arabia of the Board of Directors, Jeddah Chamber of 202 Regulated success: Oversight and organisational Commerce and Industry rehaul are aimed at jump-starting technological innovation and economic diversification ENERGY 204 In the cloud: Data centres emerge in the push 128 Future in mind: New projects and acquisitions at for localisation, as large-scale projects drive home and abroad are set to ensure sustainability next-generation innovation 134 Leader of the pack: The short-lived price war in 206 Secure access: The authorities work to enhance early 2020 showcased the global significance of cybersecurity due to evolving threats online the Kingdom’s domestic oil policy 136 Tap in: A new gas development is poised to TRANSPORT increase capacity and help meet demand 211 Smooth moves: The Kingdom leverages its
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