Reforms & Achievements

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SAUDI ARABIA’S REFORM JOURNEY

 

SAUDI ARABIA HAS EMBARKED ON A SUCCESSFUL REFORM JOURNEY TO ENHANCE ITS BUSINESS ENVIRONMENT

 

 

  • Enhancing the business environment for the private sector is among the top priorities laid down by Vision 2030. The Tayseer’s committee was established to pursue four main objectives:
  1. Increase efficiency of government services
  2. Position Saudi Arabia among the top 20 countries globally for doing business
  3. Implement regulations aimed at stimulating private sector growth
  4. Increase private sector engagement with direct involvement in decision-making
  • Broad and ambitious reforms, e.g. new regulation for trading across borders, judicial development policy and  procedures aimed at enhancing transparency, have  been already completed
  • More than one hundred additional reforms are in the pipeline for approval and implementation

 

 

RECOGNITION OF BUSINESS ENVIRONMENT ADVANCEMENT

  • Within two years, Saudi Arabia has implemented 45% of more than 300 economic reforms identified
  • Ranked 4th best reformer among the G20 countries by the World Bank in 2018, thanks to its serious commitment to improve regulations in crucial areas such as getting electricity, protection of minority investors, trading across borders and enforcing contracts
  • 39th most competitive economy according to the World Economic Forum’s Global Competitiveness ranking, especially praised for macroeconomic stability, market size, infrastructure and skills

 

 

POSITIVE MACROECONOMIC ENVIRONMENT

  • Solid growth of 1.8% in 2019 and 2.1% in 2020 projected by the IMF
  • Reduced reliance on oil fiscal revenues from 81% in 2015 to 67% in 2018
  • Budgeted for a 20% capital expenditure increase in 2019 to sustain economic growth
  • Maintained commitment to US dollar currency peg unchanged since 1986
  • Maintained commitment to US dollar currency peg unchanged since 1986

 

Sources: IMF, SAMA, MOF Budget 2019

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