December 05, 2019
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As a result of the new economic realities brought about by reduced global oil prices and the resultant reduction in the oil export revenues of the Kingdom of Saudi Arabia, for so long the country’s economic lifeblood, there are many significant changes taking place in the Kingdom. In response to these new economic realities, “Saudi Vision 2030”, a wide-ranging privatization and economic reform program, was released in early 2016 and sets out a vision for repositioning the Kingdom’s economy away from its dependence on oil export revenues and Government spending.
Certain Ministries and government entities have been allocated key roles in the implementation of Saudi Vision 2030, and as part of the implementation of the Vision, the Government has undergone a major restructure (largely through down-sizing and consolidation of Ministries) with the aim of allocating resources more efficiently and streamlining decision-making.