Saudi Arabia is about to enter a critical period. In question is whether the modernizers will be able to sustain the drive towards a market-oriented, private-sector-driven economy favourable to foreign investment or whether the kingdom will remain inward-looking and government-dominated.
The evidence at present is finely balanced but the consensus among western and Saudi bankers is that ultimately the government has little choice. It needs foreign investment to provide a significant proportion of the $175 billion required in the next 20 years to meet the country’s power and water needs and it needs the private sector to provide jobs for young Saudis.
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