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Capital Markets

Saudi Arabia’s Vision 2030 faces its biggest test

The Gulf’s largest economy is facing unprecedented challenges from the coronavirus Covid-19 and oil at $30 a barrel. Has diversification under Vision 2030 done enough to help Saudi Arabia weather the storm or will it be forced to abandon its dreams of diversification?

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Saudi Arabia has announced SAR120 billion ($32 billion) of stimulus to support its economy as it looks to fight Covid-19, but the impact of lower oil prices means it is also having to announce emergency spending cuts and increase its deficits to pay for them.

Minister of finance Mohammed Al-Jadaan unveiled on Friday SAR70 billion of new initiatives to help the private sector, in particularly SMEs, taking the official response stimulus up to SAR120 billion.




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