OBG report focuses on Saudi developments
Dubai, January 30, 2012
The massive investment Saudi Arabia is making in major developments across the sectors of its economy, including housing, transport and oil refinery projects, is given wide-ranging coverage in a new report published by Oxford Business Group (OBG).
Titled “The Report: Saudi Arabia 2012”, it provides in-depth analysis of the kingdom’s spending initiatives under the Ninth Development Plan (2010 to 14) which is expected to generate solid, short-term growth.
It also considers Saudi’s shift to an emphasis on downstream, value-added activity and its plans to increase petrochemicals production within the oil sector.
The publication, which marks OBG’s fifth year of operations in the kingdom, was launched at an event held at the Faisaliah Hotel in Riyadh on January 29, and was attended by a number of high-profile guests.
The report contains a contribution from the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud, together with a detailed, sector-by-sector guide for investors.
It provides a wide range of interviews with leading political, economic and business representatives, including former Minister of Economy and Planning, Khalid Al Gosaibi; Deputy Minister for Mineral Resources, Ministry of Petroleum and Mineral Resources, Sultan J Shawli; secretary-general of Riyadh Chamber of Commerce and Industry, Hussein Al Athel; and vice-chairman of Jeddah Chamber of Commerce and Industry, Mazen Batterjee.
International personalities, such as the Irish Minister of State, Department of Foreign Affairs and Trade with responsibility for trade and development, Jan O’Sullivan and the chairman and CEO of the Shell Companies in Saudi Arabia Michel Faure, also offer their views on Saudi’s economic development.
Produced in partnership with the Council of Saudi Chambers, Riyadh Chamber of Commerce and Industry, Jeddah Chamber of Commerce and Industry, Deutsche Bank, Deloitte and Baker Botts, OBG’s new report explores the potential for growth in Saudi Arabia’s banking sector, particularly in the retail segment.
It considers the prospects of a rise in consumer lending which the introduction of the planned mortgage law is expected to generate.
With major infrastructure projects under way across the regions, the report turns the spotlight on Jeddah where much of the city’s infrastructure has been upgraded to help accommodate its growing population.
It also includes wide-ranging coverage of the transport and infrastructure developments taking place in Makkah which are aimed at improving accessibility for tourists and pilgrims.
It charts the continuing growth in Saudi’s construction sector which has been boosted by increasing revenue streams and a growing population and considers the part that a royal decree to build half a million units should play in tackling a shortage in residential properties.
Regional editor Oliver Cornock said Saudi Arabia’s efforts to drive growth across the economy under the Ninth Development Plan were clearly bringing results, with downstream industries in particular benefitting from the expansion of petrochemicals production facilities.
“Our report also considers how the kingdom will manage a possible drop in oil prices prompted by a slowdown in US and EU markets,” he said.
OBG’s country director, Neslihan Aydagul, said that Saudi Arabia’s bid to diversify its economy was moving ahead at a fast pace, with the industrial sector, including steel and aluminium production, together with IT, making headway.
“Our partners have made a valuable contribution by sharing their local knowledge with our research team,” she said.
The Report: Saudi Arabia 2012 marks the culmination of more than ten months of field research by a team of analysts from OBG, assessing trends and developments across the economy, including macroeconomics, infrastructure, and banking. The report is available in print or online. – TradeArabia News Service
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