Prudent planning and massive reserves set aside during the oil price boom have ensured that Saudi Arabia can confidently push forward with its plans for economic expansion, according to a new report by Oxford Business Group (OBG).

The kingdom’s bullish bid to finance economic diversification and development, while simultaneously staving off the worst of the global downturn, is mapped out in the leading global publishing, research and consultancy firm’s highly-anticipated business guide, The Report: Saudi Arabia 2009.

Widely regarded as the most comprehensive English language report on the country’s investment and business opportunities to be published, the guide was launched yesterday in Riyadh.

OBG’s latest report includes a detailed, sector-by-sector guide for foreign investors, together with a wide range of viewpoints and interviews with the most prominent political, economic and business leaders, including King Abdullah bin Abdulaziz Al Saud.

The report gives extensive coverage to the long list of large-scale power and water projects that are earmarked for the hydrocarbons industry. There is in-depth analysis of how the anticipated increase in capacity will add to Saudi Arabia’s economic development and the interest that the projects are likely to generate among international companies.

As the kingdom continues its drive to diversify its economy, OBG’s new publication explores the developments already being witnessed in the country’s industrial sector. While petrochemicals and fertilisers continue to dominate, the report highlights a number of new players emerging in the export field, with particular emphasis on aluminium, steel and paper products.

OBG’s report looks in detail at the extensive, billion-dollar infrastructure projects planned for road, rail, air and sea networks which will give transport connections a major overhaul and bring a huge improvement in accessibility. The support that the government is offering to the construction and development of economic cities is also considered, together with the assistance being offered to SMEs.

The report highlights the significant number of public-private partnerships which are being sealed, reflecting the government’s bid to steer its economy in a new direction.

“The numerous infrastructure projects that the government has planned for the kingdom, coupled with the emerging non-oil sectors, will undoubtedly attract widespread interest from the worldwide business community,” said Oliver Cornock, OBG’s regional editor.-TradeArabia News Service