Decreasing Saudi Arabia's reliance on oil revenues could include the introduction of VAT and so-called sin taxes, increasing religious tourism and securing major investments to build education, transport, and healthcare sectors.

Other issues under consideration include the partial privatisation of selected state assets - including Saudi Aramco - and better utilisation of state-owned real estate, with all these issues and many more to be discussed at the forthcoming Gulf Competitiveness Forum (GCF), to be held at the Four Seasons Hotel in Riyadh from January 24 to 26.

"The kingdom has been successfully diversifying its economy over the past decade, with non-oil revenues increasing by 29 per cent this year alone," said Abdullatif Al-Othman, governor of the Saudi Arabia General Investment Authority (SAGIA).

“However, falling oil prices mean that we have to accelerate those efforts, which we are doing by focusing on the industry sectors that can make the greatest contribution in terms of job creation, economic diversification and localization of products and content,” he said.

Reform measures already implemented include cutting fuel and electricity subsidies, and cost reduction measures introduced across the public sector.

The country's new and growing mining industry is another key focus for boosting non-oil income. Saudi Arabia has successfully developed a mine-to-market value chain for aluminium, boasting among the lowest production costs in the world, is blessed with significant phosphate deposits, and has an estimated six per cent of world uranium reserves.

"The kingdom's commitment to economic reform is very much a recognition of changed realities, but it is also an acknowledgement of new and exciting opportunities for both investors and Saudi Arabia. The GCF provides the perfect platform to discuss these issues openly and transparently, and share best practices with global experts," said Al-Othman. – TradeArabia News Service