The Report: Saudi Arabia 2023

Situated at the crossroads of Europe, Asia and Africa, Saudi Arabia boasts deep historical and cultural roots predating the modern Kingdom's establishment in 1932. Since its initial oil discovery in 1938, Saudi Arabia has become the world's leading oil producer and the sole Arab member of the G20. Underpinned by substantial oil revenue - exemplified by a $161bn profit for national oil company, Aramco, in 2022 - the Kingdom is actively financing giga-projects and strategic investments, bolstering sectors such as tourism, manufacturing and mining. Vision 2030, a comprehensive socio-economic development blueprint, is driving this transformation, aiming to diversify the economy and modernise society. Amid the global energy transition and geopolitical uncertainties, Saudi Arabia remains steadfast in its commitment to prioritise non-oil sectors, enabling sustained growth.