Share the article
twitter-iconcopy-link-iconprint-icon
share-icon
Middle EastMay 1 2019

Market keeps faith with Saudi commitment to reform

As Saudi Arabia moves towards its Vision 2030 goals, some government policies have hit the private sector they were designed to boost. Still, the business community remains optimistic that reform is inevitable, if slower than hoped. James King reports.
Share the article
twitter-iconcopy-link-iconprint-icon
share-icon

A coffee shop in one of Riyadh’s late-night malls offers a glimpse of the social and economic changes that are sweeping across Saudi Arabia. Liberally dressed Saudi twenty-somethings scroll through social media feeds on their iPhones and kick back as the basslines of Stromae, a Belgian hip-hop artist, reverberate across the room. Art works depicting feminist iconography and 1920s-style hedonism – painted by a local artist – adorn the walls in a floor-to-ceiling display.

Scenes of this kind would have been unthinkable in the capital just a few years ago. But Saudi Arabia is changing. Under the auspices of crown prince Mohammad bin Salman, the cultural fabric of the country is transforming; conservative orthodoxies hold less sway and the political, social and cultural centre of gravity now lies with a new generation of globally minded and progressive young Saudis. This constituency forms the bedrock of the crown prince’s support across the country.

To continue reading, join our community and benefit from

  • In-depth coverage across key markets
  • Comments from financial leaders and policymakers worldwide
  • Regional/country bank rankings and awards
Activate your free trial