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Country financeApril 24 2023

Oil boost complements Saudi Arabia’s economic reform agenda

Halfway through the country's Vision 2030 programme, Saudi Arabia has made significant progress in its economic reform programme. Yet efforts to further boost the private sector and attract foreign investment face stiff challenges. John Everington reports. 
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Oil boost complements Saudi Arabia’s economic reform agenda

April 2023 marked the seventh anniversary — and halfway mark — of Saudi Arabia’s ambitious Vision 2030 development programme, designed to modernise the country’s economy and end its reliance on oil revenues.

In an ironic twist, the milestone comes as the country enjoys its healthiest economic growth in more than a decade, benefiting from a surge in oil prices following Russia’s invasion of Ukraine.

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John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.
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