Prince Mohammed (far right) at the 2019 G20 Osaka summit
More bad signs for MbS
Sub-$60/bl Brent, a rising budget deficit, soft foreign direct investment and subdued growth in the non-oil sector all drag on Vision 2030
Saudi Arabia's crown prince Mohammad Bin Salman, or MbS, as he is known, has made his Vision 2030 programme to modernise the Saudi Arabian economy by reducing oil dependency a flagship policy. But recent developments suggest the headwinds it is facing are growing stronger, rather than the promised transformation growing any momentum. Currently, oil and gas sales account for 30pc of Saudi GDP, government consumption and investment— including government stimulus and petrochemical investment—account for around 34pc, while just 36pc is contributed by the private sector. Under Vision 2030, the aim is to raise the share of private non-oil revenues to 65pc by 2030. For that to happen, non-oil priva
Also in this section
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
