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
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
