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