Vision 2030 of Saudi Arabia: will falling oil prices derail big plans?
Saudi Arabia, whose economy relies heavily on exporting hydrocarbons, is currently facing double-headed challenge: on one hand, it has to boost revenue from selling crude oil that accounts for 70% of the former, despite the sale of the latter being on decline; on the other hand, it still has to fund the highly ambitious projects, an integral part of the Kingdom's 2030 vision. Since the twin approaches are the two sides of the same coin, Saudi Arabia has been forced to walk the tightrope, while staring into an abyss of fast-evolving challenges that lie underneath, some of which could be critical unless handled strategically. The decision by the OPEC+, OPEC plus Russia, not to reverse the production cuts, despite promising to do so in June this year, is a case in point; it was Saudi Arabia, the de facto leader of the organization, that was instrumental in making the decision, while overruling the obvious concerns of some members as if it was completely amicable. It goes without s
