Saudi Vision 2030 comes at critical time, says Jadwa Investment

05/05/2016 Argaam

Saudi Arabia would have continued to incur deficits of around SAR 200 billion over the next 15 years, if it had not implemented fiscal and economic reforms, Jadwa Investment said in a new report.

 

The report, which ran a hypothetical scenario of the government taking no action, found that the kingdom's reserves would have dropped to SAR 375 billion as a result, causing the general debt to rise to SAR 2.7 trillion.

 

The scenario assumes that Brent oil price will recover gradually to $102 per barrel by 2030. Current spending and non-oil revenues will continue with the same growth of the past ten years, along with capital spending cuts.

 

“We therefore think that this Vision, with its emphasis on untapped opportunities, core capabilities, and need for economic prosperity comes at a critical juncture for the Kingdom,” said Jadwa. 

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