Key areas for Saudi economic reform

On Monday, Saudi Arabia launched a national industrial development and logistics program, hoping to attract more than $426 billion in investment by 2030 in order to diversify its economy. As part of "Vision 2030", the program is aimed at building the Middle East country into a leading industrial power and logistics hub in the world, by promoting industrial upgrading and integrated development of the industrial, mining, energy and logistics sectors.

Dependence on oil revenue main problem

The kingdom's economy is heavily dependent on oil revenue. However, due to the continuous decline in international oil prices in recent years, it has been hit by a huge fiscal deficit and its foreign exchange reserves have dropped.