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February 2023

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ECONOMIC TRENDS



 

Purchasing activity has increased and supply chains continued to show signs of improvement, underlining the non-oil sector’s robust performance.


PETROCHEMICALS



 

Development of energy-efficient facilities will help major players meet increasing need for petrochemical products worldwide, while minimising the industry’s carbon footprint.

HOUSING PROGRAM



 

Making homeownership accessible to all its citizens is an important commitment in the government’s Vision 2030 plan.

FOOD SECURITY



 

Localising food production and processing will solve the country’s supply chain needs, allowing it to feed its citizens and residents sustainably.


SME



 

Technology-centric small businesses are in vogue, receiving a significant size of fresh investments and helping to position the kingdom as one of the GCC’s most sought-after start-up destinations.



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 IN THIS EDITION

With the kingdom in the midst of a transformative change, and public and private entities investing heavily in innovation, new technologies, and nascent sectors, it is time for some “moonshots”.

Moonshots are challenges that are extremely difficult to solve but can be transformative if they are surmounted. According to management consultancy PricewaterhouseCoopers (PwC), Saudi Arabia and other Middle Eastern nations should continue to invest in ambitious projects that can change the region’s prospects in a positive way 

Almost on cue, the Saudi government announced its decision to send the kingdom’s first female astronaut and a male astronaut to the International Space Station (ISS) during the second quarter of 2023 – a gender balanced astronaut team. Astronaut Rayyanah Barnawi the first female Saudi astronaut to go into space and Ali AlQarni will join the crew of the AX-2 space mission, aimed at training Saudi astronauts and boosting Saudi Space Commission’s space exploration ambitions.

The Saudi government is aiming at moonshots elsewhere in the economy too. PwC identifies Saudi Vision 2030 as an example of bold thinking in pursuit of a technology-fuelled future, one that will transform regional economies into efficient, knowledge-driven engines of prosperity.

But more can be done. The report identifies five major challenges that need to be addressed for the countries in the region to eradicate major growth barriers. These include redefining the economy, reducing social inequalities, building cognitive net-positive cities by 2040, provide adequate nutritional resources for every person in MENA countries, while preserving natural resources, and enabling every person to lead a healthier life and live five years longer.

Each of these challenges can unlock new business and investment opportunities, improve the standard of living of citizens, especially if it is done collaboratively across countries and sectors.

It would represent a new kind of regional governance model — one that deepens and goes beyond existing cross-border collaboration (such as the Arab Space Discovery Program and the Middle East Green Initiative), PwC noted.

“Moving past sectoral and national silos would enable Moonshot MENA to make the most of each country’s competitive advantage, create a larger and more diverse resource pool, and pool the risk of moonshot missions. At the same time, collective action toward an audacious goal can contribute to a sense of regional pride and help secure the future of the Middle East.” 
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