Saudi Arabia’s presence at the recent G20 summit in London proved that it’s now one of the world’s wealthiest countries in terms of export earnings and GDP.But most of that wealth still comes from oil and its by-products, such as petro-chemicals. Saudi Goes to Market asks the key questions, just how realistic is the ambition of the kingdom’s financial leadership to create a diversified, world-class economy? Saudi Arabia has opened its doors to foreign influence and investment, but can it develop the entrepreneurial skills and the educated workforce fully to take on foreign competition? Do membership of the World Trade Organization, the opening up of the banking and financial service sectors, and the creation of a streamlined stock exchange in fact create as many problems as they solve?
e also investigate the effect on Saudi society of the globalization process. What is the impact of a tidal wave of foreign influences on such a profoundly conservative population, influenced as it is by strong religious institutions and the absence of democracy? How can a society resist dramatic change when 70% of its people are under 30?
Saudi Goes to Market looks at the aspirations of young men and women as they embrace new opportunities and start to challenge received opinions. Can Saudi nationals continue to make up only a fifth of a workforce that’s dominated by foreigners on short-term contracts?
As Saudi Arabia enthusiastically engages with the the wider world, how easy will it be to hold on to its heritage, traditions and values? Is the inevitable outcome of globalization the transformation of Saudi Arabia?