Saudi Arabia’s non-oil sector remains resilientby Hadi Khatib on Feb 23, 2016
Careful management and prudent preparation are required to weather the storm facing markets in Saudi Arabia, Alkhabeer Capital revealed in a recent report.
The Jeddah-based asset management and investment firm, said: "the past 12 months have presented the Kingdom of Saudi Arabia with an opportunity to reinforce its economic fundamentals while spurring a move towards greater diversification."
According to the report, lower oil prices have taken a toll on GCC countries forcing a scaling down on non-essential spending,but continuing commitment to social infrastructure projects.
It also revealed Saudi's white land tax would add up to $13bn in government revenues.
Growth performance in non-oil sectors has been impacted but remains resilient due to ongoing diversification initiatives.
Investor focus on companies that are not overly reliant on hydrocarbons is recommended, the report added.
- Qatar to release construction code update in 2018
- Institutional funds rare in 'opaque' Saudi market
- Egypt's Arab Contractors to build $439m projects
- Saudi-Canadian PPP to build $133m hospital
- Saudi exports $31.9bn worth of oil in Jan-Apr 2016
- GCC-wide VAT won’t balance drop in oil revenues
- Saudi Arabia plans largest artificial oil canal
- Saudi's hydrocarbon GDP contribution down 14%
- Saudi Arabia's Macro-economic outlook downgraded
- Top ten key findings for GCC economy in 2016