Saudi Arabia economy: A focus on new industrial policy tools

Vincenzo Fasone, Mariano Puglisi and Giuseppe Tesoriere

L'industria, 2019, issue 1, 157-180

Abstract: During last years Gulf countries experienced a crisis of oil market with a downgrade of price. From that time the debate on diversification of the economy raised in most part of the Peninsula Arabica. The International Monetary Fund warned governments on financial risks related to the anchoring of the economy merely to crude oil. Following these recommendations, some Arabic countries launched ambitious agendas and plans for their economy and society. In Saudi Arabia was issued the agenda named «Vision 2030» with the aim to make the economy more competitive, diversified and innovative. This paper analyses the industrial policies adopted by the Government according to the new agenda and investigates actions and financial tools to support new sectors and industries. Three main assets are examined in order to give evidence of recent reform: the Public investment fund (PIF), Saudi industrial development fund (SIDF), and SMEs Loan Guarantee Program (KAFALAH). Further the research aims to depict the key issues of current industrial transformation in Saudi Arabia where the debate of new economy involves both changes of industrial pattern and cultural habits. Specific features of this case make this country as unique example within the Peninsula Arabica.

Keywords: Saudi Arabia; Industrial Policy; Diversification; Competitiveness; Financial Tools. (search for similar items in EconPapers)
Date: 2019
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