Saudi Arabia

Mhamed Biygautane and Khalid Al-Yahya

Chapter 14 in Handbook on Public–Private Partnerships in International Infrastructure Development, 2024, pp 417-427 from Edward Elgar Publishing

Abstract: Saudi Arabia, the wealthiest and most influential of the MENA states, has pursued a historical approach to economic development characterized by state-led initiatives and public funding of infrastructure projects, typical of the MENA region. However, the landscape shifted significantly with the decline in oil prices starting in 2014 and the introduction of new political leadership in 2015. This marked the beginning of a new era centred on private sector-led economic growth. This chapter outlines pivotal reforms implemented by the Saudi government to substantially improve its investment climate. These reforms aim to facilitate private finance for large-scale infrastructure projects, aligning with the overarching goals of Vision 2030 and the National Transformation Programme. While these initiatives hold significant potential, the chapter emphasizes the need for an incremental and long-term strategy to firmly establish public-private partnerships (PPPs) as a primary mechanism for infrastructure delivery. Moreover, the transition towards a PPP-driven model necessitates a fundamental cultural shift. This transformation extends beyond procedural changes to redefine the relationship between the public and private sectors. It also involves reimagining the role of the government machinery in society. Successfully institutionalizing PPPs in Saudi Arabia will require a comprehensive and sustained effort to embed this approach into the fabric of the nation's economic and developmental strategies.

Keywords: Business and Management; Innovations and Technology (search for similar items in EconPapers)
Date: 2024
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