00:00We're talking about an environment in which oil prices are lower, and yet the IMF is predicting stronger growth for Saudi Arabia.
00:09How's that being achieved?
00:12Firstly, Tom, I think it's important to acknowledge here, I mean, this is Vision 2030 doing exactly what it was designed to do.
00:19To quote your words, you know, wean the Saudi economy off the oil industry.
00:25You know, all of the developments that have been underway across the various sectors, the industries, the significant amount of infrastructure spending, the cyclical effect of that is now starting to show through the economy.
00:37If not, in immediate indicators, at least in the leading indicators, and the IMF upgrade, I think, is a reflection of that.
00:46As it stands, there's nearly $2 trillion worth of infrastructure projects in the pipeline.
00:52And, you know, Saudi Arabia is one of the least indebted countries in the world with a debt ratio of around 17% to the GDP.
00:59So, there's a lot of opportunity to borrow further to fund these projects.
01:04Now, naturally, of course, as these projects see their way through the cycle, we will see a significant impact on the employment rate.
01:12We'll see a significant impact on the income contribution to the region in foreign direct investment.
01:17And, I mean, we're just really looking at one aspect of the economy or society here.
01:21You know, there was a target to attract 100 million tourists by 2024, and last year, by 2030, actually.
01:31And last year in 2024, Saudi Arabia exceeded that target, and the number is hovering around 115 million tourists at the moment.
01:38So, when you begin to stack up all of these industrial or sectorial changes and the changes to society,
01:43it's no surprise that we are expecting a significant growth in the GDP, and I think the IMF notices a reflection of that.
