Saudi Arabia’s shift from oil takes shape

26 Feb 2016

(MENAFN) GCC equity markets saw a sell-off as crude oil prices continued to decline, thus top economists are advising that investors must focus on companies that are not overly reliant on hydrocarbons.

In accordance, the previous 12 months have presented Saudi Arabia with a great opportunity to strengthen its economic fundamentals while spurring a move toward greater diversification.

The recent budget announcement for this year by KSA signal that it’s scaling back non-essential spending, but are continuing to invest significantly in infrastructure, education, and social programs.

Moreover, the kingdom recently revealed that it would implement a value-based tax on undeveloped lands, in order to increase revenues and discourage landowners from holding vacant plots.

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