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Seznec is not convinced that he will be able to deal with this issue, but he stressed that in phone conversations he has had this week. "The whole issue is not seen in Saudi Arabia as a major crisis. … People are not sure about this issue," he said, "but he added that the press is controlled in the country. "The king is very old and knows what it is, it really is in shambles right now, the US and Europe relations are in terrible shape, but when you think of a strategic standpoint, the US needs support for the fight against Iran, so can not just
The most important commitments for MBS to be made, but which have not been completed, are that it will be required for private business growth, Iradian said. The Saudi business climate ranking among emerging economies was 90th out of 190 nations, according to a World Bank assessment this year, a weakness which stems from lack of transparency, rule of law, too much red tape, and obstacles in enforcing contracts and resolving insolvency , Iradian said.
Recent statistical measures of Saudi economic goals are mixed. Fuel subsidies have declined and increased by 45 percent this year, in keeping with plans to make the population less binding on government subsidies. Government as a percentage of GDP increased to 10 percent in 2017, and should reach 12 percent in 2018, according to Iradian. But the unemployment rate increased in the last two years to around 13 percent as of the second quarter 2018, when the plan is to cut it in half, and even increased its employment on foreign labor. Meanwhile, foreign investment is still minimal. The kingdom wants to increase FDI to 5.7 percent in 2030, but it has decreased to 0.4 percent of GDP in 2017. And little progress has been made to increase the contribution of small and medium-sized businesses to the economy.
Many of the companies that are the largest public companies in Saudi Arabia, are the oldest-guard companies in such industries, such as chemicals, materials, telecom and financial services.
