The development of the financial system of Saudi Arabia as one of the key areas in the country’s economy
https://doi.org/10.24182/2073-9885-2022-15-1-18-33
Abstract
Along with most Arab countries, Saudi Arabia faced the consequences of two crises, falling oil prices and coronovirus. Being one of the leaders in oil production, its budget has undergone various changes over the years, both in the direction of increasing and decreasing government revenues and expenditures. However, as you know, the pandemic gave a powerful impetus to the development of digital technologies, including in the financial field. Saudi
Arabia is no exception to the rule. Despite the fact that the Kingdom is considered to be a fairly closed country, the consistent implementation of the Vision 2030 concept has opened up wide ways for both the domestic market of the country and foreign investors to realize the financial potential of households and their counterparties.
Of course, the oil sector plays the first and most important role in the country, but it is worth noting that the financial sector, which includes the largest Islamic institutions, subject to further modernization and digitalization, in the medium term may not be much inferior in volume to the hydrocarbon sector. The development of diversification in terms of strengthening the role of non–oil sectors with the stable support of the government of the country shows this.
About the Author
S. Yu. Babenkova
Institute of Oriental Studies of the Russian Academy of Sciences
Russian Federation
Russian Federation
Cand. Sci. (Econ.), Senior scientific officer
Moscow
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Review
For citations:
Babenkova S.Yu. The development of the financial system of Saudi Arabia as one of the key areas in the country’s economy. Entrepreneur’s Guide. 2022;15(1):18-33. (In Russ.) https://doi.org/10.24182/2073-9885-2022-15-1-18-33
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