Saudi Arabia’s stability in contrast to many of its neighbors in the Middle East region is a cause for optimism for the Kingdom’s economy and future, writes John Sfakianakis in the Financial Times’ Beyond Brics blog. Noting that those who argue that the Kingdom is the next destination for turmoil have “been thinking that for close to a century,” Sfakianakis writes that the Gulf Countries have been riding a wave of vast wealth “which affords the Gulf countries a level of resilience that few in the emerging markets can match.”
Sfakianakis:
Although each Gulf country has its economic and political challenges, Sfakianakis writes, “their prospects are far better than many other emerging markets over the medium term.”
John Sfakianakis, a regular contributor to SUSTG, is chief of investments at Riyadh-based MASIC.
Earlier this week, Jadwa Investment released a report on Saudi Arabian government spending and revenues for this year, finding that the Kingdom will be raking in almost SR315 billion more than they previously expected – a record surplus.
Arab News, quoting an unnamed economist, said that this year would be another record-breaker, marking the highest annual revenue on the backs of strong oil prices and high export levels.
