Natixis’ Abhishek Desphande examines Saudi’s economic diversification plans for City AM


03cdc0e1a48d0085cf209f9e1439eb50_400x400Despite Saudi Arabia’s determination to overcome its oil revenue dependency, Abhishek Deshpande, senior oil analyst, Natixis, remains unconvinced by Vision 2030 – an ambitious programme that sets out Saudi Arabia’s plans to diversify.

Writing for City AM, Deshpande highlights the factors that have led to calls for Saudi’s economic renewal: slowing growth, vast government overspending, a spiralling budget deficit and dwindling foreign currency reserves.

Deshpande believes that – in the short-term – pressure from the global oil market will likely hinder Saudi Arabia’s chances of implementing the high volume and low-to-medium oil price strategy that is pivotal to the Kingdom’s revival.

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