23% of 2016f GDP) by 2020 from SAR163.5bn (7% of GDP).
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with total NTP costs of SAR447bn (US$119bn; 18.4% of GDP). Against
assuming progressive and full implementation of the non-oil revenue targets.
bringing in proceeds of SAR33.4bn (US$8.9bn; 1.4% of GDP). Note
the focus on religious tourism is appropriate given its importance in Saudi
and maintains a correlation with oil prices
could add cUS$7.3bn to exports at current
we anticipate that part of the increase could be
11.4% of 2020f GDP) over the next five years. Although
meaning that the bulk of private sector investment could have to come from
the NTP implies that the private sector will need to contribute about SAR179bn
diversification prospects are mixed across sectors and will
Saudi Arabia has been making progress in this area. c25% of
c) it seeks to foster higher-value added in the economy
it a) identifies key sectors with relatively
in our view. We discuss in a later section diversification
the measures may still fall short if oil prices do not stabilize
they appear too ambitious or difficult to reach and may leave a
particularly due to the socio-economic impact of fiscal
in our view. Cultural and entertainment changes