John K. Defterios, Anchor and Emerging Markets Editor, CNN International speaks during the 2012 of the World Economic Forum at the congress centre in Davos, Switzerland, January 27, 2012. (Wikipedia/Michael Wuertenberg)
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Saudi Arabia is not the first emerging market country to dream up a 2030 economic blueprint and it certainly won't be the last. But the 31-year-old Deputy Crown Prince Mohammad bin Salman knows full well that his effort is being judged one year into the effort, not over the next 13 years. The Kingdom of Saudi Arabia has not slipped into recession but the IMF's updated projections, 0.4 percent in 2017 and 1.3 percent next year will not win over the skeptics nor put a dent in the current jobless rate of over 12 percent.The perception on the ground in Saudi Arabia, however, has clearly changed. Government reserves have gone from over $750 billion at the start of oil crisis down to about a half a trillion dollars today.It is targeting a $2 trillion valuation for around 5 percent of the company with the largest proven oil reserves of any energy company.
U.S. president’s uneasy alliance with OPEC
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of the GCC
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