McKinsey & Company, the top-tier global consulting firm with offices in Riyadh and across the Middle East, published an in-depth report on the Saudi Economy and the opportunities for the Kingdom beyond oil.
The report, produced by the McKinsey Global Institute (MGI) and available on McKinsey’s website to the public (executive summary here, full report here), says that Saudi Arabia has an opportunity to double its GDP and provide over 6 million jobs if the government makes prudent fiscal decisions. The company estimates this would require “about $4 trillion” in investment by 2030. Eight sectors—mining and metals, petrochemicals, manufacturing, retail and wholesale trade, tourism and hospitality, healthcare, finance, and construction— “have the potential to generate more than 60 percent of this growth opportunity.”
“MGI is publishing this report on Saudi Arabia at a time of change in the Kingdom. After a surge in prosperity over the past decade, the economy is at a transition point. We see a real opportunity for the Kingdom to inject new dynamism into the economy through a productivity and investment-led transformation that could help ensure future growth, employment, and prosperity for all Saudis.”
McKinsey has worked in Saudi Arabia since 1957, and the company says it is a “source of pride and meaning for us because it is focused on supporting leaders in the Kingdom to unlock that potential for the Saudi youth.”
The company’s Saudi Arabia operations are headquartered in Riyadh. The company has over 109 offices across the world with six in the Middle East.
