“In many ways, Saudi Arabia’s challenges are considerably bigger than those confronted by Britain’s Margaret Thatcher, and they are complicated by a desire to build a sustainable transition within the constraints of a world racing toward net zero carbon targets. Saudi Arabia is not only pivoting to reduce its heavy reliance on petroleum exports but also to restructure a domestic economy built on layers of generous subsidies, monopolies and patronage. This is a gargantuan task that at the outset seemed improbable and strewed with risks.” 

Tarek Fadlallah, A real economic transformation is underway in Saudi Arabia [Nikkei Asia]