Why keep an eye on Saudi Arabia?

There are many reasons to keep an eye on Saudi Arabia. One of the reasons that potentially has the broadest appeal is the notion that Saudi Arabia is arguably going through the most significant transformation in this era with regional and global importance.

Let's have a brief look into the country.

Saudi Arabia is the birthplace of Islam and home to two of its holiest sites, Mecca and Medina, giving the country significant spiritual essence. While Saudi Arabia may not be top of mind for most Westerners, it indeed is in the hearts and minds of the Muslim community, which roughly accounts for a quarter of the world's population.

Saudi Arabia has oil—a lot. The Kingdom has one-fifth of the world's proven oil reserves. Regardless of the trends towards cleaner and more sustainable energy, oil is something that people will still need in the foreseeable future. As one of the largest oil exporters in the world, Saudi Arabia plays a crucial role in global oil markets.

Saudi Arabia is a major political actor in the Middle East and a leader in the Gulf Cooperation Council, playing a pivotal role in regional security and stability.

Saudi Arabia is one of the most populous countries in the Middle East. According to the latest data from World Bank, the Kingdom’s population is 36 million. Moreover, Saudi Arabia is home to kind people, boasting rich history and cultural heritage.

What makes the Kingdom incredibly fascinating is the transformations it witnesses.

In the past few years, Saudi Arabia has undergone significant changes in its political, social, and economic spheres. Under the leadership of Crown Prince Mohammed bin Salman, the country has implemented a series of reforms, including relaxing the strict guardianship laws, allowing women to drive, and cracking down on corruption. Socially, there have been moves towards greater entertainment and tourism opportunities. Economically, the government has launched initiatives to diversify the economy and reduce reliance on oil, as well as implementing fiscal reforms like introducing a value-added tax and reducing subsidies. Given the extent and pace of these and many other reforms, it could be that this era in Saudi Arabia is one for the history books.