OLIVER Cornock, Managing Editor, Oxford Business Group (OBG) presented a breakfast briefing on Oct. 20 entitled "Saudi Arabia: Challenging Perceptions" at British Expertise/D Group's London headquarters in Mayfair. Cornock, who has considerable experience of the Kingdom, having both lived and worked there, spoke of the all-too-often negative and incorrect stereotypes that British businesspeople and investors have with regard to Saudi Arabia and its economy. Speaking of the significant challenges that Saudi Arabia faces from dramatically lower oil prices, Cornock explained why the "business as usual" approach cannot continue. He gave an overview of the salient features of the National Development Program launched earlier this year and Vision 2030, which aims to rapidly diversify the Kingdom's economy. He spoke about how subsidy reduction, something that the IMF and World Bank has long advocated, is happening and that while there is undoubtedly some short-term pain associated with the changes, in the longer term they will be beneficial. Additionally, Cornock explained the role that autonomous private sector growth will need to play in the Kingdom's economy going forward, and the challenges this presents. He also spoke of the opportunities that the many and various sectors within the Kingdom's economy present to foreign investors. He outlined the perception within Saudi Arabia and the Gulf that the US has to some degree disengaged from the region, as well as the perceived lack of interest from the UK, which for much of 2016 has been tied up with Brexit and now the fall-out from the referendum. He concluded by urging both businesspeople and government to enhance engagement with Saudi Arabia so as not to miss out on the opportunities it presents to the UK.
