Abu Dhabi, UAE CNN —Saudi Arabia surprised traders again on Sunday with an oil production cut of about 1 million barrels a day, roughly 1% of global supply, which sent oil prices climbing.
But Saudi Arabia knows that it cannot rely solely on a fluctuating oil market for income.
Saudi Arabia targets $100 billion in annual foreign direct investment (FDI) by 2030.
“We think about where most of the tourism development for Saudi Arabia, it’s along the Red Sea coast.
Alongside China’s slowing economy and a sluggish oil market, there are fears for a potential global recession, with Russia’s ongoing war on Ukraine adding uncertainty to the market.
Persons:
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