Saudi economy redraws ambitions—‘going local’ is the new buzz phrase
via imf.org
Short excerpt below. Read at the original source.
The IMF’s decision last week to revise Saudi’s GDP for this year down to 2% from its 3.1% forecast in April was probably inevitable given the widespread retrenchment currently underway in the kingdom. Last week, it emerged that the Public Investment Fund (PIF), the engine behind Saudi Vision 2030, was replacing foreign CEOs with local hires as part of its strategy to tighten spending and shift its focus […]