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Iran War Disrupts Saudi Economic Diversification Plans
Saudi Arabia has ordered government entities to freeze payments to strategy advisers, management consultants, and law firms. The move comes as the Iran war affects the kingdom's efforts to reduce reliance on oil.
May 21, 6:44 PM·1m read1 source
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Saudi Arabia has ordered government entities to freeze payments to strategy advisers, management consultants, and law firms. The freeze targets firms that had been central to the kingdom's efforts to reinvent its economy and become a global business and entertainment hub. The Esports World Cup was moved from Saudi Arabia to Paris because of the war.
The country's sovereign wealth fund recently pulled out of LIV Golf. The conflict is also delivering a fresh oil windfall for the kingdom. Thanks to its ability to export via the Red Sea and rising oil prices, Saudi oil export revenues jumped to a more than three-year high in March.
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