Goldman Sachs – Saudi Arabia Green Capex, Sep 2023

Goldman Sachs has released a report focusing on Saudi Arabia's economic diversification and growth plans. The report highlights key themes such as O&G production, downstream expansion, renewable energy, mining, digital transformation, and transportation & logistics. This report is part of Goldman Sachs' GCC Capex Wave Series, which aims to map out the region's investments across sectors. Saudi Arabia, being the largest economy in the GCC, is undertaking economic diversification with a comprehensive transformation approach. This includes digital transformation, development plans across various sectors, exploration efforts, and decarbonization/net zero targets. In 2021, the country launched the National Investment Strategy (NIS), a US$3.3tn strategy that aims to enhance innovation, increase the size of investments, boost the private sector's contribution to the economy, and support strategic sector development. The report identifies the potential for nearly US$1 trillion in preliminary investments by the end of the decade across six strategic sectors. It also anticipates the announcement of more projects as Saudi Arabia accelerates the execution of mega-projects and smart cities, in line with technological progress.