Outrage at the murder of Jamal Khashoggi has added to concern that Crown Prince Muhammad bin Salman may face curbs on his power that might in turn a ect progress on the National Transfor- mation Program.

• Economic risk (MEDIUM): Stronger growth in the second quarter of 2018 indicates an economy on the turn. However a likely cut in oil production by Opec may act as a brake.

•Political risk (HIGH): |The killing of Khashoggi has added to pressure on Riyadh to change its policies on the Qatar embargo and the war in Yemen.

•Financial risk (LOW): The banking system is stable, well-regulated and well-capitalised. Entry into the MSCI emerging markets index will attract funds into the market but the shelving of the Aramco privatisation would be a reputational blow.

• Commercial risk (MEDIUM): The right for Saudi women to drive will aid female entrepreneurship. The country sits in the middle of the World Bank’s Doing Business index. FDI has risen 130% since reforms kicked in.