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, where the focus is on the Hodeidah cease re.
• 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 that has seen its main index spike 9% in a month.
• 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.