Key Takeaways
- • Houthi drone and missile attacks launched from Yemen, including strikes on Riyadh, are testing Crown Prince Mohammed bin Salman's multitrillion-dollar drive to diversify the Saudi economy away from oil, according to Bloomberg's Mideast Money newsletter.
- • Coverage across publisher reporting describes attacks that disrupted Riyadh airport and damaged a Saudia aircraft as fighting intensified around Taiz, raising security concerns for the investment-and-tourism agenda.
- • Vision 2030, unveiled in April 2016, aims to reduce dependence on oil revenues and attract foreign investment; its core commitments include privatizing parts of the economy, including a plan to sell shares in state-owned Aramco.
- • The newsletter also reports that a Saudi family fortune of about $9 billion is built on water, that UAE banks are competing more aggressively for deposits, and that hedge fund executives continue to promote Dubai as an investment destination.
Summary
Bloomberg's Mideast Money newsletter, written by Adveith Nair, reports that Houthi attacks are testing Crown Prince Mohammed bin Salman's economic agenda. Drones and missiles launched from Yemen, including attacks on Riyadh, threaten energy infrastructure and the kingdom's stated goal of becoming a magnet for foreign investment and tourism.
Publisher coverage on the subject describes the security situation as a growing strain on Vision 2030, the program MBS unveiled on April 25, 2016, to reduce Saudi Arabia's reliance on oil. Reporting cited in the publisher's context section says Houthi missile attacks disrupted Riyadh airport and damaged a Saudia aircraft as fighting intensified around Taiz. Commentary in the same coverage characterizes the crown prince's options as constrained, with some analysts arguing that the kingdom faces its most serious security challenge in a century.
The agenda's economic commitments remain central to the debate. Vision 2030 includes privatizing parts of the economy, most notably a plan to sell shares in the state-owned oil giant Aramco, and aims to position Saudi Arabia as the region's safest destination for investment.
The same newsletter edition covers related regional finance themes: a Saudi fortune of about $9 billion built on water, increasing deposit competition among UAE banks, and continued promotion of Dubai by hedge fund executives. These items are separate from the Yemen conflict coverage.
Publisher coverage on the subject describes the security situation as a growing strain on Vision 2030, the program MBS unveiled on April 25, 2016, to reduce Saudi Arabia's reliance on oil. Reporting cited in the publisher's context section says Houthi missile attacks disrupted Riyadh airport and damaged a Saudia aircraft as fighting intensified around Taiz. Commentary in the same coverage characterizes the crown prince's options as constrained, with some analysts arguing that the kingdom faces its most serious security challenge in a century.
The agenda's economic commitments remain central to the debate. Vision 2030 includes privatizing parts of the economy, most notably a plan to sell shares in the state-owned oil giant Aramco, and aims to position Saudi Arabia as the region's safest destination for investment.
The same newsletter edition covers related regional finance themes: a Saudi fortune of about $9 billion built on water, increasing deposit competition among UAE banks, and continued promotion of Dubai by hedge fund executives. These items are separate from the Yemen conflict coverage.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.