Saudi Economy Is Quite Robust, Says Standard Chartered

“The economy in Saudi Arabia is quite robust. Many initiatives have taken place and are ongoing to diversify away from the oil sector and to build up the non-oil component of the economy,” says Dr. Boutros Klink, CEO of Standard Chartered.

“Given that the Saudi economy remains heavily dependent on the oil sector, there are challenges depending on how the shale story plays out. However, for the time being, the demand for Saudi Arabian oil remains solid.”