Saudi Arabia wants foreign help in its massive economic overhaul

The kingdom is open for business. canada goose outlet black friday That’s canada goose factory sale the canada goose outlet reviews message in the Saudi capital of Riyadh, where some of the world’s top business leaders are gathering this week. The Arab nation is canada goose outlet jackets holding canada goose factory outlet a big investment canada goose outlet parka conference as it canada goose pursues canada goose clearance an aggressive economic overhaul to reduce its dependence on oil.

HSBC boss Stuart Gulliver, IMF chief Christine Lagarde and SoftBank chairman Masayoshi Son will attend, according to the canada goose outlet conference website.

The canada goose outlet online uk country’s reform plan, spearheaded by its ambitious young crown prince, includes increasing foreign investment and canadian goose jacket selling canada goose outlet shop a stake in its giant state oil company.

A year and a canada goose outlet in usa half into the efforts, officials have made progress on Canada Goose Online some parts of the plan known as Canada Goose Outlet Vision Canada Goose Jackets 2030 cheap canada goose uk but also flip flopped on others.

The government has cut canada goose clearance sale some subsidies, announced canada canada goose coats on sale goose outlet canada new taxes and lifted a controversial ban on women driving. It also tapped global bond markets three times in less than a year, borrowing billions to balance canada goose uk shop its books.

The crash in world oil prices in canada goose outlet toronto factory 2014 and 2015 had canada goose outlet canada goose uk outlet sale left a huge hole Canada Goose online in the kingdom’s budget. It reported deficits https://www.canadagoose-coats.ca of $100 billion in 2015 and $71 billion last year.

Related: Women driving could rev up Saudi economy

The man behind the push to modernize the conservative kingdom, Crown Prince Mohammed bin Salman, is expected to give canada goose store a rare public speech on Tuesday.

“There’s no doubt that [he] understands the challenge,” said Robin Niblett, director of think tank Chatham House. “You need the energy of a new generation” to confront canada goose uk “a social structure that is reliant upon government uk canada goose outlet handouts, low tax, non work,” he added.

Some targets already slipping

But Saudi Arabia has backpedaled buy canada goose jacket on a number of targets.

In April, it rolled back wage and benefit cuts imposed on canada goose uk black friday top ministers and other public workers. It’s also revising part of the broader strategy that sets specific targets for government bodies to meet by 2020.

The Saudi government gave few details about the canada goose black friday sale changes and didn’t state whether canada goose outlet store uk new targets would be introduced.

“I don’t canada goose outlet uk care particularly if some Canada Goose Coats On Sale of the targets and the time lines slip. They canada goose outlet nyc were always ambitious,” official canada goose outlet Niblett said.

Questions over buy canada goose jacket cheap $100 billion IPO

One of the most high profile parts of the plan the planned IPO of the biggest canada goose outlet new york city oil company in the world, Saudi Aramco is drawing a lot of the attention.

Saudi officials have said they expect the IPO to value Aramco at around $2 trillion. If the market agrees, selling just 5% would raise $100 billion four Canada Goose Parka times as much Canada Goose sale as Alibaba (BABA)’s IPO in 2014, which is the largest to date.

Aramco has disputed recent media canada goose coats reports suggesting uncertainty over its canada goose outlet online mammoth stock market listing and canada goose outlet store where it might happen. It insisted earlier goose outlet cheap Canada Goose canada this month that its IPO plan is still “on track” for next year.

FT report canada goose outlet uk sale on Saudi Aramco IPO is entirely speculative. All listing venues under review for optimal decision,IPO process is on track for 2018

The canada goose black friday sale money the government aims to raise from the listing are seen as crucial for funding its broader plans to revamp the national uk canada goose economy, which include measures like increasing the role of women and the development of an entertainment industry.

Saudi Arabia wants to increase the participation rate canada goose jacket outlet of women in its workforce from 22% to 30% by 2030.