Saudi Arabia is on a long road to modernization. In small steps, social and economic progress is being made in the arch-conservative desert state. Women are gaining more participation and dependence on oil is gradually decreasing.
"These interim successes are no coincidence," writes LBBW Chief Economist Moritz Kraemer after a visit to Riyadh. "They are the result of an improved regulatory environment, a more open business climate and the digitalization of public administration."
You can read how rating agencies respond and which conclusions Germany could draw from this in the current LBBW To the point "Postcard from Riyadh".
