1、EQUITYRESEARCH|September 24,2023|3:35PM GSTGoldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this re

2、port as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.Faisal AlAzmeh,CFA+971 4 376-3476 Goldm

3、an Sachs InternationalDalal Darwich+971 4 376-3411 Goldman Sachs InternationalWaleed Jimma+971 4 376-3409 Goldman Sachs InternationalMichele Della Vigna,CFA+39 02 8022-2242 Goldman Sachs Bank Europe SE-Milan branchGCC Capex Wave SeriesSaudi Arabia Capex Super-Cycle:Diversifying,Decarbonizing,Digital

4、izingThe GCC countries have embarked on an economic diversification and growth journey underpinned by ambitious government targets across sectors.Our recent conversations with investors have centered around key themes including O&G production efforts,downstream expansion,renewable energy/clean hydro

5、gen,mining plans,digital transformation,and transportation&logistics.With this report,we introduce our GCC Capex Wave Series,where we intend to map out the regions investments across sectors.In this note,we focus on Saudi Arabia,the GCCs largest economy.Led by ambitious targets and extensive investm

6、ent plans,the country is undertaking economic diversification with a holistic transformation approach,underpinned by digital transformation,various development plans across sectors,exploration efforts,and decarbonization/net zero targets.In 2021,Saudi launched the National Investment Strategy(NIS),a