This report analyzes Saudi Arabia’s economic and market response to the COVID-19 crisis, highlighting the tension between fiscal constraints and an ambitious reform agenda. Despite oil revenue shocks and austerity measures, the Kingdom continues to push forward with Vision 2030. The Tadawul index shows signs of resilience, but valuations appear stretched relative to economic fundamentals. Key sectors like insurance, healthcare, and entertainment offer long-term opportunities, while consumer and construction sectors face near-term headwinds due to reduced spending and CAPEX cuts.