Some years ago, on the central square of Riyadh, the capital city of Saudi Arabia, it was not very difficult to meet somebody who was somebody and ask him whether the budget of the country was in good shape. The answer was inevitably: “It‘s not an issue, we should pump more oil.”

                This has changed totally. The dramatic fall of oil prices is forcing the new king, Salman, to reorganise the kingdom’s finances and he is doing that at full speed. This year’s deficit will be above 15% of GDP while oil revenues dropped more than 20%. And suddenly you see that Saudi Arabia and its new generation of technocrats adopt words like privatisation, economic reforms. 
Prices of energy, water, electricity will go up. The Kingdom wants to safeguard middle class incomes and, for the first time, talks about the business sector and the urgency to become efficient. A sales tax is being talked about between Ryadh and the Golf countries. No doubt it will be implemented. 
                There is no other word for that but austerity. Austerity in Saudi Arabia; that is probably the most extraordinary event of this year, 2015, and now the kingdom wants to finance small and medium sized business because they create jobs and those jobs are needed in an economy where everything cannot be subsidized anymore.
                Of course, if oil prices go up again this situation will be easier, but, by and large, it is a great revolution in the biggest world oil country.