Economics

Saudi Arabia's $90 Billion Reason to Allow Women to Drive

Impact on Economy Bigger Than Aramco IPO: Bloomberg Economics
Saudi Arabia may sell as much as 5% of Aramco shares in 2019

Shabbir Malik, director of banking analysis at EFG-Hermes, discusses the end of Saudi Arabia’s ban on women driving.(Source: Bloomberg)

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By Zainab Fattah

June 24, 2018 at 4:29 AM EDT

Updated on

June 25, 2018 at 12:46 AM EDT

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Allowing Saudi women to drive could help the kingdom reap as much income as selling shares in Saudi Aramco.

The move, which went into effect on Sunday, could add as much as $90 billion to economic output by 2030, with the benefits extending beyond that date, according to Bloomberg Economics. Selling as much as 5 percent stake in Saudi Arabian Oil Co. -- at the most optimistic valuation -- could generate about $100 billion.