Saudi Arabia’s plan to diversify from oil production should not just be seen as a regional aspiration, according to a leading ship manager.

Columbia Group chief executive and Intermanager president Mark O’Neil told the Saudi Maritime Congress in Dammam that the programme has a “global significance”.

“Given the collective determination and financial strength of the kingdom, the Vision has the potential to set the bar by which all other global maritime and offshore clusters will be judged,” he said.