Vision 2030 how far has Saudi Arabia come.

ISLAMABAD -- The world is rapidly transforming in the 21st century where the rise of new variables continues to intensify political, economic and social divisions. At the same time, as a consequence of economic globalisation, the world has become more interconnected and interdependent. The traditional tools of engagement and influence cannot withstand the pressures of new demands from the contemporary world.

Saudi Arabia has responded to 21st century challenges by attempting to expand its economy beyond its traditional reliance on oil and hydrocarbons. This is evident from initiatives like National Science, Technology and Innovation Policy and King Abdul Aziz City for Science and Technology. These measures show that the country is striving to become a knowledge-based advanced economy.

Although the Arab Spring proved to be a catalyst for reform in the country, recent developments have compelled the Arab kingdom to opt for rapid economic and social transformation.

In anticipation of global and regional changes, Crown Prince Muhammad Bin Salman, started the transformation process by presenting his idea of Vision 2030, which aims to transform the conservative country into a modern state.

In line with Vision 2030, he understood that there is a need to diversify the economy and look for new 'non-oil sectors' that can contribute to economic growth and national development. This is also required with reference to the reality of climate change, pushing countries to move away from fossil fuels and towards renewable sources of energy.

Accordingly, Salman announced that Saudi Arabia will be working to increase the share of non-oil sectors in national Gross Domestic product (GDP) from 16% in 2016 to 50% in 2030 (SAR 163 billion in 2016 to SAR one trillion in 2030). The task will require tremendous efforts to shift from oil and create new sectors of the economy through diversification and avenues for export.

Vision 2030 has also made the goal of reaching the tenth position on the competitiveness index. In pursuance of this, Saudi Arabia will have to improve competitiveness and Ease of Doing Business (EODB) by taking practical steps, including comprehensive reforms. In this context, it is noteworthy that the Kingdom has allowed foreign investors to buy property in certain designated areas for the first time in history.

Crucially, to protect the country's sovereignty, the crown prince has envisioned that it is necessary that the Kingdom diversifies its...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT