Saudi Arabia is set to undergo a significant economic transformation, with its GDP projected to reach $1.8 trillion by 2027, driven by Vision 2030’s ambitious diversification plans, rising oil prices, and a growing population.
Based on Ken Research reports, Vision 2030 aims to reduce the Kingdom’s reliance on oil exports by developing non-oil sectors such as tourism, renewable energy, and manufacturing. This diversification strategy is expected to create new job opportunities and foster long-term economic stability.
The kingdom has also encountered a surge in oil prices, which led to improving government spending and investment in infrastructure and social programs. Despite their efforts to diversify, the hydrocarbon sector remains a significant contributor to the GDP due to Saudi Arabia’s extensive oil and gas reserves.
Vision 2030 supports foreign direct investments (FDI) to drive economic diversification and technological advancement, the government is implementing reforms to improve the business environment for international investors. At the same time, the Kingdom is prioritizing technology adoption across sectors to boost efficiency and competitiveness, fostering a skilled workforce and innovation ecosystem.
Sustainability has emerged as a pivotal focus, with investments in renewable energy and environmentally friendly practices underscored as key components of Saudi Arabia’s economic strategy. The Nation’s growth of small and medium-sized enterprises (SMEs) is crucial for job creation and economic diversification, with government support programs in place. Investments in education and training are vital for preparing Saudi workers for future roles.
To read more on Finance, head to the link.
