Not a day passes without news about significant projects in Saudi Arabia, substantial investments in sports and entertainment sectors, the establishment of key organizations, or the release of robust economic data related to the Kingdom.
“All of this stands in contrast to the challenges facing global economies today,” Joe Chidiac, CEO of JC Media Group, said.
Analysts, experts and specialists unanimously believe that the Saudi economy is thriving. Frequent visitors to the Kingdom observe noticeable changes with each visit.
Saudi Arabia has realized that with the right will, ambition and potential, nothing is impossible. It has concluded that it can play a globally significant role in advancing economic and human development. Plans have been made, designs detailed and innovations conceived. The country has remained resolute in the face of any doubts about its ambitions.
Read: The Gulf’s future outlook
For instance, The Line’s mega smart city project in NEOM is seen as a practical step toward creating a new civilization for the future. This project is just one of many aligning with the goal of economic diversification, a driving force behind this momentum for change.
International financial institutions in Saudi Arabia are making substantial progress in economic diversification by reducing dependence on oil. This diversification relies on establishing a solid foundation, which involves improving infrastructure, particularly in the logistics sector, embracing digital transformation, and creating competitive work environments to attract investments. Other efforts include advancing energy transition initiatives and investing in the tourism sector, a significant contributor to the Kingdom’s revenue.
And this shift is not just rhetoric; data shows a substantial increase in the non-oil sector’s share of the economy. Globally, it is acknowledged that the Saudi economy is the fastest-growing, and the Kingdom is among the strongest of the G20 countries. The IMF managing director has described Saudi Arabia as a “bright spot” amid global challenges.
“Today, the Saudi economy is stronger and more resilient than ever. It is a global hub of innovation, creating economic opportunities and promoting a sustainability agenda,” Chidiac added.
It gives the private sector its rightful place in the economy. The country acknowledges that economic diversification entails not just the growth of non-oil sectors and the reduction of oil export revenue dependency, but also strengthening the role of the private sector. Therefore, the goal is to elevate the sector’s contribution to the economy to 65 percent.
Certainly, the Kingdom’s reforms and progress won’t conclude with Saudi Vision 2030, approximately seven years ahead, but will continue as an ongoing journey toward growth and development until it establishes itself among the world’s leading economies.
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