Case Study: Saudi Arabia’s Economic and Social Transformation under Vision 2030

Mackseemoose-alphasexo
3 min readOct 21, 2024
  1. Overview of Vision 2030

• Background: Vision 2030, introduced in 2016 by Crown Prince Mohammed bin Salman, is a comprehensive plan aimed at reducing Saudi Arabia’s dependency on oil and diversifying its economy.

• Key Goals:

• Diversification of the economy by developing sectors such as tourism, entertainment, and technology.

• Increase in non-oil revenues, aiming to grow sectors like retail, infrastructure, and renewable energy.

• Creation of a more dynamic private sector to provide jobs and improve the standard of living for Saudi citizens.

• Development of megaprojects such as NEOM, a $500 billion futuristic city, and The Red Sea Project to boost tourism.

2. Economic Impact

• Oil Dependency: Saudi Arabia’s economy has been highly dependent on oil, with oil exports accounting for approximately 80–90% of the country’s revenue. Vision 2030 seeks to address this vulnerability by reducing oil dependence.

• Diversification Strategies:

• Investments in technology, healthcare, renewable energy, tourism, and financial services are core to the diversification plan.

• The creation of the Public Investment Fund (PIF), which aims to become one of the largest sovereign wealth funds globally, is central to these efforts. PIF has made…

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Mackseemoose-alphasexo
Mackseemoose-alphasexo

Written by Mackseemoose-alphasexo

I make articles on AI and leadership.

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