Saudi Arabia is diversifying its economy using the Vision 2030 plan, reducing dependence on oil while enhancing sectors like tourism and renewable energy. Initiatives such as the Women Empowerment Budget have positively impacted workforce participation. Ongoing partnerships with the U.S. are also emphasized for future cooperation in trade and education.
Saudi Arabia, the largest economy in the Middle East and North Africa, is undertaking significant measures to diversify its economy and reduce reliance on oil production. On February 26, a member of the Bentley University community, Ryadh bin Mohammed Alkhareif, deputy chair of the International Monetary and Financial Committee at the International Monetary Fund (IMF), discussed these initiatives as part of the President’s Speaker Series, where he shed light on the country’s evolving role in the global economy.
Alkhareif emphasized the comprehensive socioeconomic transformation being implemented through the Vision 2030 strategic plan, led by Crown Prince Mohammed bin Salman. “When you look at economic diversification, historically the Saudi economy relied heavily on one source. Now we have put a lot of emphasis to diversify the economy towards non-oil activities,” he stated during a discussion with Bentley President E. LaBrent Chrite. While diversification is crucial, he affirmed that the oil sector remains vital, as it continues to provide energy to the global economy.
He highlighted notable progress towards Vision 2030, particularly in sectors like tourism, entertainment, and renewable energy. Additionally, the Women Empowerment Budget Initiative has notably increased women’s workforce participation to approximately 36%, surpassing the initial 30% target set by Vision 2030. Alkhareif pointed out the importance of fiscal policies in enhancing social spending, particularly in healthcare and education, noting Saudi Arabia’s leading position in social spending compared to other G20 nations.
Alkhareif expressed optimism regarding Saudi Arabia’s ongoing relationship with the United States and other global partners. He remarked, “The role between the Kingdom of Saudi Arabia and the United States has been historical, strategic and mutually beneficial to both countries and to the global economy.” He further acknowledged the cooperation between the two nations in various sectors, including energy and education, emphasizing the potential for further trade and financial collaboration that would benefit both regions and beyond.
The President’s Speaker Series at Bentley University aims to provide students, faculty, and staff with insights from prominent speakers. Previous keynotes include notable figures like Paul Knopp, U.S. chair and CEO at KPMG; Rich Gotham, president of the Boston Celtics; and Edward Dugger III, CEO and president of Reinventure Capital.
In summary, Saudi Arabia is actively working towards diversifying its economy through Vision 2030, emphasizing non-oil sectors such as tourism and renewable energy. Increased participation of women in the workforce and substantial social spending reflect a commitment to socio-economic transformation. Strengthening ties with global partners, especially the United States, remains a priority for fostering mutual benefits in trade and cooperation.
Original Source: www.bentley.edu
