Transitioning Away from an Oil-based Economy through Saudi Arabia’s Vision 2030

Abstract

To modify the economy and make it less dependent on oil, several initiatives were launched by the Kingdom of Saudi Arabia in 2016 under the Saudi Vision 2030 umbrella. This study looked at the financial impact of Saudi Vision 2030 and assessed whether non-oil industries have responded as desired. Since the implementation of Saudi Vision 2030, several industries have demonstrated noteworthy accomplishments and contributed to the GDP of Saudi Arabia. Three such industries—tourism, small and medium-sized enterprises, and the “Saudi Made” logo campaign—were the subject of this study. The analytical objective of this research was to determine if these industries strengthen the economy of the country and ultimately lessen its dependency on oil revenue. This analysis utilized secondary data gathered from published news, online articles, and various public sector records, including government and private bodies through their annual reports, alongside figures from the Saudi Arabian Monetary Authority. The results indicate that gains are being made toward the strategic objectives of the Saudi Vision 2030. KEYWORDS Arabian monetary, growth-led-tourism hypothesis, medium-sized enterprises, post-oil economy, Saudi tourism, small enterprises