he Arab world’s largest economy by some measure, the Kingdom of Saudi Arabia is distinguished by rich natural resources, a prime geographical location at the nexus of three continents, and a private sector creating new opportunities at an unprecedented pace. This year marks the midpoint of Saudi Arabia’s ‘Vision 2030’ journey, as the government seeks to diversify the Kingdom away from oil and build a vibrant, thriving, and ambitious knowledge-based economy open to foreign investment, digitalisation, and new technologies. So far, the transformation has proved incredibly successful. Between 2016-2022, the digital sector’s contribution to overall economic growth increased from 0.2% to 15%, and the number of Saudis employed in high-skilled jobs rose from 32% to 42%, according to the IMF. Meanwhile, non-oil exports reached a record USD 84.4 billion last year. Going forward, the IMF suggests that Saudi Arabia
KACST
Jan 16, 2024
5 minutes
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