(Solution) 7C001 Question 4 Long-term Economic Trend Currently Affecting Saudi Arabia
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Question 4
Long-term Economic Trend Currently Affecting Saudi Arabia
Economic diversification, as part of the Vision 2030 initiative, is the most important trend transforming Saudi Arabia’s economic framework, fostering sustainable growth, and mitigating the risks associated with oil dependence (Al Naimi, 2021). This trend is significant for several reasons;
Development in Various Sectors and Job Creation
Saudi Arabia’s economic diversification, led by Vision 2030, has accelerated the development of other sectors other than oil such as tourism, technology, renewable energy, and entertainment. For example, NEOM and Qiddiya are examples of the Kingdom’s vision for new economic hubs (Al Naimi, 2021). These large-scale projects are established not only to support the diversification of the economy but also to create employment to meet the needs of the young population (Houfi, 2021). Saudi Arabia has also introduced some new industries that foster entrepreneurship development, foreign direct investment, and SMEs. Such an approach will enable having a strong and healthy economy that can still perform well even in the midst of unfavorable economic conditions in the world market.
Renewable Energy and Sustainability
Economic diversification has also contributed to the Saudi Green Initiative which is a part of Vision 2030 and which entails reaching net-zero emissions by 2060. The Kingdom is emerging as a global power in the field of green technologies, with significant investments in renewable energy resources, such as solar and wind energy. The country’s investment in the Sakaka Solar Plant and other mega-projects is an example of how Saudi Arabia is planning to meet its energy requirement with reduced carbon intensity (Beutel, 2020). Such measures not only serve as instrumental for climate change mitigation but also grab the attention of international investors who are interested in ESG factors.
Attracting Foreign Investments
The economic diversification policies have enhanced the status of Saudi Arabia as a suitable country for foreign countries to invest in. According to McPherson‐Smith (2021), the strategic goals of the Kingdom related to the development of the infrastructure……
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