Saudi Arabia’s Economic Transformation Under Vision 2030: Challenges, Opportunities, and the Transition from Oil Dependence to a Diversified Economy
DOI:
https://doi.org/10.54536/jgesd.v2i1.7785Keywords:
Economic Diversification, Mega-Projects, Oil Dependence, Renewable Energy, Saudi Arabia, Sustainable Development, Vision 2030Abstract
This study explores the economic transformation of Saudi Arabia in the context of Vision 2030 and its focus on transitioning from an oil-driven economy to a diversified and sustainable growth model. A qualitative research approach is used which includes semi-structured interviews with policymakers, business, academics, and technology, tourism, renewable energy, manufacturing and investment sector experts. The results have shown that Vision 2030 has helped to turbocharge the non-oil growth sector, especially in the areas of tourism, entertainment, smart cities, renewable energy, logistics, and digital transformation. Mega-projects like NEOM, Qiddiya and Red Sea Global are seen as big contributors to investment, jobs and international competitiveness. The study also highlights some barriers that have not been overcome, such as delays and inefficiencies in the bureaucracy, regulatory delays, lack of skills, financing constraints, and lack of coordination. The value and importance of this study is that it takes a comprehensive approach to evaluating Saudi Arabia’s diversification process through a combination of institutional, technological, and human capital aspects. The study offers a valuable addition to the literature by offering expert-based insights and understandings regarding the opportunities and structural barriers that will influence the long-term sustainability of Vision 2030 in the context of an emerging post-oil economic transformation framework on a global scale.
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