An Analysis of Saudi Arabia's Vision 2030 Economic Framework

This essay provides an overview of Saudi Arabia's Vision 2030, a comprehensive policy framework aimed at diversifying the country's economy, culture, and society. The essay highlights the program's focus on industry localization, reducing dependence on the oil industry, and developing sectors like t...Read More

ECONOMICS
ENGLISH ESSAY

VISION 2030 1
Sincere efforts have been made by Saudi Arabia towards the diversification in the
areas of cultural, economic and social spheres. An ambitious policy framework namely the
Vision 2030 has been mandated by the Crown Prince Mohammad bin Salman in 2016 to
facilitate the development in various spheres. The work will shed light on the importance of
the said blue print on Saudi Arabia.
It must be significantly noted that the 10 programs have been identified by the Saudi
Council of Economic Affairs and Development in terms of the strategic importance. These
programs are on the lines of housing development, serving pilgrims, improvement of
lifestyle, building strategic partnerships, development of the financial sectors, privatization of
the industries, strengthening the national identity and others (Al Arabiya, 2017).
The first key area that would be impacted by the said vision is the localization of the
industries such as the defence industry, industrial equipment, communications and
information technology and others. This will not only lead to the creation of job opportunities
but also enable the country to create its own integrated framework of industries leading to
self-sufficiency (Saudi Vision, 2019). The second key impact can be seen in the form of
economic development by getting past the dependency on the oil and petroleum industry, by
the creation of new revenue streams (Townsend, 2018). The next major influence is aimed to
be achieved in the local tourism industry which is regarded as a priority for the said vision.
The change policies such as issuing of the electronic visas to the non-religious tourists for
Mecca would be a key development for the local tourism to thrive more (Export.gov, 2018).
One of the vital plans of the tourism policies is dedicated towards air transport services, up
gradation of services of guest house and transportation mainly for the guests of the Haj and
Umrah pilgrims. The guest programs are designed to make the travel to
the country hassle free and to receive around 30 million Umrah pilgrims
by 2030. In addition to the above, the next major sector to be renovated
by the policies of the vision is the education sector. It must be noted that
the government has already allocated around SR200 billion towards the
public education in the year 2017 (Pennington, 2017). Among the other
developments, one significant development is towards the strengthening
the women community. The step is significant due to the history of the
publically restricted role of women.

VISION 2030 2
Thus, from the discussions carried on above, it is quite evident that
a number of steps have already been started to be taken to develop the
country in varied areas. Thus, it can be concluded that the Vision 2030 is
an all-inclusive framework for Saudi Arabian economy.
References
Al Arabiya. (2017). A detailed look at Saudi Arabia’s 10 programs to achieve Vision 2030.
Retrieved from: http://english.alarabiya.net/en/business/economy/2017/05/01/A-
detailed-look-at-Saudi-Arabia-s-10-programs-to-achieve-Vision-2030.html
Export.gov. (2018). Saudi Arabia - Travel, Tourism, and Entertainment. Retrieved from:
https://www.export.gov/article?id=Saudi-Arabia-Travel-Tourism-and-Entertainment
Pennigton, R. (2017). Saudi plans major overhaul to poorly performing
education system. Retrieved from: https://www.thenational.ae/uae/saudi-plans-
major-overhaul-to-poorly-performing-education-system-1.683557
Saudi Vision 2030 (2019). Vision 2030. Retrieved from: https://vision2030.gov.sa/en/node/6
Townsend, S. (2019). IMF commends Saudi Arabia on 'good progress' on implementing
Vision 2030. Retrieved from: https://www.thenational.ae/business/economy/imf-
commends-saudi-arabia-on-good-progress-on-implementing-vision-2030-1.733232