How Saudi Arabia Strengths Its Economy? – IMP

Saudi Arabia has brought considerable change to the country over the past few years by developing economic and social transformation plans.

The global economy is still uncertain after the health crisis (Covid-19 pandemic). However, Saudi Arabia stands out based on its determination to accelerate its reforms and diversification by turning firmly towards the future. Indeed, during this troubled period, the country stood out through the multiplication of ambitious announcements in strategic sectors at the heart of energy transition and significant technological changes.

We have witnessed Saudi Arabia jobs for Pakistanis were easy to get during the 1980s. Over time, job opportunities gradually tended to decline. Like most other countries worldwide, the job market of KSA took a hit in 2020 due to the COVID-19 pandemic. However, the country has brought a change and emerged as the best post-COVID economy. Now, you can find many employment opportunities in the country.

This blog will shed light on the GDP and private sector, which is the transformation engine in Saudi Arabia.

Double GDP By 2030

Saudi Arabia pledged to build a new economic development model by launching its Vision 2030 as a transformation plan in 2016. The Kingdom wants to build a more liberal and inclusive economy, creating jobs and wealth.

Mohamed Bin Salman wants to build new development poles by 2030, aiming to double its GDP. He shows his determination to radically transform the Saudi economy and society.

Riyadh wishes to become a major player in many sectors by 2030. The Vision 2030 plan aims to make the country a world leader in renewable energies and an attractive tourist destination to welcome more than 100 million visitors.

Furthermore, the country has now become an entertainment market that may exceed $ 8 billion. The use of technology enables KSA to acquire a defense industry ranked among the top 25 in the world. The country has also developed the manufacturing and mining industries.

All sectors are central to the Kingdom’s transformation strategy, from food security to smart cities, including biotechnologies and artificial intelligence. By developing large-scale logistics and airport infrastructures, Saudi Arabia also intends to take full advantage of its strategic location at the crossroads of Asia, Europe, and Africa.

The Private Sector – Engine Of Transformation

The private sector is also expected to be the engine of this transformation plan. So, Saudi Arabia wants to increase its share in GDP from 40% to 60%. The country intends to attract international investors to invest in the country. The country also focuses on privatizations, and it’s good example is Aramco, the Saudi Arabian Oil Company.

Furthermore, the recent mergers of SAMBA and NCB banks, and the recent initial public offering (IPO) of the energy transition giant Acwa Power, are parts of the implementation of this strategy.

Mohamad Bin Salman also focuses on diversification by relying on technology transfer, improving the business climate. Based on the public-private partnership and the technology, the country wants to reduce barriers to investment. The country also intends to ensure the development of free zones and the new economy through strategic partnerships with the major global players. Recently, Saudi Arabia has also issued government bonds, taking advantage of the country’s low level of debt.

Final Words

Overall, all the strategies implemented yet have been successful. It is expected that the implementation of the entire plan in Saudi Arabia will lead its economy to thrive. The country has started to create smart employment opportunities based on its strategies. We hope this blog has helped you know how Saudi Arabia strengthened its economy and to what level its economy could be supportive of the Pakistani workforce.

As the leading manpower recruitment agency in Pakistan, Islamic Manpower Promoters always strives to keep you updated about the Gulf economic situation. You can contact us if you are seeking employment in Saudi Arabia, UAE, or Qatar. We’ll provide you with the best recruitment options and elite employment service!