Saudi Vision 2030 dismantles the accumulations of the rentier economy

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Saudi Vision 2030 dismantles the accumulations of the rentier economy

The details of the future directions announced by the Crown Prince catalyze a new shift in comprehensive development projects


Thursday – 17 Ramadan 1442 AH – April 29, 2021 AD Issue No. [
15493]


The “Saudi vision” produced positive indicators to diversify income sources and new development visions (Asharq Al-Awsat)

Riyadh: Bandar Muslim

On the impact of the statements of the Saudi Crown Prince Mohammed bin Salman, the day before yesterday, specialists confirmed to Al-Sharq al-Awsat that Saudi Arabia has managed during the past five years to dissolve the accumulations of the rentier economy on which the state has relied over the past years, with a clear indication of sectoral indicators and non Recent oil.
And a reading of the contents of the meeting of the Crown Prince, the day before yesterday; On the occasion of the passing of 5 years since the launch of the “Kingdom’s Vision 2030”, specialists stressed the success of the “Vision” project according to the recently announced indicators and figures, stressing that in the foreseeable future, Saudi Arabia will witness fundamental economic transformations in development projects at all levels.
The head of the Saudi Center for Governance, Nasser Al-Sahli, told Asharq Al-Awsat that the figures announced by the Saudi Crown Prince show tangible results that the Kingdom’s vision has translated on the ground through its various programs that target all sectors, and that the state relies on revenues other than Oil and achieve high jumps in the most prominent files, the most important of which are housing and unemployment.
Al-Sahli indicated that the future is promising for Saudi Arabia. Due to the clear visions and interest from the top leadership in the country that is looking for developing the quality of life, providing the finest services in the field of housing, improving the income level of the individual, and continuing to raise non-oil revenues.
Al-Sahli added that the Kingdom is witnessing radical, comprehensive, renewed changes since the launch of the country’s vision until now, as the citizen and resident are touching a major shift in future aspirations, stressing that the state has been able to achieve rapid results in the housing file after it was problematic for the citizen to raise the housing ratio from 47 percent to 60 percent within four years, in addition to absorbing the impact of “Covid-19” on unemployment in Saudi Arabia.
The Crown Prince said in the interview: “We are close to breaking the (Vision) numbers before the specified date. For example, housing (the vision) target is 62 per cent and we have reached 60 per cent in 2020 … This means that we have preceded aspirations in the file of the number of citizens who own homes. ”
The crown prince believes that the country’s economic growth will return to its highest levels next year, adding that unemployment also in the “vision” was 14 percent in the first quarter of 2020 and reached 11 percent, retreating from its rise during the pandemic.
In his speech, he stressed that non-oil revenues rose from 166 billion to 350 billion riyals, and foreign investments have doubled three times or more from five billion riyals annually to 17 billion riyals annually.
For his part, Dr. Abdullah Al-Maghlouth, a member of the Saudi Economic Society, explained that the meeting of the Crown Prince reveals that “Vision 2030” has worked to diversify the national economy and develop non-oil GDP over the past period and to create promising economic sectors such as tourism, mining and military industries, in addition to environmental reforms. Business and strengthening partnerships with the private sector and digital transformation.
Al-Maghlouth continued, that the rate of non-oil GDP growth has accelerated in addition to securing the first place in digital competitiveness at the level of the Group of Twenty, while continuing to develop new and promising sectors and accelerate achievement in the implementation of programs to achieve the “vision” to contribute to the promotion of economic growth and support content. The local, efforts that count for the leadership that deals with the future with a clear strategic vision.
Al-Maghlouth added that the “vision of the Kingdom” was and still inspires the continuation of regional supremacy and put its foot on the map of global economic power, and that the directives of the Custodian of the Two Holy Mosques and his Crown Prince are important for developing the Saudi economy, enhancing the citizen’s well-being and building a solid future for future generations.


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