Over the last decade, the changes made in Saudi Arabia would make the country almost unrecognisable. The once extremely conservative and traditional nation has has taken strides towards modernity, growth, development and innovation; pushing them ahead in the GCC region and globally.
Saudi Arabia was economically stable relying on the massive amounts of oil they were able to produce and sell globally. They were the top oil producing country in 2010 and remained in the top 5 globally for the following years. The unexpected oil price crash in 2014 to 2015 led Saudi Arabia to take a new approach in achieving economic stability.
In 2016, King Salman announced the Vision 2030; the roadmap for the Kingdom to improve the economic and social foundation of the country. It was also a way for the country to diversify their economy away from oil. This was the beginning of the Kingdom modernising, and making historic shifts from the long held traditions of the country.
As a result, the Kingdom made massive progression towards modernisation through women’s rights, lifting the entertainment and tourism bans, privatization deals, investing in infrastructure and education, encouragement of foreign investment and partnering with other countries.
Recent years have seen women in Saudi Arabia able to drive after the government lifted the driving ban on women in 2017 and licenses were issued in 2018. This lead to an increase of participation from women in the workforce. The government also released initiatives to support women in this such as Wusool which provides women with affordable transport to and from work, and the Qurrah initiative which helps women balance work and family life by providing better quality child care services.
The lift of the entertainment ban meant entertainment companies can now enter the Kingdom with cinemas, hosting concerts and festivals. All these increase the disposable income residents spend in the Kingdom on entertainment and therefore increasing revenue. The release of the tourist e-visa means tourists can now visit the Kingdom and experience the rich culture and history Saudi has to offer and increasing revenue from the tourism sector.
Privatization deals allowed the government to release the ownership of certain entities or partner with companies in the private sector such as the Saudi Postal Corp, Saudi Grains Organization, Saudi Professional League, 27 airports in the Kingdom, Saline Water Conversion Corp and more. This increased foreign investment opportunities for companies looking to expand into the Kingdom and in turn helped bolster the economy.
The immense progress that Saudi Arabia has made in the last 5 years alone indicates a promising future for the decade to come. The strategies used to reverse the impact to the economy the oil price crash had is projecting their society forward towards the Vision 2030’s 3 guiding pillars; a thriving economy, a vibrant society and an ambitious nation.
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ABOUT PROVEN
Founded by Saudi Nationals Zaid Al Mashari and Naif Al Otaibi in 2009, PROVEN SA delivers business solutions to companies currently operating in or looking to branch out into KSA. PROVEN SA is a specialist in corporate immigration, employee outsourcing and recruitment, Providing international companies with advanced regional insight and the necessary tools to successfully do business within the Kingdoms burgeoning markets. Due to an increase in international interest, PROVEN SA expanded out of Saudi in 2016, and now holds offices in Riyadh, Dubai, Dallas and London.
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