Saudi Arabia needs to accelerate non-oil revenues to meet Vision 2030

Saudi Arabia needs to accelerate non-oil revenues to meet Vision 2030

Over the past decade, Saudi Arabia has made large strides in its transition from an oil-reliant economy to other non-oil income streams. According to a new report by Strategic Gears, though, if the Kingdom is to meet the Vision 2030 target, non-oil revenue needs to accelerate even further.

In 2016 the rulers of Saudi Arabia unveiled their ambitious long-term strategy for the Kingdom, known as ‘Vision 2030’.

With the price of oil having been volatile around the time, like many of the GCC nations, Saudi Arabia had been exposed to economic disruption, and with the world transitioning away from fossil fuels, the decision was made to broaden the country’s exports and income possibilities to other necessary avenues like transportation and entertainment.