Saudi Arabia’s $1.8 T Transformation to Spur Economic Growth by 2027

Saudi Arabia’s $1.8 T Transformation to Spur Economic Growth by 2027

Saudi Arabia is set to undergo a significant economic transformation, with its GDP projected to reach $1.8 trillion by 2027, driven by Vision 2030’s ambitious diversification plans, rising oil prices, and a growing population. Based on Ken Research reports, Vision 2030 aims to reduce the Kingdom’s reliance on oil exports by developing non-oil sectors such …

The post Saudi Arabia’s $1.8 T Transformation to Spur Economic Growth by 2027 appeared first on Business Tabloid.Saudi Arabia is set to undergo a significant economic transformation, with its GDP projected to reach $1.8 trillion by 2027, driven by Vision 2030’s ambitious diversification plans, rising oil prices, and a growing population.

Based on Ken Research reports, Vision 2030 aims to reduce the Kingdom’s reliance on oil exports by developing non-oil sectors such as tourism, renewable energy, and manufacturing. This diversification strategy is expected to create new job opportunities and foster long-term economic stability.

The kingdom has also encountered a surge in oil prices, which led to improving government spending and investment in infrastructure and social programs. Despite their efforts to diversify, the hydrocarbon sector remains a significant contributor to the GDP due to Saudi Arabia’s extensive oil and gas reserves.

Vision 2030 supports foreign direct investments (FDI) to