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A model of economic diversification
Economical 03/17/2024
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In this article, I will change the course of my talk from the direct economic issue to the method of monitoring and analyzing the economic phenomena of the world’s experiences to clarify the picture of how countries attempt to develop their economies.
The goal, of course, is to put economic policy makers and economic decision-makers in the country in the picture of how countries deal with this goal by simply referring to a specific experience without any comment.
It is a new method and approach that I am trying to develop for myself, through which I provide realistic treatments of economic phenomena by looking at the experiences of others.
In the first column, we do not go far from an experience applied in our Arab and regional environment, starting with my experience in writing subsequent articles according to this approach.
The beginning is to search for an answer to the question: How does a particular country seek to diversify its economy?
The closest example we chose is an oil country par excellence and it is one of the emerging countries that is achieving successive developments in its economy, which is Saudi Arabia.
News and periodic economic reports indicate that it, and I mean Saudi Arabia, is seeking to diversify its economy to reduce or reduce dependence on oil, so it invests in multiple and diverse sectors, most notably manufacturing, then tourism, entertainment, and others, aiming to achieve a head start in catching up with global developments in various fields.
The Saudi Sovereign Investment Fund, which is responsible for implementing major investment projects in the Kingdom, has allocated $100 billion as part of the Kingdom’s vision until 2030 to establish a center for advanced manufacturing, while announcing partnerships with major international investment companies specialized in making this approach a success. This type of investment aims to develop capabilities. The Kingdom’s industrial sectors are in various and multiple fields, most notably robotics, which is the main concern in the world, with the aim of catching up with the global pace of development, as well as the manufacture of air conditioners, the manufacture of surveillance cameras, etc. It is expected to achieve the goal of creating job opportunities for young people, by providing 39 thousand new jobs for the Kingdom’s youth. On the other hand, ambition has not stopped. With this goal, the Kingdom seeks to invest in various other important fields, for example, developing the tourism, entertainment and artistic sectors through the establishment of international resorts and major cities, in addition to developing archaeological areas by involving the private sector to invest in this field.
The Kingdom aims to develop the tourism reality so that the volume of tourists in Saudi Arabia reaches 150 million tourists annually, half of whom are foreigners, in addition to religious tourism in Hajj and Umrah. It is also moving towards privatizing sports clubs and investing in them and investing in the international film industry by bringing in major foreign players and attracting the international league as well as major players. Representatives of popular cinema production as a profitable investment. It must be noted here that Saudi Arabia, with the aim of reducing dependence on the sovereign wealth fund in the implementation of these projects, is giving the private sector exceptional attention in these important investments that revive the non-oil economy. Thus, countries seek to diversify their economies and financial resources by not Depending on or reducing oil revenues, we hope that the message will reach those concerned in our country who seek to develop and grow our economy.
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