Saudi Cultural Missions Theses & Dissertations
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Item Restricted To What Extent Has Saudi Aramco’s Diversification Strategy Contributed to Saudi Arabia’s Economic Transformation Under Vision 2030(Saudi Digital Library, 2025) Aljabbari, Mohammed; Earl, GammonThe present dissertation evaluates to what degree Saudi Aramco’s diversification strategy is changing Saudi Arabia’s economy since Vision 2030 was announced. The research question was designed to evaluate whether or not Aramco’s undertakings truly contribute toward economic diversification and sustainability, or whether these hallmarks of reform reinforce the country’s dependency on hydrocarbons. The investigative design employed elements from theories of state capitalism, corporate governance, and environmental legitimacy. The empirical base was supported by a comparative case analysis of Saudi Aramco and ExxonMobil, in order to assess how ownership modalities influence diversification trajectories and sustainability narratives. Qualitative document analysis of corporate reports, international energy assessments, and pertinent policy documents was conducted to establish the empirical base. Findings suggest Aramco played a significant role in enabling investments into new sectors at the direction of the state and alignment with national strategic goals, but the diversification remains heavily fossil-based with very little being achieved relative to renewables and green technologies. While a direct comparison with ExxonMobil was performed to highlight how state ownership brings about different political/economic imperatives, there is a common dependency on hydrocarbons through external pressures of decarbonization. Overall, the study asserts that Aramco’s diversification strategy contributes to Saudi Arabia’s transformation in only partial, and contested, circumstances that improve fiscal resilience; but raises the question of actual sustainability in the long term.12 0