The Contribution of Vision 2030 to Diversifying Income Sources in the Saudi Economy

Abstract

Saudi Arabia used to depend mostly on oil money. Oil gave most government revenue and shaped the whole economy (World Bank, 2023). When oil prices fell in 2014–2016 the budget came under pressure (IMF, 2023). The government launched Vision 2030 in 2016 to grow non- oil sectors, bring in more private investment, and create jobs (Saudi Vision 2030, 2024). The plan pushes sectors like tourism, technology, finance and clean energy (Saudi Vision 2030, 2024). The Public Investment Fund was asked to invest at home to speed this shiV (PIF, 2021).