the Kingdom is reaping the reward of the recent increase in oil prices? Or does it have something to do with its leadership’s persistent pursuit of Vision 2030 in recent years?
Saudi Arabia was also the most sought-after nation at the recently held World Economic Forum in Davos. As one Western media outlet reported, it is “one of the few bright spots in an otherwise shaky global economy.” That is why Western financiers are keen to invest in its Vision 2030 giga-infrastructure and tourism projects and why government delegates from around the world want a fair share of the Public Investment Fund, the Saudi sovereign wealth fund that is currently valued at $620 billion.
This formidable strategic plan to wean the economy off its dependence on oil — and simultaneously empower the youthful Saudi society — was unveiled by Crown Prince Mohammed bin Salman in 2016. The following year, the Future Investment Initiative was launched. The signature annual event, dubbed “Davos in the Desert,” helped to increase net foreign direct investment inflows by 257 percent in 2021.
In fact, some of the targets set for 2030, such as the 33 percent share of women in the workforce, have been achieved ahead of time. Progress in women’s empowerment in the social sphere has been revolutionary. Youth employment is another priority, which is to be achieved largely by increasing small and medium-sized enterprises’ contribution to GDP from 22 percent currently to 35 percent by 2030.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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