8 months ago

Saudi Arabia's Economic Transformation Amid Social Change

Saudi Arabia's Economic Transformation Amid Social Change
Saudi society has changed drastically. Can the economy change, too? · livemint.com

Saudi Arabia is trying to change its economy and society.

Twenty years ago, cities like Buraidah were very strict with rules about religion and gender.

Now, women can work, drive, and go out freely.

The government is also trying to make the economy less dependent on oil by building new industries like tourism and mining.

They have big plans, like building futuristic cities and hotels.

However, making these changes is hard.

The economy still relies a lot on oil, and other industries are not growing as fast as hoped.

The government is spending a lot of money, which is causing some problems like higher prices and debts.

They need to make sure these changes last and benefit everyone in the long run.

Key facts

Oil's Share of GDP
26% in 2024 (down from 36% in 2016)
Women's Workforce Participation
36% in 2024 (up from 20% in 2018)
Tourism Overnight Stays
100 million in 2023 (up from 60 million in 2016)
Public Debt
30% of GDP in 2024 (up from 13% in 2016)
Vision 2030 Giga-Projects Funding
$900 billion planned by 2030
Foreign Direct Investment
Fell in 2024 compared to 2023
Education Reform
60% reduction in religious education hours in middle school
PIF Annual Spending
$70 billion in 2025 (up from $40 billion)

Quotes

Latifah Altamimi

An entrepreneur who went to university in America and returned to Saudi Arabia.

“I experienced culture-shock twice: once when I got to America and again when I returned.”
livemint.com

Sources

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