Saudi Arabia Vision 2030 and National Transformation Program 2020 in the Market Opportunities
1.1 Historical Background
The transformations in Saudi Arabia, including the 2030 vision and National transformation program 2020 are the primary foundations for diversifying its economy from high oil dependency to other economic activities capable of replacing oil as the primary driver of the economy.
The country is working towards overhauling the entire economic structure through reduction of the dependence on oil. There are predicated ramifications of sharp declines in global oil process, while the fluctuations in oil economic oil prices have affected the stability of the economy (Nurunnabi, 2017).
This implies that the dependence on the oil economy is a setback for the economic growth, while diversification of the economy can be the primary solution to the constraints that the country faces in terms of economic development.
This research exercise will therefore seek to offer a reflection on the Saudi Arabia vision 2030 and National transformation program 2020 in the market opportunities.
The research will show the viability of transforming the economy by ensuring that there is a system of implementation of the change to other sectors of the economy as opposed to the current dependence on oil as a non-renewable resource (Rehan, Gardy, Demirbas, Rashid, Budzianowski, Pant & Nizami, 2018
