Saudi Arabia’s economy is undergoing a pivotal shift, driven by the Vision 2030 plan to reduce oil dependency. While oil remains a major revenue source, the non-oil sector is the primary growth engine.
Growth is fueled by massive Public Investment Fund (PIF) projects (like NEOM), strong private consumption, and increased non-oil revenue. The country is diversifying into tourism, technology, and manufacturing, creating new jobs and accelerating domestic investment, despite a projected budget deficit due to high strategic spending.
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