Saudi Arabia launched “Vision 2030” in 2016, an economic approach to reduce dependence on oil and establish new sectors while investing in existing sectors including energy and petrochemicals.
Saudi Minister of Economy Faisal Al-Ibrahim said on Wednesday that the kingdom will continue to benefit from non-traditional sectors such as entertainment and electronic sports to create jobs, improve lives and attract talent.
Saudi Arabia launched “Vision 2030” in 2016, an economic approach to reduce dependence on oil and establish new sectors while investing in existing sectors including energy and petrochemicals.
Saudi Crown Prince Mohammed bin Salman, the de facto ruler of the kingdom, is adopting social reforms along with the economic agenda to help modernize the kingdom. In past years, women were allowed to drive, as well as hold concerts and open cinemas for the first time.
“In the past, these things were seen as hopeful by-products of economic transformation. Today, they are seen as major ingredients for an optimal economic transformation,” the minister told Reuters on the sidelines of the World Economic Forum in Davos, Switzerland.
The kingdom and the UAE, its close ally and also a member of OPEC, are also competing to attract foreign capital and talent.
Al-Ibrahim explained that the participation rate of Saudi women in the labor force has reached 37 percent, exceeding the government’s goal of reaching 30 percent by 2030. He added that the unemployment rate among Saudi men reached 4.8 percent, which is its lowest level ever.
“We reached 2.2 million jobs in the private sector this year, which is a record high,” Al-Ibrahim said.
“Going forward, we expect new sectors that did not exist in the past – we have sports, entertainment, culture and tourism – to have a big role,” he added, and that the government aims to create jobs faster than the rate people enter the labor market.
