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27-04-23

Saudi Arabia's Diversification Efforts Yield Positive Results

(MENAFN) According to an annual report tracking the Vision 2030 blueprint, Saudi firms are increasingly driving the Kingdom's economy, with the share of local content rising in various sectors. Local content refers to the percentage of goods, services, and skills sourced from local suppliers and workforce within the Kingdom. The aim of promoting local content is to increase the participation of local businesses and citizens in the industry’s supply chain, leading to economic growth, job creation, and technology transfer. Saudi Arabia has achieved 59.5 percent of local content in the oil and gas sector, surpassing the targeted baseline of 37 percent in 2022.

In addition, the Kingdom has surpassed its targets for the share of non-oil exports for non-oil gross domestic product by 6.3 percentage points, achieving 25 percent in 2022 against a target of 18.7 percent. Small and medium enterprises loans as a percentage of bank loans also outscored the baseline target of 2 percent last year by attaining 8 percent, contributing to a reduction in the unemployment rate to 8 percent among locals against the intended target of 12.3 percent. Women's participation in the workforce has also increased, reaching 34.5 percent compared to the planned 22.8 percent in 2022.

The report further revealed that the percentage of university graduates joining the labor market within six months of graduation touched 32 percent against the targeted 13.3 percent. Saudi Arabia also excelled on the UN E-Government Development Index, securing 31st rank last year against a target of 44 for 2022.

Crown Prince Mohammed bin Salman expressed optimism in the report, stating that the future of the Kingdom is blessed and promising, and that there is more to achieve. King Salman added that Saudi Arabia's history records the greatest and most successful collection of directed purposes to building a modern state whose foundation is the citizen, its pillar is development, and its goal is prosperity. The positive results of Saudi Arabia's diversification efforts point towards a promising future for the Kingdom.
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