KT edit: Saudi Arabia is open for business

Riyadh's economic intent is clear with the leadership keen to send out a message that the economy will not be held back by legacy.

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Published: Tue 23 Oct 2018, 7:00 PM

Last updated: Tue 23 Oct 2018, 9:09 PM

Saudi Arabia is open for business despite the controversy surrounding the death of journalist Jamal Khashoggi. The Future Investment Initiative dubbed Davos in the Desert, which got off to a start on Tuesday, will be closely watched for the direction Riyadh's Vision 2030 plan will take. Crown Prince Mohammed bin Salman had launched the vision with  fanfare last year. A new Saudi Arabia that embraces technology and innovation while being powered by its core strength as the world's leading oil exporter cannot be ignored.
For Saudi Arabia's knowledge economy to take off, it needs the support of the people, mostly youth, and a majority of citizens in the kingdom are young and looking for jobs that inspire them. Government statistics say those under 30 constitute 58.5 per cent of the population. The economy is still heavily reliant on oil with 70 per cent of revenues derived from its export. The leadership wants to change that and has taken a leaf out of the UAE's book to diversify. A healthy mix is what the kingdom plans to achieve where a rich legacy in oil production and natural resources paves the way to human potential. International and industry leaders are there in Riyadh, including His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai. Riyadh's economic intent is clear with the leadership keen to send out a message that the economy will not be held back by legacy.
This Future Investment Initiative is about the nuts and bolts, about the process for Vision 2030. And the kingdom is showcasing its business-friendly side to the world. The crown prince represents a young order that wants to transform the way the kingdom does business while pursuing social reforms. Some of these reforms have  been rolled out, including driving for women. Riyadh's outreach and engagement with leaders of business and industry presents opportunities for the creation of more private sector jobs for Saudi youth. Unemployment rates among youth in the kingdom was pegged at 33.5 per cent last year, according to Bank of America Merrill Lynch. Making youth suitable for future jobs would also mean improving educational standards. Saudi Arabia is ready to welcome the world. The question is whether the world is ready for the kingdom's diversified, but disruptive path to progress?


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