– This assignment about Saudi Arabia – Follow instructions in the attached file carefully – Avoid Plagiarism – 4-5 pages report not including the cover page and the references. – follow APA style. – provide in text citation and at least 7 updated articles after 2013. Kindly stick to your price if you change I will dispute

Title: Assessing the Economic Development of Saudi Arabia

Introduction:
Saudi Arabia, known formally as the Kingdom of Saudi Arabia, is a country located in the Middle East and shares its borders with Jordan, Iraq, Kuwait, Qatar, Bahrain, the United Arab Emirates, Oman, and Yemen. Its strategic location and vast oil reserves have played a significant role in shaping its economic development. This report aims to assess the economic development of Saudi Arabia and analyze the various factors that have contributed to its growth.

Economic Background:
Saudi Arabia’s economy has undergone significant transformations since its establishment. Initially, the country relied heavily on agriculture and trade. However, the discovery of oil reserves in the 1930s propelled Saudi Arabia to become one of the world’s leading oil-producing nations. The revenue generated from oil exports has played a vital role in shaping the country’s economic landscape.

Diversification Efforts:
Despite the substantial contribution of oil to the country’s economy, Saudi Arabia recognizes the need for diversification to mitigate its dependency on oil. Over the past few decades, the government has implemented various initiatives to diversify the economy and promote non-oil sectors. For instance, the Vision 2030 plan, announced in 2016, aims to transform the Saudi economy by reducing dependence on oil, creating new sectors, and attracting foreign investment.

In recent years, the Saudi government has prioritized sectors such as tourism, entertainment, healthcare, and education to drive economic growth. These efforts are in line with the government’s goal of creating a sustainable and diversified economy that can withstand fluctuations in oil prices.

Investment in Infrastructure:
Saudi Arabia has invested heavily in developing its infrastructure to support economic growth. The government’s investments in transportation, energy, communication, and housing sectors have significantly improved the country’s business environment and attracted foreign direct investment. The expansion of transportation networks, such as ports, airports, and railways, has enhanced connectivity and facilitated trade.

The Development of Special Economic Zones:
The establishment of Special Economic Zones (SEZs) has been a crucial part of Saudi Arabia’s economic development strategy. These zones provide incentives and tax benefits to attract domestic and foreign investors. The King Abdullah Economic City (KAEC), for example, is a major SEZ aimed at diversifying the economy and attracting foreign investment. It offers specialized infrastructure and a business-friendly environment to promote various sectors, including manufacturing, logistics, and services.

Human Capital Development:
Investing in human capital is vital for sustainable economic development. Saudi Arabia has recognized this aspect and taken steps to improve its education and training systems. The country has witnessed a significant expansion in its education sector, with increased investments in schools, colleges, and universities. Moreover, initiatives to enhance vocational training and skill development have been implemented to address the demands of the labor market.

Despite these efforts, the country still faces challenges in aligning its education system with the needs of the labor market, resulting in a skill mismatch. Addressing this mismatch and promoting entrepreneurship and innovation are critical for fostering a knowledge-based economy.

Foreign Investment and Economic Reforms:
Saudi Arabia has increasingly focused on attracting foreign investment to stimulate economic growth and diversification. In recent years, the government has introduced several reforms to enhance the ease of doing business in the country and create a favorable investment climate. These reforms include initiatives to simplify bureaucracy, improve regulatory frameworks, and protect intellectual property rights.

Moreover, the opening of the Saudi stock market (Tadawul) to foreign investors has increased liquidity and attracted international capital. Additionally, the government plans to privatize state-owned enterprises and encourage public-private partnerships to promote efficiency and competitiveness.

Conclusion:
Saudi Arabia’s economic development has been significantly shaped by its oil reserves, but the country recognizes the need to diversify. The government’s efforts to promote non-oil sectors, develop infrastructure, invest in human capital, attract foreign investment, and implement economic reforms have all contributed to the country’s economic growth. However, challenges such as reducing the dependence on oil, addressing the skill mismatch, and ensuring the successful implementation of reforms remain crucial for sustainable economic development in Saudi Arabia.