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Saudi Gazette report
RIYADH — The economic evolution of Saudi Arabia is a remarkable story of transformation, from a largely agrarian society to a major player in the global economy. The discovery of oil in the 1930s was a turning point that propelled the Kingdom onto the world stage, leading to unprecedented growth and development.
Under King Abdulaziz, the foundations of a modern economy were laid, focusing on agriculture, trade, and basic infrastructure. However, it was the subsequent leaders who capitalized on the oil wealth, investing in education, healthcare, and infrastructure projects that would elevate the standard of living for all citizens. The establishment of Saudi Aramco as a state-owned oil company enabled the Kingdom to harness its natural resources effectively.
The oil boom of the 1970s transformed Saudi Arabia, leading to rapid urbanization and economic diversification. The revenues generated from oil exports funded extensive infrastructure projects, including highways, airports, and educational institutions. This period also saw the rise of the middle class, as access to education and healthcare improved dramatically.
In recent years, under the Vision 2030 initiative, Saudi Arabia has redefined its economic landscape, aiming to diversify the economy beyond oil dependency. The plan includes significant investments in sectors such as tourism, entertainment, and technology, positioning the Kingdom as a competitive player on the global stage. Projects like NEOM reflect the ambition to innovate and attract foreign investment.
As we celebrate National Day, we recognize how far Saudi Arabia has come and its aspirations to maintain a strong position in the global economy. The journey of economic evolution has been marked by resilience and adaptability, demonstrating the Kingdom’s commitment to progress and development. The future holds great promise, with a focus on sustainable growth and global partnerships that will shape the next chapter in Saudi Arabia’s history.
