The road towards globalization and stability in the Saudi Arabia’s economy

Bader Abdulaziz Alkhaldi
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Bader Abdulaziz Alkhaldi: Dedman School of Law Southern Methodist University Dallas, Texas

European journal of economics and management sciences, 2015, issue 4, 52-59

Abstract: In the late 1990s, the Kingdom of Saudi Arabia has concentrated in economic reforms. The reason behind this trend is to keep up with the changes and developments in the global economy. Specifically, the Kingdom is looking to achieve sustainable economic growth, continue jobs creation, and enhance the level of welfare of citizens. An important step in this process is to lay the proper foundation, which is a market economy based on private ownership. A necessary corollary to a market economy is a structure that can support diversity; unfortunately, the Kingdom’s political structure is still geared toward a twentieth century model and about 90% of the country’s revenue is from petroleum. But, the government has made a firm commitment to updating its laws and diversifying the economy. This article explores how intentional change can make a positive difference to Saudi Arabia and its people.

Keywords: SAUDI ARABIA; ECONOMY; PRIVATIZATION; DIVERSIFICATION; FOREIGN INVESTMENT; LAWS (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:scn:032479:16178643

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