JEDDAH: Economists say Saudi Vision 2030 offers a futuristic vision for the future, will lessen dependence on oil and stimulate other sectors that rely on human resources.

They added that the new vision relies on human competency and that it will strengthen sustainability by increasing resources and diversifying internal income through investment. This is due to a sovereign investment fund that will be the biggest in the world. Economists say the Kingdom is entering a new stage in light of its increasing population and changing skill sets.

Economic analyst Dr. Salah Al-Shalhoub said the national economy had passed an important crossroads; nationals are living under the care and protection of the government, education levels are high, the labor market is growing and the entry of expats is creating a powerful labor force.

He added that the standard of living among nationals and young people is linked to the encouragement of the private sector and improvement of homes, health and education.

Shalhoub said the Kingdom was at a turning point that reflects the national economy at a time when the national population is increasing. “Individuals are going in search of income diversification that contributes to the growth of society. In light of the economic fluctuations the world is experiencing at present, there is a need to look for alternative energy resources,” he said. “Essentially, we are now looking toward the post-oil period.”

The transformation that will be witnessed in the coming years relates to a group of issues related to competence expenditure, sustainability, resource growth and income diversification through investment and setting up of the national sovereign fund along with other diverse financial instruments to distribute risks. This is in addition to greater openness as exemplified by the Kingdom’s entry into the World Trade Organization which will make it a market for foreign investment and regulate consumption which will be less stressful on the state budget.

Dr. Salem Ba’ajaj, economic analyst, said the Vision 2030 would play a role in changing the key features of the Saudi economy from those that depend on oil to those that generate returns. He confirmed that this is a futuristic vision for incoming generations who are determined to keep up with global developments.

He added that the local community and economists are waiting for the announcement of the full program, which will have many incentives to stimulate the nation’s economy and achieve economic variation.

Dr. Mohammad Dulaim Al-Qahtani, an economist, said the national transformation program is a very positive move that responds to economists’ calls for economic diversification. He said the new vision has many benefits for all citizens and all economic sectors.

Al-Qahtani said the program would lessen dependence on oil and activate other sectors that depend on human beings. He added that the new direction fund encourages smart investments.

“We are looking forward to the sovereign investment fund with a value of $2 trillion which will invest in vital sectors such as nano and telecommunication technology which achieve quick and large returns,” he said.

Al-Qahtani said it was important to support these aspirations which reflect positively on citizens and will change the economy from one dependent on oil into a diversified one.

He said that if the economy stayed the same, the Kingdom would depend on the expertise of other countries and foreign elements. He noted that it was time to work in a stable way and start training a national cadre in addition to supporting the sectors we are already advanced in.

He pointed out that if we wanted to reach the desired change, everyone should understand their duties and maintain a clear vision for the national transformation. He said that citizens need to work together under a comprehensive program for national transformation which should be well researched and stable.