Barron’s Praises Saudi Transformation under Prince Mohammed bin Salman
The American magazine Barron’s reported: “Since Prince Mohammed bin Salman assumed the role of Crown Prince, Saudi Arabia has witnessed an unprecedented and wide-ranging social and economic opening.
The country is significantly investing as part of a strategy to develop its infrastructure.
This includes building new tourist facilities and hosting sporting and entertainment events featuring top global stars. ”
Unprecedented Social, Economic Openness
Since Crown Prince Mohammed bin Salman took the reins as the de facto ruler of Saudi Arabia, the Kingdom has embarked on a path of unprecedented social and economic reforms. These changes, part of the ambitious Vision 2030 plan, aim to transform Saudi Arabia into a modern, diversified economy less reliant on oil.
Vision 2030:Roadmap for Transformation
Launched in 2016 by Crown Prince Mohammed bin Salman, Vision 2030 aims to revitalize Saudi Arabia’s economy and society. This plan focuses on building a vibrant society, a thriving economy, and an ambitious nation. It seeks to transform various sectors.
These include increasing cultural spending and diversifying the economy beyond oil. The plan boosts non-oil exports and the private sector’s GDP contribution. Projects like NEOM, a carbon-neutral city, showcase these changes.
Under Mohammed bin Salman’s guidance, these efforts have cut unemployment and raised foreign investment significantly. Since the launch of Vision 2030, Saudi Arabia’s non-oil revenue has soared by over 200%.
Social Reforms: Empowering Women, Youth
One of the most visible aspects of these reforms is the empowerment of women. Women were not allowed to drive until 2018, they now participate more actively in education, work, and public life. Female labor participation reached 37% of the national workforce by 2022, surpassing the 30% target set for 2030.
Youth unemployment has also declined substantially. These changes reflect a broader societal shift towards more openness and modernity.
In summary, under Mohammed bin Salman‘s leadership, Saudi Arabia is undergoing a transformative journey, marked by significant economic diversification and social liberalization. These changes have garnered both domestic support and international attention.
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