saudi-arabia-reduces-dependence-on-oil

Saudi Arabia reduces dependence on oil

Saudis are promoting other sectors of the economy in an effort to build on competitive advantages other than oil.

Saudi Arabia is in the middle of an economic transformation. Long known as the oil capital of the world, the kingdom is now focusing its economic policies on manufacturing and other non-oil activities as it tries to move away from oil dependence and build on its other competitive advantages.

Economic planners first recognised the need for diversification back in the 1970s, when they recommended building industrial cities specifically tailored to the oil and petrochemical industries at Jubail and Yanbu. Additionally, the government founded the Saudi Basic Industries Corporation Sabic to build the kingdom's petrochemical base. Today, both industrial cities are well-known success stories and Sabic is a world leader in petrochemical production.

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