Saudi Arabia, an oil based economy possesses more than a quarter of
global oil reserves and has been the largest oil producer for over
half a century. Oil exports generate total revenue for the nation's
development expenditure in its entirety. But lately Saudi Arabia
has acknowledged that the objective of long term economic
development cannot be attained by depending on a single source of
revenue. Therefore, Saudi Arabia embarked upon a long term economic
development planning to reduce this dependence on a single export
commodity and to accelerate structural diversification. Structural
diversification has been one of the dominant objectives of all the
eight development plans. Saudi Arabia has aggressively attempted
privatization in its industrialization process in this respect.
Further, in this pursuit Saudi Arabia joined the WTO and opened its
economy to ease inflow of investments from abroad. This book has
been written to analyze Saudi Arabia's strategies and its level of
success till date to diversify its economy away from export of oil
only
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