As part of its future plans, Saudi Arabia seeks to broaden its economic revenue streams and decrease reliance on oil as a main contributor to the national income, a goal integrated into its Vision 2030. Saudi cities are currently experiencing dynamic and varied economic activity across sectors like energy, tourism, entertainment, real estate investment, industry, technology, and other crucial areas.
Saudi Arabia realises that relying only on oil is not a good idea for the future. The global oil market can be unstable, and depending entirely on it can hurt any country's economy. So, Saudi Arabia is now focusing on supporting projects in renewable and important energy sources. This change has shown positive growth in these areas in 2023, indicating the country's effort to have a more stable and diverse economy.
In its pursuit of establishing a modern, diversified economy, Saudi Arabia is actively supporting all sectors to promote comprehensive economic diversification for long-term stability. As part of this initiative, Saudi Arabia has established funds and institutions specialising in investments, exemplified by the "Public Investment Fund" in Riyadh. This fund is involved in various projects across different types and regions, extending its investments beyond the borders of Saudi Arabia. The primary objective is to diversify the sources of Saudi Arabia's national income.
Saudi Arabia's endeavours to decrease reliance on oil extend beyond its role as a primary export supporting the nation's economy. The shift is not only from dependence on oil as a fundamental operational and energy source but also towards environmentally friendly alternative energy sources that minimise carbon emissions. This transition reflects a commitment to a more sustainable lifestyle, evident in various significant projects. One noteworthy example is the "NEOM" city project, which is poised to reshape perspectives on the future.