The Most Recent Reviews on Saudi Arabia’s Economic Reforms to attract FDI in Non-Oil Sector
Dr Abdulhakim Abushhewa
Tripoli University, Libya
Email: a.abushhewa@cqumail.com
Abstract
The aim of this paper is to review available research studies on the reform process in Saudi Arabia focused at diversification of the country’s economy and attracting foreign direct investment towards non-oil sectors. For this purpose, specific search terms were used in Google Scholar search engine and the results were shortlisted according to the year of publication. As the world’s biggest oil exporter country, the Saudi government has realized that the economy cannot be dependent solely on oil revenues, especially in view of the sharp volatility of oil prices and demand during the last few years. The government has come out with long-term plans to attract FDI inflows as well as current reforms which aim at developing other sectors of the economy, improve infrastructure, and increase privatization of public sector enterprises, trade openness, improving FDI laws and regulations. This study discusses these four factors in detail to shed light on where Saudi Arabia’s reforms and plans are moving, with regards to the diversification of their economy, in a bid to reduce excessive reliance on oil revenues.