Paper Example on Vision 2030 in Saudi Arabia

Introduction

The Saudi Arabia Kingdom is blessed with several rich assets. The country's cultural, geographic, demographic, economic and social advantage enables the nation to hake a leading position across the globe. In efforts to establish the best future for the nation, Saudi Arabia has based its vision on three significant pillars which represent the country's unique competitive advantages. The status of the country will make the state build on its leading role as the vital heart of Islamic and Arab worlds. The country will make sure it utilizes its investing power in creating a more sustainable and diverse economy (Ramady, 2010, 450). The state will also use its strategic position in building its role as an integral driver of the international trade as well as connecting three continents: Europe, Asia, and Africa.

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Vision 2030: Building a Vibrant Society, Thriving Economy, and Ambitious Country

The vision 2030 of Saudi Arabia is mainly built on three major themes: an ambitious country, thriving economy, and vibrant economy. The issue of being vibrant society is critical in attaining the vision as well as a firm foundation for the economic prosperity. Saudi Arabia believes typically on the benefits of an organization that is vibrant as the society members usually live according to the Islamic moderation principle, is proud of their nation and their cultural heritage and are supported by empowering health and social care system. The second theme of the thriving economy gives several opportunities to all individuals through establishing a system of education which is aligned with the market needs as well as establishing many economic opportunities for the entrepreneur and small enterprises and large enterprises. The country will also develop the economy through improving the quality of its services through privatizing some of the government services, enhancing the environment of business hence attracting various best investments from the world. The other theme of being ambitious is very significant as the country believes it can achieve anything. The nation applies responsibility and efficiency at all levels. This theme helps the country in building a transparent, an effective, enabling, high-performing and accountable government. The government will also prepare an appropriate environment for its citizens, non-profit sectors and profit sectors in taking of their responsibilities and initiatives in overcoming difficulties and seizing opportunities.

Restructuring Public Investment Fund and Privatization

The vision 2030 of Saudi Arabia provides a plan of restructuring of its Public Investment Fund (PIF) through creating of a wealth fund that is independent which would lead to better efficiency and management of funds in the process of maximizing its returns and the intentions of selling part of its world's largest company, Aramco. The plan outlined by vision 2030 also concentrates on the in-depth analysis of the stock exchange in Saudi Arabia (Tadawul) which would help to raise various figures in PIF. This capital would then be utilized in being invested in viable projects as well as the establishment of the state organization. Additionally, the plan also outlines its goals and objective regarding privatizing some of the state assets to the interested parties. When these measures become implemented, then there will be more income that is generated from the non-oil sources (Fattouh and Sen, 2016, 21).

Addressing Unemployment and Job Creation

The fact that the rate of unemployment in Saudi Arabia is approximately 29%, there is the urge to develop some measures which build opportunities for the creation of jobs via the economic changes (Champion, 2003, 32). As a result of the rise of the youth population, there is the need for establishing platforms and structures which may help to engage the youths in any given capacity. To add to this, the process of privatization is not sufficient alone in the creation of various job opportunities. Therefore, there is the need to build all-inclusive structure and facility which may accommodate about 29 million youths. The workforce of the government is usually segmented between the public sector that is overstaffed and private industry that is underdeveloped. About more than sixty percent of the total population of the employed staffs in Saudi Arabia work in the public sector whereas close to 80% of private sectors usually is dominated by the expatriate laborers. Additionally, the 2030 vision of Saudi Arabia usually targets attaining the reduction of the government jobs as it states in cutting off the tedious bureaucracy and end up by cutting on government expenses. This will help the government to occasionally spend more of the remunerations of all its civil servants as well as reducing their numbers which would result in reducing the government expenditure.

In efforts to curb the rate of unemployment, the Saudi Arabia's vision 2030 emphasizes in aiming at job creation in different sectors such as the IT field. The vision also makes sure that those who are employed are mainly the citizens of Saudi Arabia. However, to effectively work in such essential sectors requires having effectives needs of the staffs which have undergone via exclusive programs of training as well as education programs that are all-inclusive mainly relevant to the given positions in which they are engaged.

Subsidy Reduction and Social Welfare

In regards to subsidy reduction as speculated by vision 2030 of Saudi Arabia, it helps in addressing this issue through providing clause which serves to give vulnerable citizens with custom-made care as well as support facilities such as healthcare services. However, there is the main problem that the government is likely to accomplish this initiative. The lack of a system of income tax as well as having a census statistics that are updated which could have been otherwise used in determining which the vulnerable population in Saudi Arabia is. As stated in the vision that there is no income tax which will be levied, the government will face difficulties in ascertaining the citizens who are economically challenged.

The vision 2030 of Saudi Arabia aims to continue with programs that help to modernize the country's system of social welfare which will result in the making of the nation to be more empowering, just and efficient. The subsidies for water, food, electricity, and fuel will be used by redirecting them towards meeting those needs. The government will offer its population that is most vulnerable with the tailored support and care.

Enhancing Healthcare and Social Care Systems

In the last decade, Saudi Arabia's system of health care has benefited from the substantive investment. Therefore, there is the government is determined in optimizing and utilizing the hospital capacity as well as other centers of healthcare. This will result in improving the quality of care services provided in the therapeutic and preventive system of health. The public sector in Saudi Arabia will mainly focus on developing preventive care, minimizing the spread of infectious diseases as well as encouraging Saudi Arabia citizens to utilize primary care. Additionally, there will be deepening of integration and collaboration between the social care and health and providing support to families with the aim of offering home care whenever it is required.

Promoting Cooperation, Compassion, and Social Work

The values of cooperation, compassion, empathy, and giving are firmly entrenched in the society. The vision 2030 of Saudi Arabia has played a significant role in giving social help globally, locally and regionally. In the future, Saudi Arabia aims at strengthening and formalizing the compassionate and social work organization such that there are maximum impact and results.

The government support will be entitled to the programs that have highest social influence and will support the process of training the workers to promote volunteering as well as careers in the non-profit sectors. Therefore, the non-profit organization will have the ability to attract all best talents that will assist to make sure that only best management practices and the knowledge transfer result to the strengthening of these institutions in the long term.

Public-Private Partnerships and Economic Growth

According to Saudi Arabia's vision 2030, the government intended to give better opportunities favorable for the creation of partnerships with private sector via the three pillars; the position of the country as the heart of Islamic and Arab worlds, as a leader in investment capabilities and the strategic geographic location of the nation. According to Malik and Awadallah, (2013, 302), the government will have to improve its business environment such that the economy of the country flourishes and grows thereby driving employment opportunities for the citizens that are healthier as well as achieving prosperity for all people.

The vision also outlines the attainment of environmental sustainability. Through leading projects that are aimed at preserving the environment as well as natural resources, Saudi Arabia will have fulfilled its moral, human and Islamic duties. Preservation of the situation is a form the country's responsibility to the future generations and importance to the quality of the people's lives (Cordesman, 2003, 64). The nation well seeks at safeguarding the environment through raising the efficiency of managing waste through the creation of recycling projects that are comprehensive, minimizing all kinds of pollution as well as the fighting of a spread of desertification. The government will also be aimed at promoting the maximum utilization of the water resources through minimizing consumption as well as the use of renewable and treated water (Al-Zahrani, 2009, 12). The country will then direct its efforts towards achieving rehabilitation and protection of its beautiful islands, beaches, and natural reserves by making them open to all citizens as well as foreigners visiting the country.

Improving Business Environment and Small-Medium Enterprises

The government will seek the private sector participation as well as the use of government funds to finance these efforts. For Saudi Arabia to attain the desired economic growth rate, it needs an environment which attracts all the necessary capabilities and skills which are both from the kingdom and beyond the borders of the country (Kayed and Kabir Hassan, 2011, 54). The government will seek in improving both the working and living conditions for the people dwelling in the country who are non-Saudis through extending their rights to own real estate to given regions, enhancing their quality of life, allowing for the establishment of several private schools as well as adopting a simple and effective systems for providing visas and the residence permits. The primary objective is attracting and retaining of the finest foreign and Saudi minds and offering the required needs.

Both medium and small-sized enterprises in Saudi Arabia contribute about 205 of the country's GDP whereas, in the economies that are advanced, the contribution can reach about 70%. Despite the attempts made by the government meant for improving the business environment in Saudi Arabia, the small and medium enterprises may still be faced with the challenge of the complex and unnecessarily slow administration and legal procedures (Ali, 2009, 21). Additionally, the weak business environment still struggles in attracting the essential capabilities and skills as well as funding.

As a result of having the government pushing for an increase of the employment of Saudis in private sectors, many companies are experiencing the challenge of having critical difficulties when retaining and hiring local talents that are sustainable in their companies. Training and education remain as a significant issue since even after the education system of Saudi undergoing several changes; it is still not able to give sufficient graduates who are willing and able to work in these private sectors (Andrew and Finan, 2013, 61). Saudi employees frequently demand to be given higher wages in the private organizations, and this creates an array of problems for the multinational companies th...