50.6% of Saudi Arabia's Economy Now Decoupled From Oil
The first thing that comes to your mind when someone mentions Saudi Arabia is oil. The Kingdom built massive wealth on the back of oil but is now diversifying its economy. The Prime Minister of the Kingdom, Mohammed bin Salman Al Saud (MBS), realized that revenue from oil can no longer run the country. Therefore, began investments in various sectors and plans to make the Vision 2030 a reality. Also Read: China Buys 2 Cargoes of US Soybeans in a First This Season Half of Saudi Arabia’s Economy Moves Beyond the Oil Sector, Embraces Technology and Tourism Source: CNBC Saudi Arabia’s Minister for Investment Khalid Al Falih said during the Future Investment Initiative (FII) in Riyadh that the Kingdom “completely decoupled” from oil and does not fully rely on it to run the economy. The other 50% “have nothing to do with oil,” he said. “This percentage is growing,” Al Falih told CNBC’s Dan Murphy at the conference. The Minister revealed that Saudi Arabia wants to further diversify thei...