Entrepreneurship in the Kingdom of Saudi Arabia

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KSA Focused on KE

Knowledge Economy


The Kingdom of Saudi Arabia (KSA) after successfully averting the global economic distress (real GDP growth of 4.2% in 2008 & 0.6% in 2009), is projected to record real GDP growth of 3.8% and nominal GDP growth of 16.6% (SAR1.6tn) in 2010. Global Research expects the economic expansion of Saudi Arabia to continue, posting real GDP growth of 4.3% 2011. … The diversification of the economy remains one of the top priorities of the government. The oil revenues contribute around 80% to the government revenues. The oil sector contribution to nominal GDP has shown reduction to around 48% in 2009, and the government’s efforts to decrease its dependence on oil resources are expected to continue, showing desired results in coming years. … Across the board spending increase reflects the government’s unwavering support for sectoral development, with highest sector contribution of more than 50% continuing to be allocated to Human Resources Development. Human Resource Development mainly comprising of education development, captured the highest share of spending allocation that amounted to SAR731.5bn (USD195.1bn) showing an increase of 52.4% over Eighth Plan allocation. The sector includesgeneral education, higher education, technical & vocational training and science, technology & innovation. The plan encourages the private sector to establish more schools and increase its share to 15% by 2014. As part of its vision to develop a “knowledge economy” it also commits to 25 new technological research institutes & facilities.  Full article at Global Arab Network


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