Saudi Arabia's message at the just concluded World Economic Forum (WEF) rendered by its ministers of energy, commerce and finance clearly indicated that the Kingdom is a strong economic and investment player on the international arena. Not only is it a magnet for investments from the world over, but also a lead player in establishing sustainable ventures the world over through its Public Investment Fund, besides its latest plans to give investors access to Saudi Aramco shares. It is recognized worldwide that Saudi oil has contributed to the development of several countries in the east and the west. At the same time, oil has been the mainstay of the Kingdom's economy. But Vision 2030 plans to change this reliance on oil, and instead depend on the knowledge, skills and talents of its young workforce. Global political and business leaders at WEF heard about the Kingdom's renewed emphasis on the role of the private sector in promoting economic growth, unlike in the previous development plans when the continued stress was on petroleum. The Kingdom also highlighted the fact that it had attracted four international technological companies to support its technology transfer drive. The renewed strategy to diversify its sources of income is an important transformation phase first initiated by Saudi Arabia in 2016. The strategy has helped narrow its budget deficit, even as the Kingdom rationalized spending and cut down on subsidies. The Saudi Finance Minister confirmed at the WEF that the Kingdom had released a book on economic feasibility, illustrating the most prominent aspects of the Saudi economy and listing investments opportunities. The Kingdom displayed a strong sense of confidence in its economy, leaving global investors brimming in optimism after a brief phase of anxiety.
