Abstract
This book offers a detailed overview of the Kingdom of Saudi Arabia (KSA) through an in-depth evaluation of Vision 2030, the KSA’s economic master plan to rehabilitate and transform its economy from a hydrocarbon-based economy to a knowledge-based economy. It examines the present situation of the region as well as changing policies, the latest academic reforms, ICT foundations and innovation-oriented frameworks that have drawn the attention of the scholars, the civil society members and the general public.
This book highlights the sustainable economic growth strategies of Gulf Cooperation Council (GCC) countries in general and the KSA in particular, providing a comprehensive analysis of KSA’s aggressive measures to break its long-term dependency on oil-based revenues. It can also be seen as a source of inspiration for other countries to learn how KSA is paving its path to accomplish the groundbreaking pillars of its global development vision 2030 – a vibrant society, a prosperous economy and an ambitious nation.
The first chapter of the book shows how Saudi Arabia is a lucrative market owing to its resource-rich facets. Due to the availability of numerous natural resources within its boundaries, the KSA is considered as one of the largest economies in the world. Vision 2030 is expected to revolutionise the country’s fate and minimise its dependency on diminishing oil resources. The second chapter is focused on sustainability and economic growth of Gulf countries. Over the last few years, sustainability has become the centre of discussion among the stakeholders across the region. It is posited that Vision 2030 reflects far-reaching targets to transform the KSA into a sustainable, diverse and international trade hub. The attainment of development goals in the National Transition Program 2020 will play a pivotal role in materialising sustainability and economic development targets reflected in Vision 2030.
Chapter 3 focuses on the Saudi Entrepreneurship which is grounded on the potential of Mawatin (KSA nationals). Moreover, it separates conventional perceptions of male-dominant society and draws attention to the aspects of entrepreneurship equally valuable and available for female entrepreneurs. In addition, Khan and Iqbal mention that the KSA is supporting entrepreneurship through ‘various funding programs, awareness and entrepreneurship ventures, recognition programs and various incubators’. Saudi Arabia is making a good effort to grab the attention of global business organisations by providing them with various incentives and opportunities. In continuation of these arguments, chapter 4 recommends building a knowledge-based economy in Saudi Arabia to attain the goal of Vision 2030. This chapter helps global entrepreneurs to select and recognise the most popular channels for their organisational ventures and financial resources.
The fifth chapter discusses the research and development (R&D) of Saudi Arabia. Most often, R&D activities are performed by professional organisations – for example, higher educational institutions and specialised research firms. However, Nurunnabi added that in order to build a new R&D ecosystem, it is mandatory to emphasise the two most important determinants – a focused Saudi-specific national agenda and a set of focused national research programmes. It is also essential that the KSA builds local R&D skills, leverages directed funding to R&D projects and smartly attracts the best minds from the globe. Overall, the KSA is planning to increase the number of its research facilities to build a steady-state R&D model, necessary for supporting Vision 2030.
The sixth chapter of the book deals with economic transmission through entrepreneurship from a 2030 perspective. In this chapter, the authors address the association of business goals established by educational enterprises in society. The complexities of entrepreneurship goals are discussed with a detailed and intense debate. The seventh chapter argues that the structure of the entrepreneurial quest for the exploration of education strengths needs to be reassessed. This robust development would enable the students to examine and resolve disputes. The authors also believe that the incorporation of individual intellectual capabilities and systems organisational capabilities will increase development.
Research, Innovation, and Entrepreneurship in Saudi Arabia: Vision 2030 can be considered an applicable reference for students, analysts and management in interpreting the innovation and economic diversification ecosystem of Saudi Arabia. As the book indicates, the KSA can revolutionise and transfigure its oil-based economy to a knowledge-based economy through the research and entrepreneurial perspectives of the Vision 2030 and National Transformation Program 2020.
This book provides a comprehensive and scientific description of Saudi Arabia’s Vision 2030 with respect to its economic growth and development. Furthermore, it helps the researchers to examine how R&D can support a government in accomplishing its long-term goals by promoting a positive research culture in businesses. It enables the analysts to contemplate upon the present status on the ground along with new rules, regulations and changes in Saudi Arabia which incorporate institutional frameworks, ICT foundations and a robust developmental landscape that benefits the scholarly world, local people, private firms and the society at large. The writers also present a critical analysis of various frameworks proposed for the developmental projects. The book encourages researchers in other parts of the world to study and analyse the determined vision and mission of the KSA’s change process from an assets-based economy towards an information-based nation by achieving impressive expansion and transition in all sectors.