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A Review on Saudi Arabia’ s Economic Reforms Under the King Salman
Author(s): 
Pages: 76-98+159
Year: Issue:  4
Journal: Arab World Studies

Keyword:  Saudi Arabia ’s DiplomacyKing SalmanEmerging Middle PowersVision 2030;
Abstract: Saudi Arabia’s state-dominated and oil-based economy led to the lack of independence in development of its non-oil industry and private sectors characterized by reliance on subsidies,monopoly of family business,and over-reliance on foreign workers. Since the King Salman took office,the Kingdom has undertaken a set of economic reform measures including promoting the process of privatization,attracting foreign investments and expanding sovereign-wealth fund investments, however,economic reform is still constrained by many internal and external factors. On the one hand,interior factors such as royal family politics and its authoritarian governance,mismatching between the skills of employed population and the needs of the labor market,contradictions between the inertia of rentier economy and the economic structural reform,and vested interest groups ’ obstruction of the reform process are hindering the implementation of reforms and their effectiveness. On the other hand,Saudi Arabia is faced by external factors in the reshaping its own economy and establishing a newsocial contract, including geopolitical tensions, homogeneous competition among Gulf monarchies,continued oil market turmoil and chain effects of regional incidents.
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