Vision 2030: Saudi Arabia shifts from oil to higher education

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Vision 2030: Saudi Arabia shifts from oil to higher education

The kingdom plans to diversify its economy and create dynamic job opportunities through its commitments to education, entrepreneurship and innovation.

Vision 2030 is part of the Kingdom’s reform initiative carried out in lieu of the critical economic challenge as Saudi Arabia’s budget deficit currently stands at 9.3 percent of it gross domestic product (GDP) due to falling oil prices. The vision is built around three fundamental objectives: a vibrant society, a thriving economy and an ambitious nation.

Unemployment increased in the second quarter to nearly 13 percent even though that number is much greater for youths under the age of 29. Hence, with this initiative, the nation hopes to reduce its dependence on oil through the modernisation of its economy and society. The plan includes greater integration of women and young Saudis into the workforce due to economic necessity.

The kingdom plans to diversify its economy and create dynamic job opportunities through its commitments to education, entrepreneurship and innovation. These include the diversification of the nation’s economy through a continuous privatization of state-owned assets; growing underdeveloped industries such as manufacturing, renewable energy and tourism; modernisation of curriculum and standards of Saudi educational institutions from childhood to higher learning. By 2030, Saudi Arabia aims to have at least five universities among the top 200 world universities rankings; refocusing on small and medium-sized enterprises (SMEs) by encouraging financial assistance, and have SMEs make greater contribution to GDP from 20 to 35 percent by 2030.

The possible realisation of the nation’s vision can be observed from the latest QS Arab Region University Rankings 2018.

The QS Arab Region University Rankings 2018 features close to 150 universities, highlighting the best universities in the region. Saudi Arabian universities dominates the leading positions, taking three of the top four places.

The latest ranking results witnessed American University of Beirut (AUB) claiming the top position, followed by three Saudi Arabian universities, namely, King Fahd University of Petroleum & Minerals (#2), King Saud University (#3) and King Abdulaziz University (#4).

Click here for QS Arab Region University Rankings 2018

Source:

Al Jazeera

Saudi Embassy

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