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Saudi Arabia’s Vision 2030 envisages ending the kingdom’s “addiction to oil” through economic diversification. But this diversification requires the injection of substantial amounts of oil revenue in order to kick start it, ensuring the addiction continues.
More than that, with much of the “diversification” entailing boosting refining and petrochemicals output, the kingdom’s economy will remain wedded to oil and gas for the foreseable future. Factor in the additional electricity demand, and the extent to which Saudi Arabia will need to invest in expanding its internal oil and gas infrastructure becomes very evident.
But with Vision 2030 a hybrid of economic and social targets, some of the key projects that fall under its umbrella are clearly not driven by purely economic rationales – these often predate Vision 2030, but have been highlighted under the scheme. (CONTINUED - 1515 WORDS)