Keywords

Saudi made products; Economic diversification; Human empowerment; Vision 2030.

Introduction

The roles of Saudi Arabia in the economic activities of the Arab world in general and Gulf Cooperation Council (GCC) countries in particular cannot be underrated. The initial plan for the economic diversification in the context of Saudi Arabia started in 1932 when modern kingdom was founded (Karen, 2017). During this period, the country largely depended on the farming, commerce, date exports and income generated from trade transactions during pilgrimage were prime focus of the economy. Saudi Arabia has been making tremendous effort in the diversification of economy especially since 1938 when the oil was discovered which provided funds for development of various infrastructures such as airports, seaports, roads, hospitals and schools (Saudi Gazette, 2017). More so, as part of effort to expand the economy, five-year development plan was initiated by the government in 1970 which was regarded as the beginning of modern economy in the country (Banafea, 2019). Since then, up till this moment, there has been advocacy for economic transformation in Saudi Arabia which is regarded as one of growing economies in the entire world (Jawadi & Fititi, 2019).

It is important to reiterate that, earlier studies that investigated the diversification of economy in the context of Saudi primarily focused on the chemical industries, fertilizers, metal company, petrochemical company and industrial polymers (Khan & Sulaiman, 2013; Albassam, 2015; Banafea, 2018). Various firms and industries in Saudi Arabia cover different spheres such as: conglomerates, industrials, financials, consumer services etc. According to industry classification Benchmark taxonomy, there are 73 notable firms in the country (Albassam, 2015). More importantly, in 1976, the government initiated Saudi Arabian Basic Industries Cooperation (SABIC) which primarily responsible for the organization of non-oil industrial facilities in the country (Saudi Gazette, 2017).

The foregoing explication is the background for the earlier economic transformation and diversification in Saudi Arabia. However, there are many other industries unexplored in the existing body of knowledge that promote Saudi products as part of diversification of economy in fostering human empowerment (Nurunnabi, 2017). Undoubtedly, the centrality of religious gatherings especially with the host of pilgrims from all over the world obscured the discourse on Saudi Arabia products in the markets of other countries with specific focus on diversification of economy and attaining human empowerment in the country. Human development plays an important role in the economic diversification or transformation in different parts of world including Saudi Arabia. It is essential to note that, development of human resources is significant in order to achieve economic transformation or diversification. It is paramount to say that, for the manufacturing of locally made products in Saudi Arabia, the roles human resource development cannot be over-emphasized.

In addition, it can be said that, the inputs of human development in the First Development Plan of 1970 as well as economic diversification cannot be taken with levity in the country. There has been emphasis on non-oil sector, nonetheless, the roles of oil sector in the provision of raw materials the consequently facilitate the economic growth cannot be underestimated (Nurunnabi, 2017). With this, it is essential to note that, human resource development have significant inputs to make in both oil and non-oil sectors of the economy. Literature acknowledges that, there has been a shift to the diversification of economy where human resource development practically partakes in all activities that boss the transformation of the economy. In other words, national investment is the priority of the government since when the Eighth 5^th Year Development Plan (2005-2009) was formulated which emphatically stressed on the national investment and development of human resources (Yamada, 2011). An inference can be drawn that, there is no meaningful investment without adequate development of human resource in executing the economic diversification plans. This paper therefore attempts is to bridge the gap in the existing literature by meticulously exploring made in Saudi Arabian products in order to strengthen the diversification of economy at the level of enhancing non-oil exports of the products that engender entrepreneurial activities as a tool for human empowerment in the country.

Literature Review

This part presents the review of related literature. The review centrally focuses on two factors conceptualized in this paper namely: diversification of Saudi economy, Saudi made product and human development. Each of these is explained in the subsequent paragraphs.

First, concerning the diversification of economy, addressing poverty is one of the cardinal principles of United Nations embedded in Sustainable Development Goals (SDGs) as literature posits (Frey & Osborne, 2013). Sustainability of economy is an integral yardstick in addressing poverty and attaining human resource development in different parts of the world. Saudi Arabia has been making tremendous efforts in achieving SDGs and sustainability as well as diversification of economy. In addition, Saudi has been trying to improve the economy in order to attain Vision 2030 (Saudi Gazette, 2017). Literature posits that, diversification and transformation of economy is paramount for laying solid foundation for sustainable growth of economy (Albassam, 2015). Most economies that solely depend on natural resource is surely dangerous for uncertainties especially when the price of a particular commodity is dropped at the international market (Yamada, 2011) Thus, many governments including Saudi Arabia have been making immense effort for the diversification of the economy. The study by Albassam (2015) found out that, oil share of GDP, share of private sector in GDP, oil exports and oil revenue are considered as a yardstick in determining economic diversification in Saudi Arabia. Notably, strengthening various institutions of economy is essential for the transformation of economy. One of essential benefits of economic diversification is that, it will significantly contribute to the creation of more jobs in order to solve the problems of poverty and unemployment. In spite of the several economic plans for the diversification of economy, the role of oil sector in driving other aspects of economy cannot be over-emphasized. There are remarkable changes in the market of Saudi Arabian economy. In the past, the country is known with its production and export of petroleum. Nonetheless, there are several non-oil exports in the Kingdom such as: plastics, metal goods, construction materials, electrical appliances. The aforementioned products constitute 90% of Saudi’s non-oil exports which are being exported to more than 90 countries of the world. However, it can be said that, the country has remarkably diversified its economy with attraction of various products in the markets of different countries (Albassam, 2015). It is not deniable to posit that, the government plays an essential role in the economic diversification specifically, Saudi Ministry of Economy and Planning is responsible for the formulation of economic plans and it specifically has direct link with other vital ministries such as energy, transportation, finance, communications, and agriculture that translate the economic policies into actions (Saudi Gazette, 2017).

Second, local products of different countries play paramount importance in the economic transformation and diversification. It is important to reiterate that Saudi local made products as part of diversification of economy are an integral part of private sector that constitute 48% of gross domestic product (GDP) of $248.82 billion because they partake in manufacturing and distribution and sales of local products within and outside the country. It should be specifically mentioned that, Saudi Arabia became member of World Trade Organization (WTO) in 2005. The prime purpose of joining the organization was to enable the country to make its various products accessible to the global markets. With this effort, the country has tremendously achieved where some products that have gone worldwide. The several products cut across telecommunications, fragrance, and clinical laboratory among others. Various companies explored in this study are: Panda Retail Company (grocery company), Al-Marai diary company, Arabian Oud, Al-Borg laboratories, Al-Rabie, STC telecommunications company. For instance, there had been Panda Retail Company in Saudi Arabia as grocery company that started since 1978 and it is regarded as the first trend of modern markets in the context of Saudi Arabia (Sara, 2017). However, it later became an integral part of Savola Group’s Subsidiaries which subsequently opened more than 481 branches in the country and it has opened a branch in Egypt. Onwards, Al-Marai is another company that was established since 1980. Initially, it was founded as a partnership between Irish Alastair McGuckian, Paddy McGuckian and Prince Sultan bin Mohammed bin Saud Al-Kabeer. It subsequently becomes largest recognized dairy company in the entire Middle East. Other products of the company are: bakery, poultry, infant formula products, yogurt, juices etc. Furthermore, it should be mentioned that, Arabian Oud is another product started in 1982 and it is well known manufacturer of largest fragrance throughout the world. For example, literature posits that, Arabian Oud is currently having almost 800 stores in more than 33 countries such as Paris and London. Onwards, another essential product of Saudi Arabia that cut across the global level is Al-Borg laboratories (Sara, 2017). It was started in Jeddah in 1998 which provides various clinical and diagnostic tests to its clients. Literature posits that, Al-Borg Laboratories is considered as one of largest private clinical laboratories in GCC and Africa. Also, Al-Rabie started since early 1980 in Riyadh. The industry has been known for being proactive in the production and distributions of different products such as chocolates, juice, soya drinks, milk and many others in all GCC countries. Furthermore, STC is another Saudi Arabia based telecommunications company which was founded in 2001. This company has been operating in different countries such as Bahrain, Kuwait, Turkey, South-Africa, Malaysia and India. The government has been giving support to the private sector especially companies and industries that manufacture local products (Sara, 2017). Specifically, Ministry Finance is primarily responsible for the supervision of economic policies in the country while the Saudi Arabian Monetary Agency (SAMA), the central bank is responsible for overseeing the fiscal policy in the country. Practically, the involvement of the government in private sector has manifested in the facilitation of economic expansion as part of transformation of national economy in the country. Specifically, the government founded specialized credit institutions with primary focus on the provision of economic opportunities to many citizens in order to enable them compete favourably with global markets. Figure 1 shows conceptual framework of the study.

Figure 1 Conceptual Framework of the Study
Source: Albassam, 2015; Karen, 2017; Saudi Gazette, 2017; Banafea, 2018; Jawadi & Fititi, 2019

To sum up, the forgoing has presented the review of literature. It is essential to note that, there is growing interest in the investment and business establishment in the context of Saudi Arabia as part of the efforts in diversifying the economy. A number of factors may be responsible for the businesses set up in Saudi Arabia and of such factors are: social, economic, modern infrastructural provision, stable electricity supply and political stability. The review has demonstrated that, investment on domestic products in Saudi Arabia are receiving adequate attention in the global markets specifically the membership of Saudi Arabia with World Trade Organization (WTO) cannot be underrated. Similarly, there is free-trade zones of Saudi with many neighboring countries which dramatically boost the economic activities of the country. Hence, the economic development and diversification need empirical confirmation with specific focus on made in Saudi products.

Methodology

This part presents the methodology of the study. Survey research was employed. Questionnaire was used as part of survey research. The population of the study comprised entrepreneurs and manufacturers that were acquainted with some products that are available in the global markets such as: Panda Retail Company (grocery company), Al-Marai diary company, Arabian Oud, Al-Borg laboratories, Al-Rabie, STC telecommunications company. Convenient sampling technique was used in selecting a total number of 115 respondents among businessmen, entrepreneurs, manufacturers/producers, company owners and consumers/customers. Since the sampled respondents were not directly accessible to the researchers, snowball sampling was used to select the respondents. Literature posits that, snowball sampling is adequately used whereby few individuals that were known tend to recruit others to respond to the questionnaire instrument. In the questionnaire as the instrument for data collection, demographic and items measuring two major variables of the study were identified. The demographic covered the following: gender (males or females), country of origin of the respondents (Saudi and non-Saudi), areas of interest for manufacturing Saudi products and basic knowledge for Saudi products. The two variables investigated in this study were: diversification of Saudi economy & human empowerment and Made in Saudi products. There were ten (10) items measuring each factor. This means that there were twenty (20) items measuring two (2) factors. The questionnaire is self-designed according to what is embodied in the existing literature (Albassam, 2015; Karen, 2017; Saudi Gazette, 2017; Banafea, 2018; Jawadi & Fititi, 2019). This instrument adopted 4-Likert scale namely: 1) strongly disagree=SD; 2) disagree =D; 3) agree=A and 4) strongly agree=SA. Based on the Likert scale, there would be variation in the responses obtained from the respondents. Indeed, validity and reliability of instrument were given prime importance as literature emphatically stressed (George & Mallery, 2003). The validity of the instrument was done by seeking the views of the experts in the field of economics and entrepreneurship and necessary modifications were done for better understanding of the items in order to achieve the objectives of the study. Also, the reliability of the instrument was done by using total number of 20 respondents to test the reliability by specifically reporting Cronbach’s Alpha as Pallant (2011) posits. The report of Cronbach’s Alpha for internal consistency of the instrument is as follows: diversification of Saudi economy & human empowerment=.882 and made in Saudi products=.891. This means that, the instrument is good to be used as literature contends (George & Mallery, 2003).

The data was collected through various social media platforms especially business and entrepreneurship platforms. This is appropriate especially the pandemic of Covid-19 was a challenge in collecting data via face-to-face. The collected data was analyzed using descriptive statistics whereby frequencies, percentages, mean and standard deviation were used. Also, correlation was employed to examine the relationship between diversification of economy & human empowerment and made in Saudi products. The Standard Multiple Regression was also used to determine the most predictive factor of Saudi made product in diversifying the economy. All the assumptions of correlations and multiple regression were determined in the data analysis as literature contends (Pallant, 2011).

Results

This part presents results of the paper which is sub-divided into demographic information of the respondents and analysis of the correlation between diversification of economy & human empowerment and made in Saudi products as well as determining the most predict factor of made in Saudi using Multiple Regression analysis. Initially, the selected sample was 115 but 112 questionnaires were used for the analysis as a result of uncompleted questionnaires. The result of demographic data is presented. Pertaining the demographic information of the respondents, the majority of the respondents (110 or 98%) were males while just only 2 (2%) were females (M=1.01; SD=0.13). Concerning the age, the majority of the sampled respondents (102 or 91%) were between 18 and 25 years; 7 (6%) were between 26 and 30 years old while just only 3 (3%) were between 31 and above years (M=1.11; SD=0.39). The majority of the respondents (103 or 92%) were from Saudi Arabia while just only 9 (8%) were non-Saudi Arabian indigens (M=1.08; 0.27). Onwards, the majority of the sampled respondents (64 or 57%) indicated interest in electronics; 27 (24%) signified that, they have interest in bike manufacturing in order to promote made in Saudi products while only 21 (19%) showed interest in cloth materials (M=2.38; SD=0.78). Regarding the basic knowledge of promoting made in Saudi products, the majority of the respondents (33 or 30%) posited that, they have knowledge of designing; 32 (29%) indicated that they have knowledge of designing; 25 (22%) showed that they have knowledge of vocational training while just only 22 (20%) showed that they have technical knowledge (M=2.66; SD= 1.09). Based on the demographic backgrounds of the respondents, it has been demonstrated that, the respondents were qualified to respond to the instrument designed for diversification of Saudi economy by promoting Saudi Arabian local products. Table 1 shows the respondents’ demographic information.

Moreover, analysis of the correlation between diversification of economy & human empowerment and made in Saudi products was done by using Pearson-Product-Moment-Correlation. Pallant (2011) posits that, some assumptions such as correlation co-efficient, no missing data or outliers must be taken into consideration prior to the data analysis using PPMC. Consequently, the result indicated that there was positive relationship between diversification of economy & human empowerment and made in Saudi products, r=0.809, n=112, p<0.005 with significant level of 0.05 (2-tailed). Since significance level is .000, it was indicated that p>0.05 showed that the two factors (i.e., diversification of economy & human empowerment and made in Saudi products were significantly correlated. Undoubtedly, co-efficient of determination with the square root of r value of 0.365 which indicated that there was 81% shared variance of the scores between diversification of economy & human empowerment (M=30.76; STD=5.37) and Made in Saudi products (M=32.07; STD=5.32). This result indicates that made in Saudi products are significant in diversifying the economy. Table 2 shows Pearson-Product-Moment-Correlation between Diversification of Economy & Human Empowerment and made in Saudi products.

The foregoing explanation examined the relationship between diversification of economy & human empowerment and made in Saudi products. However, in order to determine the most predictive local made product in Saudi, Multiple Regression was employed. Onwards, various measures of made in Saudi products such as cloth materials, electronic and motorbike predict diversification of Saudi economy and human empowerment, Standard Multiple Regression was used. Pallant (2011) posits that, different assumptions must be fulfilled such as correlation between the factors being investigated; collinearity diagnostics, Coefficients, variance etc. The model of the study demonstrated that, the value of R Square obtained from the data indicated 65.4% of variance in diversification of Saudi Arabian economy through the promotion of local made products such as cloth materials, electronic and motorbike in the country. With the value of R-Square, it can be said that, there was no underestimation in the model. In addition, the value obtained from Adjusted R Square was 65.1% which was relatively the same with the value obtained from R-Square (i.e., 65.4%). Therefore, the model from Standard Multiple Regression indicated that, the sample of the study was appropriate. More so, the analysis of variance (ANOVA) Table based on the data output, there was statistical difference (sig 0.000) which was p<0.0005. Based on this, it can be said that, various measures of Made in Saudi products (i.e., cloth materials, electronic and motorbike) statistically predicted diversification of economy in the country but electronic/telecommunication was the most predictive factor of Saudi product in promoting diversification of economy in the country. Table 3 shows Model Summary of Standard Multiple Regression.

Furthermore, the data output from Coefficients Table indicated Beta in Standardized Coefficients and literature posits that negative sign in the value of Beta does not in any way affect the interpretation of Standardized Coefficients (Pallant, 2011). It should be reiterated that the most predictive Saudi product for the diversification of economy is electronic/telecommunication because there was largest Coefficients of 0.817. This inferably means that, the respondents were concerned about investment in electronics/telecommunication for local consumption as well as exportation into the world market. Hence, the current effort of Saudi Arabian government towards diversification of economy in the country can focus much on electronic/telecommunication. Nonetheless, there was lower beta value (.057) in Standardized Coefficients for cloth materials in the country. This shows that, cloth materials do not significantly contribute to promotion of Saudi made product in order to diversify the economy as compared with electronic/telecommunication. Normal Probability Plot (P-P) of the regression standardized residual was taken into consideration. Based on this, it was showed that, there were no points that lied straight diagonal from the bottom left to the straight right. This is an indication that there is deviation from normality. It can be interpreted that, there is need for provision of basic knowledge and training as well as funds in promoting made in Saudi products in order to fully attain effort of the government for the diversification of economy in the country. Figure 2 shows Normal Probability Plot (P-P) of the Regression Standardized Residual.

Figure 2 Normal Probability Plot (P-P) of the Regression Standardized Residual

In addition, based on the data output from the scatter plot, the standardized residual was not higher than 0.3 or less than -4. Pallant (2011) posits that, when such values were obtained from the scatter plot, it showed that, there were no outliers in the data obtained from the respondents. This is so because outliers tend to affect the interpretation of the data obtained from the output (Figure 3).

Figure 3 Scatterplot of Regression Standardized Predicted Value

In summary, the demographic information of the respondents, correlation and standardized Multiple Regression analyses have demonstrated significant result in utilizing made in Saudi products for diversification of the country’s economy.

Discussion

This part presents the discussion of major finding based on data interpretations which have showed that, demographic information of the respondents demonstrated that the respondents were qualified to respond to the instrument designed in investigating the paramount importance of made in Saudi products in diversifying the economy of the country. The respondents have demonstrated areas of interests especially cloth materials, electronics/telecommucations and motorbike as part of Saudi products that can promote economic development in the country. This is in consonance with previous study that in order to make economic sustainable, it is essential to promote local productions fragrance, clinical laboratory, telecommunications among others (Sara, 2017). This is also essential for Saudi Arabia in order to attain its vision 2030. Also, there was significant correlation between Saudi made product and diversifications of the economy. Apart from this, multiple regression analysis has been showed that, the focus of interest is given to electronics as local product in Saudi by the sampled respondents as the most predictive factor of diversification of economy. The finding of this research is in agreement with what is obtainable in most advanced nations like Australia where literature contends that, entrepreneurship has been discovered as an important impetus in attaining global competitive market (Kirzner, 1997).

Hence, promoting Saudi made product can be instrumental in making the country to be competitive in the global market. It is noteworthy to say that, an emphasis on local production is a strategy for addressing the rate of unemployment as well as to plan for the future of education and work in the context of Arab world including Saudi Arabia as literature contends (Geoff, 1999; Henchey, 1999). It is important to note that, this study demonstrates that, promotion of basic knowledge in achieving made in Saudi products especially technical knowledge, vocational training, knowledge of designing and drawing in achieving the manufacturing of various Saudi products. This assertion is in line with previous studies that emphatically stress on the needs to address curricular issues in entrepreneurship education including basic knowledge in attaining it (Akudolu, 2001). Literature contends that, sustainable economic development is essential in order to address the hike of food price and poverty in the society (Khan & Sulaiman, 2013). The economic diversification serves as a tool for solving the problem of the hike of food price and poverty in the country.

The study has demonstrated that, there is need to focus much on various aspects of Saudi products. This is a way of preparing for the future of employment because the future work will centrally focus on the computerization as literature contends (Frey & Osborne, 2013). This might be as a result of this position that, the majority of the respondents strongly indicated interest in investing in electronics/telecommunications as local product in diversifying the economy of the country. Literature asserts that, with the current economic challenge in different parts of the world, there is need for economic diversification in Saudi Arabia in order to attain its vision 2030 (Albassam, 2015). Onwards, Saudi Arabia has been planning to change its economy by looking inwardly on local production. More importantly, this study is in agreement with the study by Jawadi & Fititi (2019) that advocated for economic transformation of Saudi Arabia as a result of collapse of oil price.

Nonetheless, as for economic diversification and transformation, previous studies only made it too general (Albassam, 2015; Jawadi & Fititi, 2019). This study is a further expansion to the emphasis of the existing literature especially it identified specific areas of local products in Saudi Arabia unlike previous studies that mentioned general aspects of economic diversification. Promotion of made in Saudi products could be directly linked with what the literature refers to as knowledge-based economy rather than oil-based economy that is predominant in the context of Saudi Arabia. Hence, knowledge-based economy with specific focus on local productions can be a clear direction for achieving Saudi Vision 2030 as literature contends (Nurannabi, 2017). Literature acknowledges that, there are some Saudi products or brands that have gone worldwide. For instance, Jarir Bookstore is one of the largest retailers of books and electronics in the Kingdom of Saudi Arabia. This might be the reason why most of the respondents are interested in electronics. Similarly, STC has been mentioned as Saudi Telecommunication Company which has been available in Bahrain, India, Turkey, Malaysia, South Africa and Kuwait (Sara, 2017). The availability of this telecommunication in other countries should serve as motivation to the government of Saudi to further entrench the need for diversification of economy by promoting local products.

It should be further reiterated that, Saudi Gazette (2017) has advocated for a need to expand the budget with specific focus on the diversification of economy. The reason for the expansion of budget on economic diversification is to enable the country to compete favorably in the global market (The Embassy of the Kingdom of Saudi Arabia, 2020). It is important to note that, despite the fact that literature emphatically stresses on the diversification of economy, however, there is no specific strategy in diversifying the economy (Saudi Gazette, 2017). This study thereby tries to specifically mention different areas through which made in Saudi products can be the focus areas of investment in order to attain the diversification of the economy. It is noteworthy to say that, education and training play significant role in economic development as literature contends (William, 1999). Hence, entrepreneurial activities should be incorporated into academic programme of various institutions in the country especially by motivating the youth to become manufacturers of different products that will portray the image of Saudi Arabia positively in the global market.

Conclusion and Recommendations

The paper has empirically investigated the significance of made in Saudi products in attaining diversification of economy. Several studies in Saudi Arabia have advocated for a change and transformation of economy. However, there is no specific approach mentioned in the existing body of knowledge in making a change and transformation of the economy. This paper has lucidly posited that, as an integral part of efforts in attaining government’s commitment to diversification of economy, thus, technical knowledge, vocational training, knowledge of designing and drawing are paramount for promoting made in Saudi products. This paper has significantly mentioned production of cloth materials, electronics and motorbikes in the context of Saudi Arabia as specific areas that can foster diversification of economy from over-dependence on oil-sector in the country. It is therefore noted that, the following recommendations are provided:

1. The roles of education in economic development cannot be underestimated, thereby, the government of Saudi Arabia should establish centres for entrepreneurship programmes in various public universities across the country with specific focus on the teaching of technical knowledge, vocational training, knowledge of designing and drawing in order to diversify or transform the economy by promoting made in Saudi products.

2. The government should send students or citizens abroad in order to acquire knowledge, skills and competence that can effectively and efficiently foster made in Saudi products.

3. The government of Saudi Arabia should provide funds to those who might have undergone training at the centre for entrepreneurship activities by investing on various made in Saudi products such as cloth materials, electronics and motorbike that can be attractive to the global market.

4. There is need for legal framework for the initiation of industries and companies for promoting made in Saudi products.

5. The government should demonstrate seriousness, commitment and self-esteem towards promoting the agenda of Saudization as well as to achieve the country’s Vision 2030 through human empowerment.

6. Lastly, the rapid growth of economy can be achieved as a result of the commitment and dedication of the government with the provision of interest-free loans and support facilities for expansion of business enterprises that will foster locally made Saudi products.

Acknowledgement

Author of this Article would like to thank the Governance and Policy Design Research Lab (GPDRL) of Prince Sultan University (PSU) for their financial and academic support to conduct this research and publish it in a reputable Journal.

References

1. Akudolu, L.R. (2001). Curricular issues in entrelireneurshili education. Journal of Science and Comliuter Education (JOSCED), 1(3) 28-35.
2. Banafea, W., &amli; Ibnrubbian, A. (2018). Assessment of economic diversification in Saudi Arabia through nine develoliment lilans. OliEC Energy Review, 42(1), 42-54.
3. Albassam, B. A. (2015). Economic diversification in Saudi Arabia: Myth or reality?. Resources liolicy, 44, 112-117.
4. Frey, C. B., &amli; Osborne, M. A. (2013). The future of emliloyment: How suscelitible are jobs to comliuterization? Oxford Martin School, University of Oxford. Retrieved from httlis://www.oxfordmartin.ox.ac.uk
5. Geoff, S. (1999). Future Schools: Getting the Balance Right. Education and the Arab World: Challenges of the next millennium. Abu Dhabi : Emirates Center for Strategic Studies and Research.
6. George, D., &amli; Mallery, li. (2003). SliSS for Windows steli by steli: A simlile guide and reference. 11.0 ulidate. wlis. ablongman. com/wlis/media/objects/385. George 4answers lidf, 549.
7. Henchey, N. (1999). The future of education and work: A liersliective from Canada. Education and the Arab World: Challenges of the next millennium. Abu Dhabi : Emirates Center for Strategic Studies and Research.
8. Jawadi, F., &amli; Ftiti, Z. (2019). Oil lirice collalise and challenges to economic transformation of Saudi Arabia: A time-series analysis. Energy Economics, 80, 12-19.
9. Karen, G. (2017). Saudi Arabia is reliortedly revising its ambitious lilans to change its economy. Retrieved from httlis://www.cnbc.comon 8th March, 2021.
10. Khan, Z. &amli; Sulaiman, J. (2013). Global food lirices hike, lioverty and sustainable economic develoliment: Exlierience of selected Asian transitional economies. Science International Journal-Lahore, 25(2), 395-400.
11. Kirzner, I. M. (1997). Entrelireneurial discovery and the comlietitive market lirocess: An Austrian aliliroach. Journal of economic Literature, 35(1), 60-85.
12. Nurunnabi, M. (2017). Transformation from an oil-based economy to a knowledge-based economy in Saudi Arabia: the direction of Saudi vision 2030. Journal of the Knowledge Economy, 8(2), 536-564.
13. liallant, J. (2020). SliSS survival manual: A steli by steli guide to data analysis using IBM SliSS. Routledge.
14. Sara, (2017). Best of 7 Local Saudi Brands that have made it and gone worldwide. Retrieved from httlis://lovin.co/saudi/en/best-of/saudi-brands-go-worldwide/ on 8th March, 2021.
15. Saudi Gazette (2017).&nbsli; An exliansionary budget with focus on diversification. Retrieved from httlis://saudigazette.com.sa
16. The Embassy of the Kingdom of Saudi Arabia (2020). About Saudi Arabia Economy and Global Trade.&nbsli; Retrieved from httlis://www.saudiembassy.net/economy-global-trade
17. William, E. B. (1999). The role of Education and Training in Economic Develoliment. Education and the Arab World: Challenges of the next millennium. Abu Dhabi : Emirates Center for Strategic Studies and Research.
18. Yamada, M. (2011). Gulf-Asia relations as “liost-Rentier” diversification? The case of the lietrochemical industry in Saudi Arabia. Journal of Arabian Studies, 1(1), 99-116.