As oil prices rise to $50, Saudi Arabia can triple its non-energy revenue

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The Saudi Arabia government has set a goal to create 450,000 non-government jobs. More importantly, they are planning to diversify the country’s economy beyond oil and related energy industries.

Moreover, the Saudis are planning to increase and, to be more precise, to triple its non-oil revenues to $154.6 billion. Exports of the non-oil products are planned to rise from $49 billion to $88 billion, while petroleum production capacity is set to remain stable at 12.5 million barrels per day.

It is still not clear how these goals are supposed to be achieved. The new document published last weak does not look like a full implementation plan. It only lists several initiatives that are planned to be launched in 2016. However, it is clear for the Kingdom’s government that more work will need to be done.