Perspectives of Shifting From Oil-Based Economy to Knowledge-Based Economy in Saudi Arabia

Abstract

This paper examines the role of Saudi Arabia’s economic sectors in creating or rather transforming into a knowledge-based economy. It determines major enablers that could support the process. Judgments and opinions are used to make some general recommendations for the shift from an oil-based economy into a knowledge-based economy in the long term. As a main finding, it identifies four areas contributing most to that transformation: changes in the private sector and in the household (including education gaps and professional exclusion, especially of women), government support (including research and education, innovations, and new technologies, especially communications) and human capital (talent management).