In a historic move, Saudi Arabia is embarking on a bold journey to diversify its economy away from its traditional reliance on oil. This shift, known as Vision 2030, is set to have far-reaching implications not only for the Kingdom but for the entire world. For decades, Saudi Arabia has been synonymous with oil production and export. The global economy has been heavily influenced by the Kingdom's vast oil reserves, making it one of the world's largest oil producers and exporters. However, with fluctuating oil prices and growing concerns about climate change, and also for some political reasons, Saudi Arabia recognized the need for economic diversification. And also the Kingdom's vast oil reserves will run out in the next 60 years.

Vision 2030, spearheaded by Crown Prince Mohammed bin Salman, aims to reduce the Kingdom's dependence on oil revenue and create a more sustainable and diverse economy. Key initiatives include developing non-oil sectors such as tourism, entertainment, technology, and renewable energy. These efforts have already borne fruit, with the opening of tourist attractions like NEOM and the Red Sea Project, which are set to transform Saudi Arabia into a global tourism hotspot.

Economically, Saudi Arabia's diversification efforts will reshape the global energy landscape. As the world's largest oil exporter, the kingdom's move towards renewable energy and technology sectors will intensify competition, potentially leading to more affordable and sustainable energy solutions for the world. This could alleviate energy-related economic pressures on many nations. Saudi Arabia's economic liberalization and investment drive will also open new

doors for global businesses. The prospect of a more diverse Saudi economy presents opportunities for international investors, fostering stronger economic ties and boosting trade, particularly in sectors like technology, entertainment, and tourism.

Economically, Saudi Arabia's diversification efforts will reshape the global energy landscape. As the world's largest oil exporter, the kingdom's move towards renewable energy and technology sectors will intensify competition, potentially leading to more affordable and sustainable energy solutions for the world. This could alleviate energy-related economic pressures on many nations. Saudi Arabia's economic liberalization and investment drive will also open new doors for global businesses. The prospect of a more diverse Saudi economy presents opportunities for international investors, fostering stronger economic ties and boosting trade, particularly in sectors like technology, entertainment, and tourism. Also, the Kingdom's push for cultural and social liberalization is fostering greater cultural exchange and dialogue with the world. Saudi Arabia's newfound openness is not only enriching its society but also promoting international understanding and cooperation.
On the political front, Saudi Arabia's evolving role in the Middle East could have far-reaching consequences. As the kingdom seeks to assert itself as a regional economic and technological hub, it may become a more influential geopolitical player. This could impact global alliances and regional power dynamics, particularly in the context of the Middle East's complex political landscape. Analyzing the current events, it can be seen that Saudi wants to use its remaining oil reserves for political reasons.
This monumental shift also has both positive and negative impacts on Bangladesh. We are closely tied to Saudi Arabia through labour migration and economic ties. Saudi Arabia's push towards economic diversification is expected to create new job opportunities in non-oil sectors such as construction, technology, and entertainment. This could benefit Bangladesh, which sends a substantial number of migrant workers to the Kingdom, potentially leading to increased employment prospects for its citizens. A stronger Saudi economy may lead to higher remittances from Bangladeshi expatriates working in the Kingdom.

While Saudi Arabia's diversification efforts create job opportunities, they may also lead to stricter labour policies, potentially affecting the ease of labour migration for Bangladeshi workers. Bangladesh will need to adapt to evolving Saudi labour requirements. The bigger problem is As Saudi Arabia reduces its reliance on oil, it may lead to greater oil price volatility in global markets. This could impact Bangladesh as an oil-importing nation, potentially affecting its energy costs and trade balance.

In conclusion, Saudi Arabia's seismic economic shift holds immense implications for the global stage. While it promises economic opportunities and energy market changes worldwide, it also brings new geopolitical dynamics. Bangladesh must adapt and capitalize on these shifts, ensuring it emerges as a beneficiary of Saudi Arabia's transformation while addressing potential challenges. The world watches closely as Saudi Arabia pioneers a new era of economic growth and global influence.

Asaduzzaman
Student of the Department of Marketing School of Business and Economics
4th Year
North South University, Dhaka,
Mail: asaduzzaman03@northsouth.edu