Author(s): Nisar Ahamad Nalband, Abdullah Alfaqieh
The Kingdom of Saudi Arabia is one of the richest countries in the world. It is the world’s largest oil producer and exporter and has the world’s second-largest oil reserves and sixth-largest gas reserves. In 2016, the Saudi Arabia leadership approved the Saudi Transformation Vision 2030 as a roadmap to accomplish the country’s long-term goals and objectives. The main aim of this vision is to transform the kingdom from an oil-based economy to a knowledge-based economy. One of the three pillars of vision 2030 is strengthening the economy. To this end, the government has launched different initiatives and programs, such as The Financial Sector Development Program, Quality of life Program, Housing Program, and The National Industrial Development and Logistics Program. The Financial Sector Development Program aims to support the economy by providing different sources of income. Entrepreneurship plays an important role in economic growth, and the Saudi government has demonstrated its commitment to supporting entrepreneurship programs and improving young generations’ entrepreneurial mind-sets. The Vision 2030 covers finance and economic diversification and also addresses social issues. The Kingdom has already taken some steps toward progress on social issues, such as permitting women to drive and opening entertainment outlets and movie theatres. It has also introduced value-added tax on goods and services, has opened the market to foreign investors, and has privatized public companies. The present paper aims to study the role of MSMEs and its sustainability, growth, and development in Saudi Arabia