Saudi Arabia has recognized that achieving its stated aim of raising the private sector’s economic contribution from 40 percent of gross domestic product (GDP) to 65 percent will mean it needs to align the support it provides to its national development p

THIS is an exciting time to be a finance professional in Saudi Arabia. Vision 2030 is bold and ambitious, and has the potential to transform the Kingdom’s economy. But while this is set to be a hugely positive development, realizing some of the more ambitious goals — such as freedom from oil and delivering a booming private sector — will require transformational change in the way the economy is run. The scale of this change should not be underestimated.

It will mean attracting overseas investment, which means a revolution in transparency and accountability, delivered via financial reporting, audit and assurance, and corporate governance. It will also mean rebalancing the economy toward a private-sector model and away from traditional state-led methods.

To achieve all this, there will have to be a great drive to encourage Saudis to develop the necessary skills and work in the private sector. Unless it harnesses the power of its young people, the Kingdom will find it challenging to deliver meaningful and sustainable growth.

As Saudi Arabia diversifies into a knowledgebased economy, greater attention will need to be paid to private-sector participation across most sectors. Many sectors stand to benefit from this, including construction and infrastructure, professional services, technology, education, health care, tourism and hospitality, all of which can draw on the technical expertise of the private sector.

Riyadh has recognized that achieving its stated aim of raising the private sector’s economic contribution from 40 percent of gross domestic product (GDP) to 65 percent will mean it needs to align the support it provides to its national development priorities.

This will mean focusing on public-private partnerships in areas of national strategic importance, allowing employers greater flexibility in hiring national workers, and removing the constraints that currently preclude small and medium enterprises from investing or participating in public services or utilities.

As fiscal adjustment continues in the Kingdom, growing the private sector will be critical for tackling unemployment, especially among young Saudis. As part of its National Transformation Program (NTP) 2020, the government aims to create almost half a million private-sector jobs. If successful, the unemployment rate would be reduced from 11.6 percent to 7 percent, and non-oil income stands to increase to $141.3 billion by 2020.