What happens when Saudis run out of oil?
As Saudi Arabia actively pursues its ambitious Vision 2030 framework, the nation is systematically preparing for a future where global and domestic petroleum dependence diminishes. If crude oil reserves were to deplete or global energy transitions render oil obsolete, the economic impact would force a profound structural transformation away from a rentier state model. To insulate its economy, the kingdom is aggressively investing massive sovereign wealth funds into non-oil sectors, including renewable energy infrastructure, high-tech manufacturing, global tourism, artificial intelligence, and financial services, aiming to build a diversified, sustainable economy that can thrive independently of fossil fuel revenues.
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Petro Rabigh is a major Saudi Arabian petrochemical and refining enterprise operating as a joint venture between Saudi Aramco and Sumitomo Chemical.