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In this assignment I was going to choose any business activity but when I thought about Saudi Arabia’s vision in economic I thought I should write about it and it will be more interesting to me and hopefully to you professor.

About the Author:

His name is Yusuf Al-Etaibi, Yusuf from Jeddah City in Saudi Arabia and he is Saudi originally. He did his degree in King Abdulaziz University located in Jamia Street, Jeddah-21551, Saudi Arabia. His major is in Economics and Administration. He graduate from the same university King Abdulaziz University in 2016.

Background:

The author is talking mostly about “Entrepreneurship” and how their population is increasing in Saudi Arabia. Over time and they are one of the people who is controlling the economy in Saudi Arabia, in fact, they are controlling it everywhere. "In Saudi Arabia, entrepreneurship is one of the key factors that contribute to the balanced and rapid growth of the country’s economy". The author also points out the “Economist” who is an integral part from the entrepreneurship who are controlling the market. The Economist is a big part in each country that nobody can give up on them. Economist as well as an active role in each region, and since the 1960s in another word after World War II people or governments start to relies on economic to improve themselves or beat the enemy. Politicians also could impact the economy of a country, and their impact could be negative or positive either way. Entrepreneurship, Economics together, and Politicians can increase the country’s economic up or bring the country’s economy down, it depends.

Entrepreneurs such as Kayed and Hassan argue that there are many entrepreneurs in the country (Saudi Arabia), but In the past, entrepreneurship is rarely practiced in Saudi Arabia due to the disapproving environment and lack of business skills between the citizens. Nevertheless, following the introduction of entrepreneurial training programs and application of favorable policies by the government, the image of Saudi Arabia has transformed drastically in respect of free enterprise. Now the economic growth rate of the country has increased significantly due to a large number of businesspersons that have appeared, especially in the field of technology. Нe eوٴort of the Saudi government towards entrepreneurial motivation and development has yielded a positive impact on the country’s economy. So, Kayed and Hassan argue or believe that because of the environment that is favorable for entrepreneurship, Saudi Arabia currently has a considerable number of a new breed of entrepreneurs that is gradually shaping the country’s economic landscape. The author believes that these devoted male and female entrepreneurs are ‘pushing the envelope’ in their communities and challenging old estimations concerning risk aversion and value creation in the Arab and middle easterners world.

The ministry of labor, upon understanding this, started numerous programs to support young businesspersons who were eager to start a business in country areas. A good example is the industrialist development program, which seeks to identify young talents and counsellor them on matters to do with free enterprise and economics. As a result, there has been a redistribution of wealth and resources across the country, hence creating some economic balance, though this is still a work-in-progress. In an offer to grow the role played by free enterprise in shaping the economy of a state, the ensuing discussion attempts to pursue the practicability side of it. To understand the role of entrepreneurship in economic development fully, it is prudent to ponder it in light of dependent and independent variables. One way in which free enterprise subsidizes to the economy of a country is, rather visibly, through the formation of job opportunities.

In many cases, the economic well-being of a country is measured by the rates of employment. In Saudi Arabia, the situation is not diوٴerent. Нroughout the years, entrepreneurship has played a crucial role in molding the country’s economy, a factor which has led it to be rated between the fastest growing economies in the world.

Figure 1:

The author said that his feelings are shared by the Chief Department of Statistics and Information, which, in 2013, produced a statement to the effect that the unemployment rate stick up at 5.5%. Нat was a decrease in the unemployment rates, compared to 6.3% in 2006. Successful by the statistics showing at the national level, consequently, there is no doubt as to the role played by entrepreneurship in job making in Saudi Arabia. Нe growth witnessed in the private sector has seen many individuals, especially young adults, finding means of earning a living, as illustrated in Figure 1.

Figure 2:

Entrepreneurship has also played a important role in Saudi Arabia’s gross National Product (GDP) growth rate. As economics command, the growth of a country is measured by its GDP in one year. Only put, GDP is the collective Worth of the last goods and services produced in a country within a period of one year. GDP, so, reproduces the economic status of a region, since it shows how rich or poor a country is at a exact time. In the last insufficient years, there has been reliable GDP growth rate in Saudi Arabia, leaving no hesitation that the country’s output is unceasingly on the rise, as shown in the Figure 2.

Conclusing:

As I am from Saudi Arabia and studying mostly Business Major, also the employee thing it is been an issue since long time ago in Saudi Arabia. I came across this article and I quite liked it, so, I decided to write about it. As we saw in the article above that many figures showing increasing in unemployments in figure 1 showing that the enemployments will find jobs or more likely will do find jobs. In figure 2 shows that increasing in the GDP of Saudi Arabia, these two are linked to each other in somehow. The more entrepreneurs Saudi Arabia will have the more jobs will offers, the more work will be in the country, the more GDP will increase as well. Is a big circle that linked to each other to improve each other.

I did not talked about figures 3 & 4 because they are focusing more in oil which is now oil in Saudi Arabia is become an old fashioned, I just have here them to show that Saudi Arabia did not stop export oil or working on it but they thought if they start to work on the other sides that they can benefit the country and their people at the same time it would be great for both side, the country and the citizens. The new Saudi Arabia is more Businesses and entrepreneurs. That why I was more focusing on business side on the country as the government will help the new entrepreneurs to grow the country will grow as well, and this is how business work.

M. Sadiq Sohail (2015) Marketing strategy, related factors and performance of firms across Saudi Arabia