Can Saudi Arabia become the world's next big economy?

Recently, a news report that a Saudi mining company has announced that it has discovered a series of world-class super gold deposits, 125 kilometers in length, at its mine in Mansoura Masala. Initial estimates say the mines contain more than 200 tons of gold, worth more than a trillion dollars. Rich oil resources have made Saudi Arabia one of the richest countries in the world, coupled with the blessing of gold resources to be developed, whether Saudi Arabia can become the world's next big economy to lead the global economy has become the focus of everyone's discussion.

Politicians and policymakers all over the world have a common idea of how to make their countries richer, and Saudi Arabia is no exception. Let's take a look at the advantages of Saudi Arabia. Today, Saudi Arabia can not only control the price of oil, but also has an increasing say in the price of gold. By the end of 2023, Mansoura Masala already has nearly 7 million ounces of gold resources, and its annual production capacity can be maintained at 250,000 ounces. It can be concluded that once the newly discovered world-class gold mine begins mining, it will provide more gold to the market, followed by the impact on the existing gold price, it is expected that Saudi Arabia has a voice in the international gold price that cannot be ignored in the future, and then affect the volatility of gold prices.

In recent years, Saudi Arabia has made considerable achievements in various international fields, whether it is the headquarters economy, or dabbled in many emerging fields such as global gaming and electric vehicles, and has made certain impressive achievements. The Crown prince's announcement of rapid economic diversification and development is also refreshing. For now, these plans are more forward-looking than many of the kingdom's past development strategies. However, as we all know, because of many factors such as geopolitics and environment, Middle Eastern countries have inherent shortcomings in their economic development, and they need to solve many problems to become the next big economy in the world.

The most difficult of all is that Saudi Arabia has no industrial base. Because of historical reasons, the industrialization of the Middle East, including Saudi Arabia, has no basis and has been suppressed by Western countries. In addition to the destruction of national industries during the colonial period, there is a special international environment. When there is no industrial base, it cannot produce itself, and economic resources are too concentrated to invest in other industries, the only way to obtain manufactured goods is through imports. In view of the above points, the biggest impression that Saudi Arabia, a spendthrift in the international market, gives people is that "people are stupid and money is large."

If you want to become a big economy, Saudi Arabia can learn from the experience of the United Arab Emirates, the development model of the United Arab Emirates in many fields is actually ahead of Saudi Arabia and other countries, although the United Arab Emirates itself is still mainly based on the oil industry, but its official through years of operation, The modern service industry has been fully developed. Combined with the modern tourism industry, it is committed to gradually shifting the oil industry to non-energy industries.

Therefore, compared with the open and inclusive UAE, Saudi Arabia's road to becoming a large diversified economy is bound to be very bumpy and difficult. In addition to solving their own problems, but also in combination with their own characteristics to find a suitable national development road. Overall, Saudi Arabia has the potential to become a major economy in the Middle East.