Saudi Arabia's economy is the one of biggest in the world. Saudi Arabia's government is kingdom of Sauod or royal family. The current crown prince Mohammad bin salman the favourite son of king is being responsible for transforming the Saudi Arabia's economy and social environment.
Saudi Arabia's economy depend on crude oil production. We all know Saudi Arabia is the biggest oil producer in the world. Then question is why Arabs are going to transform their economy.
Reasons of transformation
Economic dependency. Saudi Arabia's economy depend on crude oil production. The revenue which comes through oil is more the 85% of total economy.
Price of oil. Crude Oil price in 2014 was 112$ per barrel. Which is today around 45$ per barrel. That's the big tension of Arabs.
General economic problems. Saudi Arab don't charge any tax to their citizens and provide them hospital services free of cost. Infrastructure and many more. Saudi citizens have the number one subsidiary in the world. When the price gone low. It makes a deficit in their budget. Now this situation is very terrible for them. That's why they have to transform their economy from crude oil to trade, tourism and logistics.
Vision 2030
The crown Prince has presented 2030 to the world. The whole model is based on Dubai. The main mission is to transform their economy from crude oil to trade, tourism and logistics and to change Saudi Arabia's economy to a competitive economy in the world. As like Dubai has successfully done. Oil is now only 1% in Dubai's GDP.
They have stared by doing private his oil company Saudi Aramco. They have also invested 3.5$ billion in uber. For that they have released a video advertisement of their project NEOM. Neo means new and M means mustaqbil(future) in Arabi. I am linking that video advertisement below.
Video source is vision 2030's official YouTube channel.
@thedaud