Since King Salman took power in Saudi Arabia, and his son Mohamed took over the reign of his father, the main economy of the kingdom of black gold has become dependent on the economic rent system.
In fact, since seven years and until now, the oil prices on which the Kingdom depends entirely, are continuously deteriorating, in addition to the ongoing war in Yemen, which costs hundreds of millions of dollars, which led the Saudi government to increased its borrowing, and the withdrawal of cash reserves.
The crisis of the regime has transformed from policies that harm the political, economic, and social fields to policies that threaten the survival of the regime, due to the oppression of the Saudi citizen, including arrest, high prices, and increasing taxes.
Since he took power, MBS has tried to win the affection of the Saudi citizen by announcing projects of Vision 2030, but to this day he has not been able to accomplish anything of them. For the Saudi citizen, Vision 2030 has become a terrible nightmare due to the increase in his economic concerns and the pressures of his life, due to the financial pressure put on citizens in order to complete MBS’s projects.
The vision of the Crown Prince of Saudi Arabia, who spent billions in order to publicise it, and claim that it is originally based on the economy of the private sector, while the ruling regime has limited the role of these parties independence on the existing power companies, and keeping them away from the competition of dependent sectors Crown Prince.
All countries that want to rise must take into account is that it must reduce corruption and prosecute the corrupt, but in Saudi Arabia, corruption is increasing very quickly, without any radical political reforms, and a lack of the simplest system of rational governance that helps guide economic development, use of resources, rational and profitable investment of oil money and its revenues, and enhance transparency.
Another crisis facing the economy of Saudi Arabia is the corruption that is rooted in it, which appeared when MBS tried to punish some of those who he feared for his position, which revealed corruption cases amounting to billions.
So why was there silence over these thefts over the past decades, and why did MBS announce it only months ago, the secret word is in the interest of the ruler, not the interest of the country, and the future of the ruler, not the future of the citizen.
Today, more than five years after the launch of “Vision 2030”, the International Sovereigns Fund warns of the depletion of the Kingdom’s wealth, while the citizens in Saudi Arabia suffer from the pressures of life, increasing poverty rates, unemployment rates, and rampant corruption, as well as injustice.
