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Determinants of diversification from oil sector in Saudi Arabia

Saudi Arabia targets diversification policy in the Vision 2030. This study estimates the production, exports, government revenue, investment and employment diversification indices and also finds its determinants. Increasing inflation promotes the production and export diversification and depresses the investment, government revenue and employment diversification. The depreciation policy encourages the government revenue diversification and reduces investment and employment diversification. Foreign Direct Investment (FDI) improved the government revenue diversification and weakens the export diversification. Economic growth stimulates the government revenue, employment and export diversification and slow down the production and investment diversification. | Determinants of diversification from oil sector in Saudi Arabia International Journal of Energy Economics and Policy ISSN 2146-4553 available at http www.econjournals.com International Journal of Energy Economics and Policy 2020 10 5 384-391. Determinants of Diversification from Oil Sector in Saudi Arabia Khalid Abdullah Alkhathlan1 Tarek Tawfik Yousef Alkhateeb2 Haider Mahmood3 Wardah Abdulrahman Bindabel4 Department of Economics King Saud University Saudi Arabia 2College of Business Administration Prince Sattam bin Abdulaziz 1 University 173 Alkharj 11942 Saudi Arabia and Kafr Elshiekh University Kafr Elshiekh 33511 Egypt 3Department of Finance College of Business Administration Prince Sattam Bin Abdulaziz University Alkharj Saudi Arabia 4College of Business Administration Prince Sattam Bin Abdulaziz University Alkharj Saudi Arabia. Email h.farooqi@psau.edu.sa Received 06 March 2020 Accepted 15 June 2020 DOI https doi.org 10.32479 ijeep.9709 ABSTRACT Saudi Arabia targets diversification policy in the Vision 2030. This study estimates the production exports government revenue investment and employment diversification indices and also finds its determinants. Increasing inflation promotes the production and export diversification and depresses the investment government revenue and employment diversification. The depreciation policy encourages the government revenue diversification and reduces investment and employment diversification. Foreign Direct Investment FDI improved the government revenue diversification and weakens the export diversification. Economic growth stimulates the government revenue employment and export diversification and slow down the production and investment diversification. Government spending improves the production and investment diversification and dampens the government revenue and exports diversification. Capital formation promotes the export diversification and reduces the government revenue and employment diversification. Money supply