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A look at Saudi vision of 2030 from a corporate governance perspective

This paper reviews the relationships between the crackdown system of Corruption, corporate governance (CG) and economic development in Saudi Arabia. | A look at Saudi vision of 2030 from a corporate governance perspective International Journal of Management IJM Volume 9 Issue 5 September October 2018 pp. 31 43 Article ID IJM_09_05_005 Available online at http www.iaeme.com ijm issues.asp JType IJM amp VType 9 amp IType 5 Journal Impact Factor 2016 8.1920 Calculated by GISI www.jifactor.com ISSN Print 0976-6502 and ISSN Online 0976-6510 IAEME Publication A LOOK AT SAUDI VISION OF 2030 FROM A CORPORATE GOVERNANCE PERSPECTIVE Dr. Faisal Bin Hammad Alfordy Chairman of the Accounting Department College of Business Admiration University of Hail ABSTRACT This paper reviews the relationships between the crackdown system of Corruption corporate governance CG and economic development in Saudi Arabia. The drive behind the Saudi transformational-economic plan is due to a variety of factors such as the drop in the crude oil prices in 2015-2016 OPEC s member s disagreement on reducing productions the discovery of shale oil in North America etc. In spite of the new changes on Saudi Arabia main oil- revenue generating mechanism McKinsey s report of 2015 is suggesting that their proposed productivity-led transformation model of the Saudi economy is capable of 1 diversifying the Saudi economy 2 creating new productivity and growth venues 3 doubling Saudi GDP 4 inventing as many as six million new Saudi jobs by 2030. Moreover such undertaking is estimated by McKinsey to cost 4 trillion in investments. In addition McKinsey s report allegedly highlights eight existing sectors namely mining amp metals petrochemicals manufacturing retail and wholesale trade tourism and hospitality health care finance and construction and Planning are capable of contributing more than 60 percent of the overall growth needed to double Saudi GDP by 2030. Moreover the McKinsey report signifies the societal responsibility and accountability to accelerate and reach the desired goals of their comprehensive model that integrates the Kingdom s economic labor