Approaches & Impact Of Transferring Saudi Arabia From Rent To Non-Rent Economy

Approaches and Impacts of Transforming Saudi Arabia from Rent to Non-Rent EconomyStudent NameInstructor Course Date AbstractThe issues of rent-economy and non-rent diversified economy have got great importance by economists and scientists lately due to the economic problems that face the developing countries which mostly rely upon one or two natural resources such as oil and gas as a main source of national income. An economy that depends much on only natural resources stands in a position of achieving various economic growth but not development in terms of economy. An economy may face growth in Gross Development Product (GPD) but similarly may not have actual development unless considerable changes In order to get rid of the economic problems facing the countries that have rent-economies; such countries started looking forward to transform their rent-economies into diversified economies that have more than one source of national income. In order to transfer its economy from a rent-economy into a diversified economy, Saudi Arabia has initiated new applied universities such as King Abdulla University for Science and Technology which is a graduate research university that promotes innovation and knowledge –based