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According to the author, a knowledge-based economy is more powerful and reliable than complete reliance on an oil-based economy. Hence, there is urgent need to transit to a knowledge-based economy in order to accelerate economic development of a country such as Saudi Arabia. One way of attaining this type of economy is through a rapid boost in human capital. Saudi Arabia can adopt a number of human capital initiatives in order to enhance the knowledge base of its economy.
Second, the author observes that it may not be adequate to invest heavily in education bearing in mind that non-cognitive skills are still a major challenge in the process of fast tracking and building a viable human capital. The adoption and full implementation of an SSGY program has been proposed in the article as the most fundamental way to strengthen the requisite skills. According to the author, it is necessary for each Saudi citizen to be part and parcel of a social inheritance scheme.
The findings in Saudi Arabia are a clear indication that the country is still below par in terms of human capital investment. Perhaps, the oil factor is both a blessing and curse for the Kingdom since it is the main source of economic growth. Needless to say, the future human capital largely relies on scholastic achievement of citizens in any given nation.
In the case of Saudi Arabia, it is interesting to mention that the country heavily relies on foreign professionals to drive its human capital economy. It can be recalled that the number of expatriates in Saudi Arabia has been growing over the years. However, it is necessary to strike a balance between the population of the local workforce and that of foreigners.
When Dubai is brought into the same focus, it can be agreed that the country has made significant strides in the transformation of its economy using a vibrant human capital base. The current pace of development in Dubai does not rely on oil at all. However, it is one of the rapidly growing centers of economic excellence in the Middle East bloc. As a matter of fact, Dubai has significantly invested in human capital through education and the acquisition of requisite skills and competences.
For example, Dubai is a fast growing business hub across the globe mainly due to its dynamic economy that does not merely rely on a single economic resource like it is the case with the Kingdom of Saudi Arabia. Second, it is crucial to underscore the fact that Saudi Arabia lacks a functional master plan and broad objective on how it can transform its oil-based economy.
We ought to concur with the author of the article that Saudi Arabia should reinvent itself and seek alternative ways of boosting economic growth. Besides, oil is a non-renewable resource that may be depleted at one time. In the absence of a robust sustainable plan that can propel the growth of its economy, the country may eventually find itself in a state of gross economic downturn.
On the other hand, we may be slightly compelled to disagree with the author when he asserts that over-investment in education may not necessarily propel economic growth of a country. While such a claim might be true and applicable in certain case studies, it should not be taken as a universal fact. For instance, it can be remembered that the developed world has managed to grow and sustain its economy through heavy investment in education. It is only through education that the capacity of human capital can be materialized.
Most of the first-class economies and high-income nations such as the United Kingdom and United States of America even go to an extent of importing human capital in order to boost the local supply. Perhaps, the author should have categorized and differentiated between wasteful and focused investment in education.
For instance, it is apparent that Saudi Arabia has one of the highest rates of university enrolment in the Arab world. However, the outcomes of this high enrolment are not feasible. It seems that investment in tertiary education has not been aligned with the current and future needs of the country. A case in point is the inclusion of several art studies in university education at the expense of the crucial science and technology modules.
Furthermore, motivation and the level of ‘non-cognitive’ skills are obviously not similar in both Saudi Arabia and Dubai. When scholastic achievement tests were carried out in Saudi Arabia and other Arab nations (excluding Dubai), it was found out that the Kingdom ranked extremely below countries such as Egypt, Morocco, Qatar, Tunisia, Malaysia, and Jordan.
For example, the number of learners who attained the mathematics intermediate benchmark was lower in Saudi Arabia than in nine other countries that were ranked in the survey. Worse still, the Kingdom was ranked in the last quarter of performance criteria when a science intermediate benchmark test was carried out among ten countries.
It is generally believed that non-cognitive skills equally affect academic performance of learners in various ways. Intrinsic aspects such as a forward-looking attitude, conscientiousness, perseverance, initiative and motivation are vital in the overall academic ability of a learner.
Therefore, it can be assumed that the poor scholastic performance of students in the Kingdom of Saudi Arabia has also been contributed by the non-cognitive factors. When the above factors are put into consideration, we may be compelled to conclude that Dubai learners are well prepared in terms of their cognitive skills because the country usually ranks higher than Bahrain, Kuwait or even Tunisia in scholastic achievement.
The proposed Saudi Start-up Gift to the Youth (SSGY) will definitely work if the relevant authorities give the initiative necessary support. The main issue at this point is the formation of a robust human capital base. If young adults can be given the chance to exercise their ability through capital investment, Saudi Arabia can be fully assured that its future economy will not be put at risk. Dubai has attained its current powerful economic status through commerce.
If young Saudis are educated in relevant targeted fields of study and then provided with adequate capital to initiate their own investment portfolios, over-reliance on the limited oil resources will be avoided. The success of the program requires political will from the King and adequate support from society.
It is also bound to succeed because it will be a national marshal plan and not an individual initiative that lacks the necessary expertise. The author has highlighted a number of benefits that will be derived from the SSGY program. As it stands out, artificial barriers that have hampered the pace of entrepreneurship in Saudi Arabia will be sufficiently eliminated.
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