The economy of a country is an issue that is massively developing in this relatively fast and modern world; every country present in the world has an economic focus to develop all forms of superior excellence and potential. In today’s world, every country is thinking of starting a new economic sector step, considering the status of limited resources and great opportunities in other sectors. Economics in the study of international relations has different views among thinkers; one of the existing theories in international relations is economic liberalism. The focus on economic liberalism is that the market economy is the autonomous domain of society, which runs according to its own economic laws, and the market will tend to maximize benefits for individuals, households, and companies.
Economics in its current development has different perspectives to interpret economics in international relations studies, such as the theory of economic liberalism, which was born as a form of rejection of the theory of mercantilism, which focuses on subordinating the economy to politics. Economic liberalism thinkers believe that markets tend to expand spontaneously to satisfy human needs and assert that governments should not interfere in the economy.
Saudi Arabia is a country located in the West Asia Region, or Middle East, which has a desert topography and has an economic focus on the oil sector, with its oil wealth making Saudi Arabia one of the largest oil suppliers in the world and a large state capital contributor to Saudi Arabia. The history of oil in Saudi Arabia is a fairly long journey; this can be seen from the first discovery of oil to the establishment of their first major company, Saudi Aramco, which is a national company that has been established since 1933 and is fully held by the government of Saudi Arabia. According to data, the main source of Saudi Arabia’s income is petroleum, with estimated oil reserves reaching 25% of the world’s total oil reserves, or 267 billion barrels. In the status quo, the State of Saudi Arabia has now begun to make fairly large investment developments and into broader domains such as sports and infrastructure by involving non-state actors such as investors and relevant actors in their fields. What is done by the State of Saudi Arabia sees that the development of an increasingly pluralistic world and sees that there are still many opportunities that must be improved.
The huge profits owned by Saudi Arabia certainly have a huge impact on the income of the country and the population in their own country, but on the other hand, as is known, natural resources, especially petroleum, are certainly included in the category of non-renewable natural resources and have fairly limited reserves. With this, it can be seen that Saudi Arabia should find a new source of economic income that has a long time span and can be renewed. It can be seen in the status quo that Saudi Arabia, in the latest conditions, has begun to expand their economic wings into more substantial and long-term areas. Saudi Arabia, in the latest conditions, has begun to expand their economic wings to a more substantial realm and has a fairly long period of time. Lately it can be seen that Saudi Arabia is expanding their investment and economic wings in the field of sports and estate development, such as advanced standard cities in their region, which are considered to have a greater impact on the country’s economy.
January 2023 became an important history for Saudi Arabian football, where Cristiano Ronaldo, who is the best football player in the world, entered the team of the biggest football club in Saudi Arabia, Al Nassr, which is one of the football clubs in the top competition of the Saudi Professional League. This step is considered to be one of the big breakthroughs in the world of Saudi Arabian football, with the entry of Ronaldo playing in this football league having an impact on the high number of international public attention and the increasing quantity of Saudi Arabian football league connoisseurs. From this, it can be seen that the government of Saudi Arabia is increasingly focused on developing investment in the sports sector and development in it. This had an impact in 2023, when Saudi Arabia was declared qualified and entitled to host the 2034 World Cup and it became a new achievement for Saudi Arabia as a country.
On the other hand, it can be seen that Saudi Arabia, in the status quo, has a focus on increasing investors in other fields, namely infrastructure such as the construction of new modern cities and other modern entertainment venues that have a strong attachment to the progress of other supporting sectors, with utilization in a field, of course, greatly impacting the progressiveness of other economic population sectors for the life and needs of a society in a country. This itself was born with the aim of releasing the focus of the Saudi Arabian economy, which only focuses on the oil sector, to other focuses that are more promising in the future. This itself is a form of new economic transformation that has been designed by the government of Saudi Arabia with an effort to optimize all forms of modern economic tips that can be done.
Reflecting on economic liberalism, this is done by the government of Saudi Arabia, which is a natural thing to do by a country to expand its economic influence and participate in the process. done by a country to expand its economic influence and involve non-state actors such as investors and other groups that can help to expand its economic influence. involving non-state actors such as investors and other groups that can help to boost Saudi Arabia’s economy in the future. Saudi Arabia’s economy in the future.
Oil reserves, which are limited resources in an increasingly modern world, require Saudi Arabia to innovate by giving birth to a new transformation, which certainly has a focus on economic optimization in every field and prepares it to transform into a more modern country with many leading sectors and tries to associate other non-state economic actors for the advantages that can be obtained. Seeing the urgency of the world’s oil limitations one day and the need for new innovations, what Saudi Arabia is doing now is a step that is fairly appropriate for the preparation of a country’s economy in the future.
Through more investment in football, hosting international sporting events, and the development of infrastructure and entertainment venues, a structured economic transformation step has been prepared by the Government of Saudi Arabia towards an economy that is not fully dependent on oil and relevant to the times in accordance with the local government’s target of 2030. The investment of more investment capital in the non-oil sector will also greatly impact the image of Saudi Arabia as a country with great achievements in it.
The economic transformation carried out by Saudi Arabia at this time is a form of implementing economic liberalism that is often carried out by western countries towards progress by presenting a modern economic sector and the action of involving non-state actors in order to be present to invest and develop the country’s economy. This is not without reason given the urgency of the resilience of the quantity of oil, which decreases every year and can be exhausted in the future. Through a breakthrough in the world of football by inviting the world’s best athletes to host the 2034 World Cup, it will certainly greatly enhance the image of Saudi Arabia and strengthen their position internationally. While on the other hand, the local government also helped develop their economy through the development of city estates and new entertainment venues into a new attraction for international tourists to increase the intensity of tourist curiosity to visit Saudi Arabia, which we know is often considered to be a closed Islamic country and only totally dependent on oil sales as the main source of their state treasury income.
