By CGTN’s Adel EL Mahrouky

Saudi Arabia's economy mainly depends on oil revenues, but after the prices went down significantly in the past years, the Kingdom realized that the time to let go of its dependency on oil has finally come. The Saudi government was forced to deal with budget deficits, and cut spending. It was around that time, the country came up with new goals – to diversify its economy. 

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Saudi Arabia is an oil rich nation. It was thought that black gold would keep it rich for many years to come, but the global drop in oil prices served as a wake-up call for the Kingdom. When oil prices fell from 115 dollars a barrel back in 2014 to below 35 dollars in 2016, Saudi Arabia's economy was severely hit.

It's why the Kingdom launched its so-called "Vision 2030", a plan to restructure its economic priorities to turn the biggest oil producer in the world into a global industrial conglomerate.

"Saudi Arabia is concentrating on the diversification of economy. Still they need more diversification in several industrial products, still lots of things regarding when we talk about the diversification of economy, still Saudi Arabia in deep need to transfer technology," said Youmn Al-Hamaky, professor of economics at Ain Shams University.

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To accelerate reaching what has become a national dream here, the Kingdom has launched a program called "Iktifaa" -- Arabic for self-sufficiency. The purpose is to study local market needs and find ways to produce products locally - using a local Saudi workforce.

"All these efforts are pouring in one direction, to build a strong diversified economy, that won't be shaken while prices changes in one product like petroleum. The main building block for this economy will be the sons and daughters of this nation. We are not talking about assembling products, we will bring in technology through invention and scientific research to the Kingdom of Saudi Arabia," said Khalid Al-Falih, Saudi Minister of Energy, Industry and Mineral Resource.

Minister Al-Falih said all the business contracts signed with the US delegation contribute to fulfilling that purpose, and Saudi Arabia is expecting many more deals in the years to come. 

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"We believe that the 280 billion US dollars that was announced is only the beginning. We should not see this as one event driven, a summit driven, transaction base. This is truly a partnership, between the two nations," Al-Falih noted.