The GCC countries, including Saudi Arabia, have faced significant challenges due to the significant drop in oil prices since 2014, and one important challenge is to limit the financing of their development model based on the exploitation of oil surpluses to achieve comprehensive social and economic development. Another challenge is how to get out of this impasse, and what are the solutions and policies that get the GCC countries out of the curse of natural resources to economic diversification in order to build a more sustainable economy that provides a stable life for the current generation without compromising the capabilities of future generations.
This is what this study tried to answer, as it aimed to provide a development model in Saudi Arabia that contributes to getting out of the current oil crisis, and far from researching the causes of the sharp decline in oil prices, which are mostly subject to economic and geopolitical factors that are difficult to control, the current study provides a model that depends on exploiting Saudi Arabia's capabilities through four basic pillars: The trend towards economic diversification, entrepreneurship, and women's economic empowerment are all these changes in light of public sector reform and governance. The proposed study model was theoretically tested through a comprehensive review of the relevant economic and social literature, and then the study applied this model in Saudi Arabia, using a time series that extends since (2001–2020) and constitutes a total of (20) years. Based on econometric methods in collecting and analyzing data and ensuring its validity, and building representative models of the relationship between the study model with its four pillars and economic growth: The study found a number of results indicating a positive impact of economic diversification, entrepreneurship, and public corporate governance on the economic growth of Saudi Arabia, with mixed results on the impact of women's empowerment on economic growth, and based on those results, a set of recommendations were built related to getting out of the oil crisis, encouraging economic diversification and entrepreneurship, and women's economic empowerment.