As much as $1 trillion in foreign direct investment could flow into Saudi Arabia over the coming 15 years, as the oil-rich nation seeks to diversify its economy and boost its private sector, according to a study by Oxford Strategic Consulting.

The kingdom has set forth its objectives in a reform agenda it calls "Vision 2030," that plans for the country to move towards a more open and engaged society and decrease its dependency on oil so as to make for a productive society and boost economic growth.

According to the UK-based consulting firm, "The kingdom is at a critical juncture: its economic model is no longer sustainable in a world of depressed oil prices, and there is a youthful, connected population entering the workforce and eager to integrate with the outside world."

Among the targets Saudi Arabia has set is to boost its GDP growth and double it by 2030, creating up to 6 million new jobs in the process. Better management of its human resources could unleash as much as $6.44 billion in economic output for the country, Oxford Strategic Consulting expects.