Recognizing the need to diversify the economy is already a giant leap for any nation seeking to achieve more sustainable growth. However, putting this vision into action and making it a reality is another story. In Saudi Arabia — home to nearly 34 million people and considered the biggest economy in the Arab world — a profound transformation is taking place. And at the center of it all is its comprehensive strategy plan, the Saudi Vision 2030.
One key goal of Vision 2030 is to create a vibrant society where people can “thrive and pursue their passions.” Along with that is the objective of having a thriving economy where everyone has the opportunity to succeed. Embodying Saudi Arabia’s commitment to efficiency and accountability at all levels, the Vision also aims to build an ambitious nation with a transparent, high-performing government that empowers citizens and businesses alike.
Key strategic investments
Inching closer to these goals, the country has been doubling down on strategic investments, sweeping reforms, and bold initiatives across multiple sectors.
For example, earlier last month, Saudi Arabia unveiled its plans to build the Neom Stadium. It’s a 46,000-seat venue perched 350 meters above ground of The Line, one of the mega-projects in the futuristic, sustainable city of NEOM. The high-tech stadium is revealed as part of the country’s plan to host the FIFA 2034 World Cup, cementing the country’s aspiration to be a premier destination for global events, especially sports.
Speaking of sports — Saudi Arabia is also making strides in esports, with this market alone projected to contribute $13.3 billion to the country’s GDP and create about 39,000 job opportunities.
Beyond this realm, Saudi Arabia is also leveraging tourism to drive economic change. Projects like the AlUla and the Red Sea mark just the beginning of an era where sustainable and luxury tourism, history, and culture converge.
Recently, the King Salman International Airport Development Company (KSIADC), a Public Investment Fund (PIF) company, announced strategic partnerships with four leading local and international companies for the airport’s new development phase. This transformation is a testament to the country’s holistic approach, integrating infrastructure, investment, and strategic planning to redefine its economic landscape.
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Real estate sector’s robust growth
Meanwhile, the real estate sector’s robust growth and ongoing reforms reflect the country’s dedication to creating a stable and attractive environment for citizens and expatriates. As part of Vision 2030, Saudi Arabia aims to achieve 70 percent homeownership by 2030. The decision of Cityscape Global, a premier real estate event, to relocate to Saudi Arabia highlights the rapid development and growing confidence in the nation’s real estate landscape.
The retail sector is also booming, with projections stating that it could be valued at $159 billion this year.
These developments are complemented by a thriving industrial expansion. Since the inception of Vision 2030, the country’s industrial sector has expanded at an impressive pace, with the number of factories surpassing 11,500.
The list of Saudi Arabia’s important projects goes on, and it supports the robust growth of its economy, especially the non-oil sector. In the second quarter of this year, non-oil GDP expanded by 4.4 percent. And as the country continues its relentless pursuit of economic diversification and modernization, the world can look forward to a new era of prosperity for the Middle Eastern powerhouse.
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