All economic indicators and international reports point to the Kingdom of Saudi Arabia's steady and rapid progress along the path laid out by Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister, to achieve a comprehensive and fundamental restructuring of the national economy. These major transformations aim to shield the Kingdom from the volatility of global energy markets and end its dependence on oil revenues, in favor of building a diversified and sustainable economy capable of meeting future challenges.
Historical context and a launch towards change
Since the launch of Saudi Vision 2030 in April 2016, the Kingdom has entered a new historical phase that transcends traditional notions of managing a rentier state. The Vision was not merely an economic plan, but a comprehensive roadmap for a vibrant society, a thriving economy, and an ambitious nation. This vision emerged in response to pressing needs imposed by global geopolitical and economic shifts, aiming to position the Kingdom among the ranks of developed nations by leveraging its inherent strengths, most notably its strategic location, investment power, and deep-rooted Arab and Islamic heritage.
Mega projects and an attractive investment environment
The world is witnessing a series of successive achievements in the Kingdom, where hardly a day passes without the announcement of the completion of a phase of a mega-project or the commencement of another. In less than a decade, the Kingdom has transformed into a vast workshop and a financial, cultural, and tourism hub, attracting investors from around the globe. This investment attraction is no longer solely dependent on oil wealth, but also on the enormous opportunities created by mega-projects such as NEOM, the Red Sea Project, Qiddiya, and Diriyah, which are new engines of growth that are virtually guaranteed to succeed, supported by a sophisticated legislative and regulatory framework.
International standing and regional influence
As the largest economy in the Middle East and North Africa region and an active member of the G20, which comprises the world's strongest economies, Saudi Arabia is fulfilling its global responsibilities with competence. The Saudi role extends beyond the economic sphere to include a tireless effort to promote regional and international stability. The Saudi leadership understands that economic prosperity cannot be achieved in isolation from political stability. Therefore, the Kingdom continuously works to find peaceful solutions to conflicts, encourage cooperation among nations, and reject the language of destruction and sabotage in favor of building and development.
Human development and quality of life
The direct and positive impact of the Vision programs on the lives of Saudi citizens cannot be overlooked. The Kingdom has witnessed a remarkable improvement in quality of life and structural reforms in the labor market, opening up vast opportunities for young men and women. Scientific and vocational training programs have empowered national talent to enter new sectors previously inaccessible to them, such as tourism, entertainment, advanced technology, and renewable energy. By 2030, the Kingdom is expected to have established itself as a global model for sustainable development, opening its doors to broader cultural and economic exchange with the world.
