Saudi Arabia has undergone a remarkable transformation, Women’s empowerment and youth engagement are top priorities Greater access to education and jobs is making the Kingdom a more inclusive society. Saudi society is characterized by its youthful and diverse population, who enjoy a wealth of opportunities available in the Kingdom. This includes the growing vibrancy citizens, residents and visitors are experiencing in Saudi Arabia – from concerts and premier art festivals to global sporting events, the Kingdom is now home to world-class entertainment. Saudi Arabia is also dedicated to improving and digitizing public services to better meet the needs of citizens, residents, and businesses.
Saudi Arabia is developing high-growth sectors domestically and supporting an open economy.
These high-growth sectors are diversifying Saudi Arabia’s economy, creating quality jobs, and securing sustainable growth for future generations.
Business and Investment sector
Saudi Arabia is building a dynamic and diverse economy, driving growth in new industries, attracting investment, and providing entrepreneurs with the tools for success. Young Saudis now have a world of opportunity at their fingertips – the economy is transforming the Kingdom, delivering social reforms, entertainment, and sporting events, and projects that inspire new ways of living and working.
Saudi Arabia is fostering an open, welcoming economic environment that attracts foreign investment and supports local talent through progressive regulations and reforms. The success of Vision 2030 is powered by the ambition of entrepreneurial citizens who are starting businesses, driving growth in the private sector, and paving the way for the future. With innovative funding strategies, supportive regulations, and talent development programs, Vision 2030 is shaping the future of Saudi Arabia, ensuring a bright and prosperous future for all.
SAUDI NATIONAL INVESTMENT STRATEGY
The NIS is expected to drive the growth and diversification of the Kingdom’s economy, working towards several of Vision 2030’s goals. These include increasing the private sector’s contribution raising the contribution of Foreign Direct Investment (FDI) increasing the contribution of non-oil exports reducing the unemployment rate and positioning the Kingdom among the top ten economies in the Global Competitiveness Index by 2030.
The NIS will also enhance the business environment and increase investment attractiveness and competitiveness in the Kingdom. It will achieve this by implementing key regulatory and legislative measures, connecting investors with investment opportunities, providing incentive packages for selected projects, and attracting regional headquarters to the Kingdom. Moreover, it will aid local companies in successfully positioning their products and services in regional and global markets.
Fintech Saudi is promoting fintech industry growth in Saudi Arabia. Launched in 2018 by the Saudi Central Bank and the Capital Market Authority, they are positioning Saudi Arabia as a leading fintech hub by building a strong and responsible ecosystem that includes banks, investors, companies, and government institutions.
Fintech Saudi is providing education and resources for small and medium enterprises (SMEs) in fintech by offering workshops and training for students, investors, companies, and banks. This helps emerging talent and entities learn about the fintech industry and understand the role plays in developing it. They are also creating products and services to support SMEs across the country.
development of the tourism industry
Tourism development is an important driver of growth for the future of Saudi Arabia. It is one of the key pillars at the heart of Vision 2030’s plan to help diversify the economy and reduce reliance on oil. The Ministry of Tourism, the Saudi Tourism Authority, and the Tourism Development Fund were established in line with international best practices and with clear remits to support the growth of this sector and help it to flourish significantly.
NEOM is a futuristic region in northwest Saudi Arabia powered by 100% renewable energy. Led by the Public Investment Fund, NEOM is a place that prioritizes people and nature, creating a new model for sustainable living, working, and prospering. It is a place where humanity can progress without compromising the health of the planet.
THE LINE is a revolutionary concept in urban living that prioritizes people and nature, creating a new urban sustainability model based entirely on renewable energy. In line with the Kingdom’s sustainability goals, the linear city conserves 95% of its land as a nature reserve.
Oxagon is a floating industrial city under development in the southwest corner of NEOM. Strategically located on the coast of the Red Sea, through which 13% of the world’s trade passes, the city includes an integrated port, a logistics center, and advanced manufacturing facilities. Sitting at the crossroads of 3 continents, Oxagon is a place where people, nature, and technology come together in harmony.
The Red Sea Luxury Project
The Red Sea Luxury Project is a luxury tourist destination and will include luxury resorts with an area of 34 thousand kilometers for nature, adventure, relaxation, and comfort. It will be deployed across an archipelago of 50 islands, along a 200 km coastline, located along the western coast of Saudi Arabia.
In addition, Saudi Arabia’s goal is to improve the quality of life of the population of Saudi Arabia through rapid growth facilities. More job opportunities for Saudis and better new sources of income.
Certainly, Saudi Arabia aims to enhance the quality of life of Saudi Arabia’s population by facilitating rapid growth. and creating more job opportunities for Saudi citizens and harnessing new revenue streams.
By: Nouran Malak