Saudi Arabia a kingdom blessed with so many riches and wealth from its oil resources. The entire world is dependent on the oil extracted from the grounds of Saudi Arabia. Their geographical, cultural, social, and demographic advantages have earned them a top position in the world. Despite having the least diversification in other fields, the kingdom of Saudi Arabia has made its mark away from its oil companies, which generate enough wealth and revenue to run their entire kingdom.
Now, to build a better future for the country, their next big thing is Saudi Vision 2030. A tri-themed, vision which represents the country’s unique competitive advantage and their status, will enable the nation to build a leading role as the ‘heart of Arab and Islamic worlds’. Also, their investment power will enable them to create a more sustainable and diversified economy. Last but not least, their strategic location will make them the integral driver of international trade connecting the three continents of Africa, Asia, and Europe.
The 3 Themes of Saudi Vision 2030
1. A Vibrant Society
Saudi Vision 2030 focuses on achieving economic prosperity and building a vibrant society. The society follows rich Islamic principles of moderation, enjoys a beautiful environment, protected by caring families and supported by an empowering social and health care system.
2. A Thriving Economy
A thriving economy which provides opportunities for all the sectors of the nation right from building and education system aligned with market needs to create opportunities for upcoming entrepreneurs, the small as well as larger enterprises. Saudi Arabia’s investment tool plans on opening up many economic sectors, diversifying its economy and generating job opportunities. The aim is to attract the finest talent around the world, FDI encouragement, improving the business environment and privatizing a few government services, enriching the overall corporate environment.
3. An Ambitious Nation
An ambitious nation aimed at achieving an effective, accountable, transparent, enabling and high-performance government. Saudi Vision 2030 plans of enabling more efficiency and responsibility at all levels and also creates the right environment for the people of the nation in seizing the opportunities.
Benefits from Saudi Vision 2030
Saudi Vision 2030 is a 3-phase ambitious yet achievable project, which expresses long-term goals and expectations reflecting the country’s capability of achieving it. Each phase is planned to achieve a specific set of goals within a 5-year period. These 3 phases involve major projects like the National Transformation Program, Red Sea Luxury Resort Project, Entertainment Sector, Women Rights, and many other projects. These projects will bring many benefits and opportunities for the business sector and other sectors:
- A rising medical and health care sector will generate prospects of opening business in Saudi Arabia
- An increased focused on the SME sector as well as larger companies in the nation
- A steady rise in Foreign Direct Investment (FDI) of the country and inviting global investors
- The reforms under Saudi Vision 2030 involve improving the tourism business in the country
- Vision 2030 will have long-term benefits which will widen and deepen the growth of the economy through trade and commerce
- The insurance sector will be a key beneficiary of Saudi Vision 2030
- Expansion in the physical infrastructure such as airports and other supporting transport systems
- A key point of focus would be developing the education system of the nation
- Installation of the first theater in Saudi Arabia opened gates to entertainment and media sector in the nation
There have been many assumptions and analyses made on Saudi Vision 2030 by many analysts around the world but by looking at the blueprint and vision and the financial capability of the nation this, in fact, will be the next best thing for the Kingdom of Saudi Arabia. The first phase of the project has started and a lot of business setup opportunities have emerged in Saudi Arabia, so this is the right time to invest your money in Saudi Arabia. Commitbiz is a platform to help you kick-start your business. If you are thinking of starting a business in Saudi Arabia, our business advisors can help you actualize this. Do contact us – we’d be happy to assist!