Author: Michael Zakko
Publication date: 21.02.2024
In 2016, Crown Prince Mohammed bin Salman unveiled Saudi Vision 2030. A comprehensive strategy aimed at steering the nation towards economic, social, and cultural diversification while reducing reliance on oil exports and fossil fuels. This ambitious plan seeks to lead Saudi Arabia into a sustainable, innovation-driven future.
Main reasons for the vision
In addition to the objectives of empowering its people, diversifying its economy, and embracing a future defined by sustainability and innovation. The Kingdom of Saudi Arabia primarily depends on its Vision 2030, which consists of three primary pillars:
To strengthen the Kingdom's position as the "centre of the Islamic and Arab worlds."
To leverage the Kingdom's geographic advantage to connect Asia, Europe, and Africa.
To become a worldwide investment powerhouse.
Main objectives of the vision
Saudi Arabia's 2030 Vision outlines three primary goals to be accomplished by 2030:
The first theme emphasises a higher standard of living in the future, promoting Saudi Arabia's rich cultural legacy, stunning surroundings and rich religious history.
The second theme is about achieving a thriving economy. This goal aims to develop the educational system in the country to enhance non-energy economic sectors with unlimited potential, and diversify the Kingdom's economy using a range of different investments.
The third theme highlights the progressiveness of Saudi Arabia's government by boosting non-oil revenue share and improving overall efficacy of government operations.
Main projects of the vision
Qiddiya City
Saudi Arabia's new center of entertainment, sports, and culture is Qiddiya. It seeks to provide play-based destinations, activities, and programs that will improve the quality of life for both locals and tourists. It will have family-friendly theme parks, international sports arenas, and concert and entertainment venues.
The Red Sea
This 28,000 square kilometer oasis, which is tucked away along Saudi Arabia's west coast, is home to an archipelago of more than 90 uninhabited islands, gorgeous beaches, and a variety of natural gems.
NEOM
NEOM is an ambitious plan that will create a futuristic city unlike any other on the northwest Saudi Arabian coast along the Red Sea. NEOM has been advertised as a cutting-edge metropolis and the center of the world for living in the future. Its ten different zones include an 1170 km long tower, an inverted hotel by the sea, a futuristic ski resort in the desert and a mountaintop entertainment complex.
Jeddah Central Project
an ambitious project intended to boost Jeddah's economy and establish the city as a top travel destination. The goal of the Jeddah Central Project, which Prince Mohammed bin Salman introduced in 2021, is to embrace modernization while preserving Jeddah's rich history. Featuring four notable landmarks (Opera House, Museum, Sports Stadium and Oceanarium), a marina, beach resorts, restaurants, cafes, diverse shopping options and modern residential areas. This project is estimated to cost over 20 billion dollars.
Green Riyadh
an innovative project aimed at turning Saudi Arabia's capital into a green oasis. Green Riyadh would not only make the city more liveable but also contribute to environmental preservation and enhance Riyadh's natural beauty. By enhancing air quality, resident well-being, and access to green space, Green Riyadh seeks to rank the capital of Saudi Arabia among the world's 100 most liveable cities. The project involves planting trees next to streets and roads, in parks, schools, universities, healthcare institutions, and community gardens. The city will have 7.5 million trees growing in it by 2030.
Special Economic Zones
The five special economic zones in Saudi Arabia have unique trade laws which encourage a variety of industries and promote economic growth in all areas in line with Vision 2030. The National Investment Strategy, which intends to increase investment opportunities in the Kingdom by attracting high-quality investments, technology transfer, and the development of important industries.
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