Vision 2030

BRANDVOICE is a commercially supported content program. The recent COP29 in Baku highlighted the challenges of the global energy transition. Despite ambitious goals, developing countries struggle to secure the necessary $1.3 trillion annually for their decarbonization and development plans, far exceeding the debated $300 billion climate finance agreement. A McKinsey report reveals a gap between climate targets and action, with...

Lenovo has announced a significant partnership with Saudi Arabia's Alat to establish a sustainable manufacturing facility, aligning with the Kingdom's Vision 2030. This $2 billion deal marks Lenovo's strategic expansion into the Middle East and Africa. Lenovo's Strategic Move The collaboration with Alat, known for its eco-friendly practices, underscores Lenovo's commitment to sustainability. The investment involves zero-coupon convertible bonds and...

Lucid Motors Joins 'Made in Saudi' Initiative Lucid Motors, a leading electric vehicle manufacturer, is the first global automotive company to join Saudi Arabia's "Made in Saudi" program. This achievement allows Lucid to display the "Saudi Made" label, highlighting the country's emphasis on quality and innovation. The initiative is part of Saudi Arabia's strategy to enhance its industrial sector, aiming...

Saudi Arabia's Vision 2030 gained momentum in 2024 through strategic partnerships across various industries, boosting its global economic stature. These alliances aim to diversify the economy and reduce oil dependency. Key agreements were made in education, tourism, IT, finance, manufacturing, and renewable energy, highlighting Saudi Arabia's commitment to economic transformation. According to Yaseen Ghulam of Al-Yamamah University, these efforts are...

UN Trade and Development's Empretec program is enhancing support for Saudi entrepreneurs through two new initiatives: FintechHub and LogiHub. These projects aim to equip entrepreneurs with necessary skills and knowledge in the rapidly growing sectors of financial technology and logistics. These initiatives are part of Saudi Arabia's ambitious "Vision 2030" plan, which seeks to diversify its economy by focusing on...

Riyadh – During the French President Emmanuel Macron's visit to Saudi Arabia, a significant energy agreement was signed. TotalEnergies and Aljomaih Energy and Water Company (AEW) have entered into a 25-year Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC) for the Rabigh 2 solar power project, which will generate 300 MW. This initiative is part of the...

A significant agreement was reached in Riyadh during the visit of French President Emmanuel Macron to Saudi Arabia. The consortium of TotalEnergies and Aljomaih Energy and Water Company (AEW) signed a 25-year Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC) for the 300 MW Rabigh 2 solar project. This initiative is part of Saudi Arabia's National Renewable...

Saudi Arabia is working to shift its economy away from oil through its Vision 2030 initiative. A key part of this plan is the Neom project, which is being described as a "very long-term program" by the kingdom's finance minister. Finance Minister Mohammed Al Aljaadan emphasized that Neom is a 50-plus-year venture. He cautioned that expecting immediate financial returns from...

In the vast deserts of northwest Saudi Arabia, construction on "The Line" is underway. This ambitious urban project, part of the NEOM initiative, is set to transform living spaces by housing 9 million people in futuristic skyscrapers stretching 106 miles. NEOM, spearheaded by Crown Prince Mohammed bin Salman, is a cornerstone of Vision 2030, aiming to diversify Saudi Arabia's economy...

Sulaiman Abbar stands out not only as a business leader but also as a professional boxer, illustrating a unique blend of corporate success and athletic prowess. In Jeddah, Saudi Arabia, he is a partner at Abbar & Sons Ltd. and a board member at Ghazi Abdullah Abbar Co. Ltd., while also making waves in the boxing ring with a streak...

Saudi Arabia's NEOM project, a key part of the Vision 2030 plan, has been significantly scaled back due to high costs. Originally designed as a futuristic smart city with advanced industrial zones and a ski resort over 26,500 square kilometers, the focus has shifted to building sports stadiums for global events over the next decade. Launched in 2017, NEOM includes...

Saudi Arabia's Vision 2030 is an ambitious plan to transform the nation into a global investment hub, targeting $3.3 trillion over the next decade. This strategy spans various sectors, including energy, healthcare, and tourism, with projects like the futuristic city of NEOM at the forefront, representing an $800 billion boost from recent trends. The plan involves significant shifts: moving towards...

Saudi Arabia's Strategic Vision Saudi Arabia's Vision 2030 is a transformative plan aiming to position the nation as a global leader in infrastructure investment. The goal is to attract $3.3 trillion over the coming decade through the Saudi National Investment Strategy, focusing on sectors like energy, healthcare, and tourism. Key projects include the ambitious NEOM city, marking a significant $800...

What's happening? Saudi Arabia is experiencing significant growth in its non-oil sector, signaling a move away from its traditional oil dependency. Significance of this shift The non-oil sector is thriving, with the Saudi Arabia Purchasing Managers' Index (PMI) reaching 56.9, a level not seen in half a year. This growth is driven by a surge in new orders, marked by...

Saudi Arabia is intensifying efforts to transform its economy and reduce reliance on oil, as highlighted by Finance Minister Mohammed bin Abdullah Al-Jadaan at the Future Investment Initiative in Riyadh. The ambitious plan, spearheaded by Crown Prince Mohammed bin Salman, aims to boost the private sector, develop new industries, and generate employment. Al-Jadaan expressed satisfaction with the progress of Saudi...

The inaugural in-person WIPO – Saudi Arabia Summer School recently took place in Thuwal, Saudi Arabia, bringing together 40 senior students and young professionals from 22 countries. The event was a collaborative effort by the WIPO Academy, Saudi Authority for Intellectual Property (SAIP), and King Abdullah University of Science and Technology (KAUST). The program, hosted on the KAUST campus, featured...

Saudi Arabia's Path to Sustainability and Economic Diversification Saudi Arabia is making strides in economic diversification and sustainability, aiming for net-zero emissions by 2060. The nation's energy strategy balances reliable supply, environmental impact, and cost-effectiveness, crucial for economic and environmental health. The second edition of the Saudi Economy Watch highlights the Kingdom's progress in these areas. Renewable Energy Expansion The...

AI: A Catalyst for Saudi Arabia's Economic Transformation Saudi Arabia is undergoing an economic transformation, leveraging artificial intelligence (AI) as a cornerstone of its strategy to diversify from oil dependency. AI is set to significantly boost the nation's GDP by 2030, emphasizing its role in sustainable growth. Under the Vision 2030 framework, Saudi Arabia is investing heavily in technology-led industries....

Saudi Arabia is leveraging its technology to achieve both national objectives and global interests, as highlighted by a senior minister. At the Berlin Global Dialogue, Finance Minister Mohammed Al-Jadaan stressed the importance of strategic planning, consistent policies, and robust public-private partnerships for sustainable global growth. Al-Jadaan's remarks align with Saudi Arabia’s National Strategy for Data and Artificial Intelligence, which aims...

In 2021, Saudi Arabia introduced a crucial component to its Vision 2030: the National Investment Strategy (NIS), outlining necessary investments and stakeholders. This ambitious plan requires a total investment of $3 trillion from 2019 to 2030, triple the country's GDP for 2023. Fiscal Strategy Shift Saudi Arabia's fiscal policy, traditionally linked to oil price fluctuations, is evolving. Historically procyclical, the...

Saudi Arabia's maritime sector is undergoing a significant transformation, positioning the country to play a crucial role in global trade. This shift is driven by Vision 2030, aiming to diversify the economy and elevate Saudi Arabia from a regional player to a global leader. The National Transport & Logistics Strategy (NTLS) is central to this transformation, targeting an annual economic...

Saudi Arabia is making significant strides in the electric vehicle (EV) sector for commercial transportation, advancing at a remarkable pace compared to other nations. Gary Flom, CEO of National Transportation Solutions Co. (NTSC), highlighted the Kingdom’s rapid progress during the EV Auto Show 2024, noting that what Saudi Arabia has achieved in five years took the US 25 years. As...

Senior officials from Saudi Arabia and Italy recently discussed potential collaborations in industrial innovation and advanced manufacturing technologies. The meeting, led by Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef and Lombardy’s regional government president Attilio Fontana, focused on enhancing ties crucial to Saudi Arabia’s Vision 2030 diversification strategy. The discussions emphasized cooperation in sectors bolstered by advanced...

Saudi Arabia's Crown Prince Mohammed bin Salman provided an update on the Vision 2030 initiative, emphasizing progress in tourism and employment. In his address to the Shoura Council, he noted steady economic diversification, with non-oil activities contributing 50% to the Kingdom's GDP in 2023. This shift is vital for reducing reliance on oil revenues. The crown prince highlighted significant achievements,...

Saudi Arabia is pioneering digital technology for its citizens, residents, visitors, and businesses, according to Ahmed Alsuwaiyan, Governor of the Kingdom’s Digital Government Authority (DGA). The Kingdom has made significant strides in health, municipal services, and education. Alsuwaiyan highlighted that Saudi Arabia is now among the top 10 countries globally for digital government, ranking sixth in the Global E-Government Development...

An Italian business association representing 7,000 companies plans to increase investments in Saudi Arabia and collaborate with local investors as part of Saudi Vision 2030. This group includes major firms from key economic sectors. The announcement was made at the Saudi-Italian Business Forum, held at the Federation of Saudi Chambers’ headquarters. The event was attended by Italian Ambassador Carlo Balducci,...

HALO Space, a leading company in near-space tourism, is advancing its plans in Saudi Arabia by setting up final assembly and testing facilities. This announcement, made at a special event in Riyadh, highlights the company's goal to make Saudi Arabia a central hub for space tourism, with a significant test flight scheduled soon. CEO Carlos Mira disclosed that their prototype...

Dr. Majid Al-Qasabi, Saudi Minister of Commerce, met in Riyadh with British Secretary of State for Business and Trade Jonathan Reynolds and his delegation. This meeting aimed to enhance economic ties under Saudi Arabia's Vision 2030 and discussed economic reforms and partnership opportunities. Talks focused on expanding British business operations in Saudi Arabia, particularly in priority sectors and innovation-driven startups....

Saudi Arabia is undergoing a significant transformation with its ambitious Vision 2030 plan, aimed at diversifying the economy and fostering sustainable growth. This plan focuses on creating a vibrant society, thriving economy, and transparent government. Strategic Investments To achieve these goals, Saudi Arabia is heavily investing in various sectors. A notable example is the Neom Stadium, a 46,000-seat venue in...

Saudi Arabia's retail landscape is rapidly evolving, driven by a young, urban, and tech-savvy population. With high internet and smartphone penetration, the Kingdom has climbed to the third spot in the Global Retail Development Index. The retail sector, contributing around 23% to Saudi Arabia's non-oil GDP, is projected to grow to $159 billion this year, fueled by e-commerce expansion and...