Vision 2030

Saudi Arabia's Economic Diversification Surpasses Expectations at World Economic Forum Saudi Arabia's finance minister, Mohammed Al-Jadaan, addressed the World Economic Forum, highlighting the Kingdom's economic resilience despite the IMF's recent GDP growth downgrade. Al-Jadaan emphasized the importance of focusing on non-oil GDP growth as part of the Vision 2030 initiative. The IMF adjusted its 2025 GDP growth forecast for Saudi...

Saudi Arabia's Public Investment Fund (PIF) is actively pursuing strategies to finance its Vision 2030 initiative. This includes issuing US dollar-denominated bonds, acquiring a substantial share in Saudi Reinsurance Company, and divesting from Thiqah Business Services Company.

Saudi Arabia is emerging as a leader in the global gaming and esports arena, driven by strategic investments and a focus on integrating gaming into society. This sector is a key part of the Kingdom's Vision 2030, with projections estimating a $13.3 billion market by 2030. The National Gaming and Esports Strategy (NGES) introduced in 2022 aims to generate 39,000...

Saudi Economy Minister Discusses Global Growth and Vision 2030 At the World Economic Forum in Davos, Saudi Arabia's Minister of Economy and Planning, Faisal Alibrahim, addressed the Kingdom's approach to evolving US economic policies and their potential impact on global trade. In response to questions about US President Donald Trump's focus on maximizing oil and gas production, Alibrahim emphasized Saudi...

Saudi Arabia's Economic Strength and Vision 2030 Faisal Al-Ibrahim, the Minister of Economy and Planning, emphasized Saudi Arabia's success in leveraging its human and natural resources. He credited Vision 2030 for transforming the Kingdom into a global investment powerhouse. Vision 2030 has laid a robust foundation for growth, invigorating both new and traditional sectors. This initiative attracts capital focused on...

Saudi Arabia is poised to boost its GDP by SAR 50 billion over the next decade by expanding its esports industry. A report by PwC and the Saudi Esports Federation highlights the nation's potential to become a global esports hub. Esports has surged in popularity and revenue, especially during the pandemic. PwC forecasts the global market will grow from $2.06...

Saudi Arabia's General Authority of Civil Aviation plans to unveil over $100 billion in investment opportunities at the World Economic Forum in Davos. This initiative is part of the Kingdom's strategy to become a global aviation hub. The Saudi House Pavilion will highlight key projects in aviation, including airports, airlines, and logistics. The plan includes $50 billion for airport expansion...

Saudi Arabia is actively engaging in the World Economic Forum to promote global efforts in enhancing the digital economy, innovation, and artificial intelligence. This was highlighted by a senior official emphasizing the Kingdom's strategic role as the world shifts from digitalization to AI. Communications and Information Technology Minister Abdullah Al-Swaha stated that Saudi Arabia's involvement aligns with its National Strategy...

SEALSQ Corp, a prominent entity in semiconductors and post-quantum technology, is expanding into Saudi Arabia. In partnership with WISeKey International Holding and the Juffali Group, SEALSQ aims to bolster the Kingdom's Vision 2030 by enhancing digital transformation and cybersecurity. The collaboration, which includes the WISeKey Arabia joint venture established in 2019, will introduce advanced technologies to support Saudi Arabia's ambitious...

Starting January 14, Indian workers applying for a Saudi Arabian work visa must complete a pre-verification of their professional and academic qualifications. This change affects a significant group, as Indians represent the second-largest expatriate community in Saudi Arabia, numbering over 2.4 million. Across the Gulf region, more than two million Indians are employed in countries like Saudi Arabia, the UAE,...

Newlab, a company from New York City specializing in launching and funding startups in industrial sectors, is expanding to Riyadh, Saudi Arabia. The new hub will initially target the mining industry, with plans to later focus on energy, logistics, and advanced manufacturing. Newlab's larger hubs typically require substantial funding commitments from governments and large corporations. The Riyadh hub underscores Saudi...

Saudi Arabia's General Entertainment Authority has announced 29 new investment opportunities targeting six sectors within the entertainment industry. This initiative, in partnership with the Ministry of Investment, aims to expand the Kingdom's entertainment offerings and encourage private sector involvement, aligning with the goals of Vision 2030. The sectors targeted include facilities, destinations, water parks, adventure parks, virtual reality parks, and...

The Saudi-Japanese Joint Business Council recently convened in Riyadh, with notable attendees including Saudi Minister of Investment Khalid Al-Falih and Japan’s Minister of Economy, Trade and Industry Muto Yoji. The meeting attracted over 80 representatives from various companies and institutions from both nations. The Japanese delegation featured members from industrial, commercial, and financial sectors, focusing on modern technologies and the...

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 Aramco, the world's largest oil producer, is not only a leader in profitability but also a key player in transforming Saudi Arabia's economy. The company is moving beyond its traditional oil role, focusing on economic diversification, tech innovation, and sustainability. This aligns with Crown Prince Mohammed bin Salman's vision of reducing oil dependency. Vision 2030 and Economic Diversification Central...

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...

Princess Haifa Encourages Saudi Youth at Misk Forum Saudi Arabia is fostering an environment for youth empowerment through its Vision 2030 program, as highlighted by Princess Haifa bint Mohammed Al-Saud at the Misk Global Forum in Riyadh. She urged young Saudis to embrace technology and rely on credible information sources, emphasizing the importance of patience and perseverance in achieving success....

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...