Vision 2030

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...

Saudi Arabia's Vision 2030: Environmental Sustainability and Economic Diversification Through Mining Countries are moving away from oil dependency due to its uncertain future and environmental risks. In response, oil-producing nations like Saudi Arabia are diversifying their economies to mitigate potential revenue losses and associated risks. Saudi Arabia's Vision 2030 aims to diversify its economy, with mining as a crucial component....

The world’s first fully robotic heart transplant has been successfully completed at King Faisal Specialist Hospital and Research Centre (KFSHRC) in Saudi Arabia. The groundbreaking procedure was performed on a 16-year-old patient with end-stage heart failure and took two and a half hours to complete. Led by Dr. Feras Khaliel, head of Cardiac Surgery and director of the Robotics and...

Saudi Arabia's Role in the Global Clean Energy Transition through Blue Ammonia As the global shift to cleaner energy accelerates, Saudi Arabia is positioning itself as a leader in blue ammonia production, a key player in reducing carbon emissions and combating climate change. Traditionally a global leader in oil and gas, Saudi Arabia is leveraging its technological and economic strengths...

Saudi Arabia’s Vision 2030 is driving a massive transformation with $1.3 trillion earmarked for real estate, infrastructure, and transportation. To date, $164 billion in real estate contracts have been awarded, with Neom receiving the largest share at $28.7 billion. By 2030, the Kingdom expects to add over 1 million new homes, with about 4 percent already completed. Notably, 32.5 percent...

Saudi Arabia has been actively working to reduce its reliance on oil revenues. To achieve this, Crown Prince Mohammed bin Salman introduced the Vision 2030 initiative in April 2016. According to the Vision 2030 annual report, 87% of the 1,064 initiatives are either completed or underway. One of the most ambitious projects under Vision 2030 is NEOM, featuring The Line,...

Saudi Arabia's non-oil GDP is set to grow by up to 6% by the end of the decade, driven by Vision 2030 initiatives, according to S&P Global. This growth comes from a stronger focus on consumer spending in tourism and construction, solidifying the non-oil economy's role in the Kingdom’s diversification strategy. By 2030, the oil sector’s GDP share is expected...

Saudi Arabia continues to invest heavily in Neom, its ambitious desert megacity. The country's Vision 2030 projects have now surpassed $1.3 trillion in value, according to Bloomberg. Since launching Vision 2030, Saudi Arabia has funneled $1.3 trillion into real estate and infrastructure, with a 4% increase in project volume over the past year, as reported by Knight Frank. A significant...

The Saudi Water Partnership Company (SWPC) plays a crucial role in Saudi Arabia’s water sector, striving to meet growing water demands through sustainable and innovative solutions. Their efforts align with the national Vision 2030 goals, focusing on water security and sustainability. SWPC aims to expand water infrastructure, attract private investment through Public-Private Partnerships (PPP), and integrate renewable energy into desalination...

Saudi Arabia is embarking on a $3.3 billion sports complex project through a partnership between Alpha Jossor Investments and the UK-based Blockchain Sports Ecosystem. This collaboration aims to establish a major athletic hub in the Middle East and North Africa, leveraging advanced technology and attracting significant investment in sports and entertainment. The complex will feature a high-tech football academy and...

Saudi Arabia is aiming to enhance its collaboration with Asia in research, development, and innovation, particularly looking to China for advancements in technology and the automotive industry. This initiative is part of the Vision 2030 economic diversification plan, which includes mining as a key sector. Saudi Arabia's mineral wealth is valued at $2.5 trillion, and the country sees potential in...

Saudi Arabia's Rising Influence in Global Financial Markets Saudi Arabia is positioning itself as a key player in global fixed income and debt markets, driven by its ambitious Vision 2030 initiative. This transformation is fueled by extensive construction projects and infrastructure development, necessitating diversified financial strategies and effective risk management. At the Debt Markets and Derivatives Forum 2024 in Riyadh,...

Saudi Arabia's non-oil sector grew by 4.9% year-on-year in Q2 2024, driven by significant gains in the financial and insurance sectors, as reported by the General Authority for Statistics (GASTAT). The financial, insurance, and business services sectors saw a notable increase of 7.1% compared to the same period last year. This growth is part of the Kingdom's broader efforts to...

PayerMax, a prominent global payment solutions provider, has been awarded the Payment Technical Service Provider (PTSP) certification by Saudi Payments, under the auspices of the Saudi Central Bank (SAMA). This certification authorizes PayerMax to extend its payment gateway services to merchants across Saudi Arabia. This achievement permits PayerMax to fully integrate into Saudi Arabia’s financial system. Recently, the company became...

Saudi Arabia's Minister of Investment, Khalid al-Falih, addressed skepticism about the country's economic diversification plan at the Ambrosetti Forum in Italy. He emphasized Riyadh's commitment to Vision 2030, which aims to reduce dependence on oil and attract over $3 trillion in domestic financial flows and $100 billion in foreign investment annually by 2030. Al-Falih noted that despite initial doubts, Saudi...

Tokyo-based Medident has partnered with Riyadh's Web Arabia to enhance Saudi Arabia’s healthcare sector by integrating Japanese standards. This collaboration, formalized through a Memorandum of Understanding (MoU), aims to leverage advanced medical technologies and improve healthcare management in Saudi hospitals, with a focus on digital training for healthcare professionals. The MoU, led by CEO Dr. TOMITA Daisuke, also prioritizes preventive...