What led to the Saudi Vision 2030?

Many businesses are looking toward the potential of Saudi Arabia. It’s continuous economic growth and grand potential make for exciting prospects for businesses of all shapes and sizes.

However, whilst companies are jumping on board, many are doing so without understanding the nature of the Saudi Vision 2030 initiative.

In order to develop and diversify the economy and reduce dependence on oil, Saudi Arabia launched Vision 2030. Built on several economic and financial reforms, the vision aims to transform the infrastructure of the Saudi economy into a more diversified and sustainable economy, that utilizes the geographical positioning and beautiful natural landscape of the Emirate.

The transformation consists of a number of projects, initiatives and structural reforms, enhancing local content, national industry and launching new promising economic sectors. Some of which are aimed at maximizing the role of the private sector and SME’s. The goal for many of these projects is to be completed by 2030, thus the name of the initiative.

By 2030, the following sectors will be completely revitalized:

• Renewable Energy
• Tourism
• Entertainment
• Mining
• Logistics and Investments

At this stage of the initiative, many businesses are beginning their investment in these new economic sectors – a large push has begun for cybersecurity, alongside access control, unified security and other parts of the security sector – with new businesses being founded weekly in the country.

The Public Investment Fund (PIF) is funding these developments, increasing the scale of injected money annually until 2025, funding businesses and start-ups alike as to create these sustainable sectors.

The philosophical goal of the initiative, is to make Saudi Arabia stand out in the world as the most promising and influential tourist destination – a modern paradise.