Saudi Arabia: A Journey of Transformation and Stability in the Heart of the Middle East
The Kingdom of Saudi Arabia, the largest country in the Arabian Peninsula, is witnessing a historic phase of modernization and comprehensive development, driven by an ambitious vision aimed at diversifying the economy and enhancing its regional and global standing. This journey is being led under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and his Crown Prince Mohammed bin Salman, while preserving its religious and national constants.
National Economy and Vision Reforms
Diversifying Income Sources
Aiming to reduce reliance on crude oil, Saudi Arabia is accelerating the development of non-oil economic sectors such as tourism, entertainment, technology, manufacturing, and logistics. Data from the General Authority for Statistics indicate that the non-oil sector grew by 5.8% during the first quarter of 2024, surpassing the growth of the oil sector.
Mega Development Projects
Giga projects such as NEOM, The Line, the Red Sea Project, Qiddiya, and Roshn lead the developmental investment landscape. These projects, which attract massive local and foreign investments, represent a fundamental pillar in creating new job opportunities and developing advanced tourism and technological infrastructure.
Stimulating Foreign Investment
The Kingdom has witnessed a noticeable improvement in the investment environment, rising to second place among Arab countries in the World Bank’s Ease of Doing Business Index. Additionally, foreign direct investment flows exceeded USD 19 billion during the first half of 2023, according to data from the Ministry of Investment.
Vision 2030: The Engine of National Transformation
Comprehensive Strategic Goals
Launched in 2016, Vision 2030 sets ambitious goals to transform the Kingdom into a leading developmental model. The vision focuses on empowering citizens, building a thriving economy, creating a vibrant society, and raising the level of government services, while enhancing the role of the private sector as a
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