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On the 92nd anniversary of National Day of Saudi Arabia: Kingdom moves toward Non-oil Economy

On the 92nd anniversary of National Day of Saudi Arabia: Kingdom moves toward Non-oil Economy

Today the Saudi Kingdom celebrates its 92nd day. On the 23rd of September of each year, the Kingdom is on a date with a holiday that it began celebrating for the first time in 1932 when King Abdulaziz announced the unification of the country as a kingdom.

 

In 2005, the late Saudi King Abdullah bin Abdulaziz announced that starting from the 75th National Day, the occasion would be an annual national holiday, and later the Kingdom’s National Day would be declared an official holiday in 2007.

 

Celebrations & Events

 

Within the framework of the celebrations of the Saudi National Day, the Kingdom lives on this day with great joy and a cheerful atmosphere on the impact of military parades, fireworks, and various activities.

 

The celebrations are interspersed with colorful displays in the sky of the Royal Saudi Air Force, as planes fly over the country’s major cities and beaches and perform exciting stunts.

 

National Day shows are very popular in Saudi Arabia, such as light shows and cultural exhibitions, especially in the capital, Riyadh, which is decorated with fireworks, lasers, and light shows.

 

Entertainment Festivals

 

The regions of the Kingdom of Saudi Arabia will host, over four days, from September 21-24, 12 entertainment festivals as part of the 92nd National Day celebrations organized by the General Entertainment Authority under the slogan “It is our home”.

 

Entertainment festivals start from public parks and gardens in various regions of the Kingdom, including dozens of events, entertainment shows, interactive activities, heritage, and crafts.

 

Folklore groups present folkloric performances from Saudi folklore, expressing the cultural heritage of each region to enrich the visitors’ experience

 

Where Riyadh expresses itself by presenting the “Saudi Al-Ardah” and “Samri”, the eastern region “Khabiti”, and “Al-Bishana” in Medina and others

 

Logo of Saudi National Day 2022

 

The logo of the Saudi National Day 2022 was inspired by the map of the Kingdom of Saudi Arabia and painted in picturesque colors that reflect the wild nature and strength.

 

While the phrase “It is ours home” was used to express the Kingdom as a homeland for its people and all those who come to it, and for the sacred meanings it carries for the existence of the Sacred House of God and the influx of pilgrims and pilgrims to it from everywhere in the world.

 

Saudi Vision 2030 aims to reduce dependence on oil.

 

In its ambitious plan, the Kingdom of Saudi Arabia focused on several points:

 

Sovereign Fund:

 

The Kingdom is working to transform the Saudi Public Investment Fund into a sovereign fund with assets estimated at two trillion dollars to 2.5 trillion dollars, making it the largest “sovereign fund in the world.”

 

Freedom from oil:

 

Through it, Saudi Arabia can live without oil by 2030, and it can achieve this economic plan even if the price of oil is thirty dollars or less.

 

The plan aims to increase non-oil revenues sixfold from about $43.5 billion annually to $267 billion annually. It also aims to increase the share of non-oil exports from 16% of the current GDP to 50% of the output.

 

Saudi Arabia is seeking to improve its position to be among the top 15 economies in the world instead. Regarding energy sources, Saudi Arabia will establish a huge solar energy complex in the north of the country.

 

Saudi industries will also focus on strengths and avoid weaknesses such as scarce water resources, by directing investment in Egypt and Sudan.

 

IPO of Aramco on the stock exchange:

 

Indeed, Saudi Arabia has offered less than 5% of the giant national oil company Aramco for public subscription on the stock exchange. The proceeds from the offering have also been allocated to finance the Saudi sovereign fund,

 

Aramco is part of the main keys to the economic vision. Putting part of the company up for a subscription will produce several benefits, most notably transparency

 

 

Green Card:

 

The then Deputy Crown Prince of Saudi Arabia, Mohammed bin Salman, announced that Saudi Arabia will implement the green card system within five years to improve the investment climate and that the system will enable Arabs and Muslims to live long in Saudi Arabia.

 

The Kingdom will open tourism to all nationalities in line with the country’s values ​​and beliefs. The planned comprehensive reforms, including the green card system, will be implemented even if oil prices rise above seventy dollars a barrel again.

 

Thirty million pilgrims:

 

Saudi Arabia plans to increase the number of pilgrims annually from eight million to thirty million by 2030. Infrastructure development works such as the new Jeddah airport and Taif airport will support the plan, in addition to developing the infrastructure in Mecca and investing lands surrounding the Great Mosque of Mecca.

 

The Saudi Crown Prince announced that Saudi Arabia will establish the largest Islamic museum in the world and will be located in Riyadh, to provide an opportunity for non-Muslims to visit it.

 

Employment and the private sector:

 

The plan aims to increase women’s participation in the labor market from 22% to 30%, and reduce the unemployment rate among Saudis from 11.6% to 7%. The Kingdom seeks to increase the private sector’s contribution to the GDP from 40% currently to 65%.

 

Military Industry:

 

Saudi Arabia is in the process of establishing a holding company for military industries wholly owned by the government, to be launched later in the Saudi market, and is expected to be launched in late 2017.

 

Housing and projects:

 

The Saudi government will work to restructure the housing sector to contribute to raising Saudi ownership rates.

 

Spending on infrastructure projects will continue, but the 2030 Economic Vision will not require high government spending.

 

 

Anti-Corruption:

The Saudi government established the Anti-Corruption Committee headed by Saudi Crown Prince Mohammed bin Salman Al Saud.

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