According to a US State Department report, Crown Prince Mohammed bin Salman’s Vision 2030 provides a blueprint for growing new economic sectors like tourism and entertainment, as well as a dramatic transition to a digital economy centered on information, employment, and investment.
According to the report, the reforms aim to diversify the Saudi economy away from oil and provide more job opportunities in the youth sector, with more steps to be taken in 2020 to help achieve these goals, including improving the investment climate, attracting foreign investment, and encouraging participation of the largest domestic and international companies.
Saudi Arabia has been working on some initiatives to speed development and facilitate investment, according to the statement, including the promotion of two authorities to full ministries: the General Investment Authority, which became the Ministry of Investment, and the Saudi Commission for Tourism and National Heritage, which became the Ministry of Tourism.
At the end of March, the government also launched a new partner program, intending to generate $3.2 trillion in domestic investment through the Public Investment Fund and the private sector.
According to the report, Saudi Arabia prioritizes infrastructure in its Vision Program, particularly because it aspires to become the region’s most important logistical center, connecting Asia, Europe, and Africa by forming new trade partnerships and facilitating the flow of goods, people, and capital, and continues to build and expand economic cities, as well as proposals for special economic zones and the “NEOM” city development project.
The report reviewed the plans and projects launched by Saudi Arabia, including an $800 billion project to double the size of Riyadh in the next decade and turn it into an economic, social, and cultural center for the region.
Riyadh’s rating increased in numerous worldwide indices between 2019 and 2021, owing to improvements in the investment and business climate.
It improved 30 positions in the Global Competitiveness Study, according to the report, to become the most advanced and reformed country among 190 countries worldwide.