Vision 2030: A comprehensive and farsighted plan for Saudi Arabia’s development and Prosperity I
Dr.Syed Mehboob
Political and Economic Analyst
http//: www.thenewslark.com
email: [email protected]
Pakistan and Saudi Arabia are two brother countries and as a custodian of two holiest places of Islam Kaaba and Masjid e Nabvi Muslims all over the world in general and people of Pakistan in particular have high regards for Saudi Arabia and recently Pakistan and Saudi Arabia signed mutual Defense Agreement which has been given very much importance by analysts and Pakistan is proud to be defender of Harmain Sharfain. There is a need to conduct more research and transfer authentic, reliable and first hand information about Saudi Arabia to our new generation and I am deeply studying the development, progress and the role being played by Saudi Arabia for the unity and integrity of Ummah.
The sincere, dedicated, dynamic and far sighted leadership has made a comprehensive plan for the development, progress and prosperity of Saudi Arabia. Vision 2030 is a government initiative launched on 25 April, 2016 which reflected the vision of Crown Prince Mohammed bin Salman to diversify Saudi Arabia’s economy, society and culture. The project aims to improve fiscal management and reduce the economic dependency on oil.
Saudi Vision 2030 aims to increase urbanization and international tourism via large scale projects such as the such as the planned NEOM mega project. Oil accounts for 43% of Saudi Arabia’s real GDP. Oil accounts for an average of 75% of fiscal revenue.
The vision has three main pillars: to make the country the "heart of the Arab and Islamic worlds", to become a global investment powerhouse, and to transform the country's location into a hub connecting Afro Asia.
The plan is supervised by a group of people employed under the National Center for Performance Measurement, the Delivery Unit, and the Project Management Office of the Council of Economic and Development Affairs. The National Transformation Program was designed and launched in 2016 across 24 government bodies.
Saudi Vision 2030 lays out targets for diversification and improving competitiveness. It is built around three main themes which set out specific objectives that are to be achieved by 2030.
1.A vibrant society – urbanism, culture and entertainment, sports, Umrah, UNESCO heritage sites, life expectancy
2.A thriving economy – employment, women in the workforce , international competitiveness, Public Investment Fund, foreign direct investment, non-oil exports
3.An ambitious nation – non-oil revenues, government effectiveness, E-Government, household savings and income, non-profits, and volunteering.
The Public Investment Fund (PIF) organizes an annual investment forums, the Future investment initiative (FII) , in Riyadh.
On 7 June 2016, the Council of Ministers approved the National Transformation Program which set out the goals and targets to be achieved by 2020. It is the first of three 5-year phases. Each phase will contribute towards achieving a number of goals and targets that put the Kingdom on track to reach the ultimate goals of Vision 2030. In addition, to assist the Kingdom in financing the projects to be developed and facilitate the process of achieving goals and targets, Crown Prince Mohammad bin Saslman announced in January 2016 that an IPO of Saudi Aramco would take place. However, only 5% of the company will be made public.
In March 2019, Aramco released its financial statements, disclosing a net income of $111.1 billion in 2018.
The two massive tourism projects along the Red Sea planned by the Saudi government were to be run under the directorship of Richard Branson.
In May 2016, a General Authority for Entertainment was announced by royal decree, into which over $2 billion have been invested. In Riyadh, the first public live music concert in over 25 years was held in May 2017, which featured American country musician Toby Keith and Saudi singer Rabeh Sager. In April 2017, the government announced a 334 square kilometer (33,400 ha) sports, culture, and entertainment complex at Al-Qidiya, south-west of Riyadh. The project will include a Six Flags Qiddiya City theme park, which opened in 2025.
As a component of Vision 2030, there was a celebration of the 87th anniversary of the founding of the country with concerts and performances. Women were for the first time allowed into Riyadh's King Fahad International Stadium. On 5 March 2018, the General Sports Authority announced a ten year partnership with American professional wrestling promoter World Wrestling Entertainment (WWE) to hold annual pay per view events in Saudi Arabia.The first event, Greatest Royal Rumble , was held on 27 April 2018 at King Abdullah Sports City in Jeddah
.Chairman of the Council of Economic and Development Affairs Mohammed bin Salman has affirmed that the Kingdom’s Vision 2030 has brought about a qualitative leap in the nation’s development.
This transformation is evident in the comprehensive and tangible changes achieved across economic sectors, services, and infrastructure as well as logistics, and social life.
The Vision 2030 commenced its third and final phase in 2026, extending for five years until 2030. During this phase, the Vision maintains its focus on long-term objectives while adapting implementation methods to the requirements of each stage, thereby ensuring sustained progress and prosperity and positioning the Kingdom at the forefront of advanced nations.
The Crown Prince emphasized that the most important investment in the Vision since its inception has been, and will continue to be, the development of the nation’s citizens. This investment focuses on empowering them, enhancing their performance, raising their efficiency, and enabling them to compete effectively with their counterparts worldwide.
He directed all government agencies, each within its respective area of responsibility, to continue their efforts, identify opportunities, and capitalize on them to provide everything that benefits the nation, its citizens, and the national economy.
He also commended the comprehensive and sustainable national development achieved in recent years, which has placed the Saudi citizen at its center and aimed for global leadership in various fields.
The prime minister noted that the Kingdom’s Vision 2030 is entering its third and final phase, from 2026 to 2030, marking the peak of implementation for national programs and strategies.
This phase is characterized by the transformation tools reaching their highest levels of readiness, and how the Kingdom is progressing toward achieving its goals by consolidating the gains of national, economic, and social transformation and redoubling efforts to accelerate the pace of achievement.
The crown prince further emphasized that despite global fluctuations and economic and political turmoil that have cast a shadow on the regional and international levels over the past decade, the Kingdom’s Vision 2030 has maintained its progress and achieved significant milestones through its strategic planning and sound financial policies based on flexibility and pro-activity in anticipating future challenges and opportunities.
This came after CEDA reviewed updates to the Kingdom’s Vision 2030. Following its first two phases, the Vision has laid a solid foundation for growth in diverse economic sectors, achieving significant progress and accumulating substantial gains. To further enhance this success, the third phase, spanning from 2026 to 2030, will accelerate efforts.
This phase will continue to accelerate the pace of achievement, seize growth opportunities, maintain government capital spending, and strengthen the role of the Public Investment Fund and the National Development Fund in stimulating local investments. It will also expand the private sector’s role in supporting economic growth and diversification, increase local content, and continue monitoring and guiding ongoing initiatives.
It will also implement programs and plans related to infrastructure development, improving the quality of essential services provided to citizens, residents, and visitors, as well as investing in the capabilities of Saudi men and women to achieve comprehensive development and leadership in various fields. ( Continued)
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