Saudi Vision 2030 & GIGA Projects
Launched in April 2016, Vision 2030 aims at fundamentally reforming the Saudi economy and society. Described as a bold blueprint intended to build the best future for Saudi Arabia, Vision 2030 is built around three primary themes:
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.
Saudi Vision 2030 aim is to reduce Saudi Arabia's dependence on oil and diversify its economy. The kingdom is looking at developing public service sectors such as health, education, infrastructure, recreation, and tourism. (Read Article ' From Oil to Tourism')
But The Kingdom’s ambitions run higher than just introducing tourist activity into its revenue streams: Saudi Arabia is looking to graduate to the fifth-most visited destination in the world by 2030, and that tourism contribute to 10% of its GDP, up from a share of only 3%.
SAUDI GIGA PROJECTS
To stand out against the stiff competition, Saudi Arabia’s Crown Prince, Mohammed bin Salman announced a series of ‘Giga Projects’. Funded in large part by the kingdom’s own Public Investment Fund (PIF) — the tenth largest sovereign wealth fund in the world (Read Article 'Saudi Arabia’s multi-billion-dollar investments')
SAUDI ARABIA'S 'NEW FUTURE' QIDDIYA
- A hub for entertainment and sports, complete with a Formula One racetrack and a Six Flags theme park
- More than half the size of Singapore
RED SEA PROJECT, CORAL BLOOM
- An intended luxury nature reserve stretching across 22 of an undeveloped 92-island archipelago
- Home to the world’s fourth-largest barrier reef system
- Read Article 'Saudi Crown Prince launches new “Coral Bloom” development' to know more about the project
NEOM, THE LINE
- A revolutionary 170-kilometre, AI-enabled, clean energy-powered belt of hyper-connected communities
- Plans for the city include no cars or streets and ‘zero carbon emissions’
- Read Article 'NEOM The Line: Winner of KSA Awards – Sustainability' to know more about the project
In order to realize the Kingdom of Saudi Arabia’s Vision 2030, the Council of Economic and Development Affairs (CEDA) launched, on April 24, 2017, twelve programs covering the period from 2018 through 2020. Among these programs is the PIF Program, which draws its objectives from the Vision’s goal towards a thriving economy
The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia and developped a new and ambitious strategy to realise the Vision 2030
PIF structures its investments around six pools. One being 'Saudi Giga-Projects': The aim is to create large-scale and complex ecosystems that will significantly transform the Saudi economy. These GIGA-projects are multifaceted, globally unique in scope and ambition, and designed to stimulate overall growth and add significant value to the economy.