Many projects
under Saudi Vision 2030 to surpass set timeline
Saudi Arabia's
Vision 2030, launched in 2016 to diversify the economy and enhance global
standing, is making impressive strides, potentially surpassing its set
timeline, according to a study by PricewaterhouseCoopers (PwC). As the plan
reaches its halfway point, the Kingdom is on track to achieve many of its 14
economic objectives.
Crown Prince
Mohammed bin Salman's statements in a Fox News interview align with the
positive trajectory, highlighting Saudi Arabia's fastest-growing economy in the
G20 in 2022 and a thriving non-oil sector. The economy, currently 17th globally,
aims to re-enter the top seven, with new, ambitious targets set for Vision
2030.
Prince
Mohammed bin Salman: Architect of modern Saudi Arabia
The Saudi
Arabian economy garnered attention for its strengths, with Fitch affirming the
A+ credit rating for the Public Investment Fund and Moody's raising growth
forecasts. Despite a temporary contraction in the third quarter of 2023 due to
oil-related downturns, non-oil sectors displayed resilience, growing by 3.6
percent.
Foreign direct
investment (FDI) stood at 122 billion riyals in 2022, making Saudi Arabia the
tenth among G20 economies. The Saudi Ministry of Investment reported a balance
of 775 billion riyals in 2022, ranking 16th among G20 countries. Capital
spending surged by 25 percent in Q1 2023, reflecting Vision 2030 targets, and
the Public Investment Fund's assets surpassed 2.23 trillion riyals.
Riyadh's
Vision 2030 presents abundant business opportunities
A notable
development is the increased participation of women in the labor market,
reaching 37 percent by the end of 2022. The private sector has witnessed a 130
percent increase in the number of working Saudi women in the last four years,
contributing significantly to the economy.
In terms of
large-scale projects, a McKinsey report predicts a substantial rise in Saudi
spending on industrial and major projects, potentially tripling to over $175
billion annually from next year. Saudi Arabia leads in the Gulf Cooperation
Council region's project market, with approximately $850 billion in announced
projects, indicating robust economic growth.
IMF’s
Georgieva praises Saudi Vision 2030 reforms as highly successful
The overall
progress suggests that Saudi Arabia is well-positioned to outpace the initial
timeline set by Vision 2030, marking a remarkable journey toward economic
diversification and global prominence.
Source: https://english.alarabiya.net/
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