From vision to reality: Redefining Saudi’s business landscape

With the Kingdom of Saudi Arabia navigating its journey towards realising its Vision 2030 ambitions, the Kingdom is progressing and modernising at a rapid pace, building on its ecosystem, supporting our community and laying the foundation for a sustainable thriving economy.?

This year's National Day reminded us of the 93 year journey that transpired and transformed our Kingdom into the booming country that it is today. Since Saudi Arabia's inception in 1727, its strength, honour, and unity have surged. At PwC we channel these values, fueling Saudi aspirations and envisioning a luminous future beyond Vision 2030.

We are driven by innovation, paving the way for groundbreaking solutions that cater to emerging market trends and the Kingdom's giga projects.? Each year unveils an evolving business landscape unlocking opportunities for our youth, investors, and developing ventures. We have witnessed strong areas of performance amongst many different industries across the Kingdom including; home ownership, female labour force participation for Saudi females, non-oil fiscal revenue, and more. Home ownership has received tremendous success across the Kingdom. Initially standing at 47% in the baseline and has now reached 67% by 2022. Unemployment rate is 8% approaching its 2030 target of 7% with female participation at 36%. These results have been made achievable due to our country's resilience for change, the range of initiatives to boost the supply of affordable homes, such as a tax on undeveloped urban land, and improved access to financing options, such as through the Saudi Real Estate Refinance Company. This demonstrates the strength of our growing Kingdom and its ambition to reach its dream.

With over 60 government entities spearheading 600+ legislative and procedural reforms, the Kingdom's business environment is being transformed and elevated. Such advancements, combined with our steadfast dedication, set the stage for a new era of reforms, propelling the Kingdom's stature on the global economic front. In addition to this, the Public Investment Fund (PIF) has? been a key player in the journey to transforming the Kingdom and welcoming new and innovative giga-projects each year. Through the ongoing initiatives by PIF, the Kingdom has set an incredible target to increase its assets more than 10-fold from the baseline. This has been one of the major missions to achieve by 2030 and has already seen an increase of nearly 5-fold to SAR2.9trn at the end of 2022. We are optimistic that these numbers will continue to grow and demonstrate the future leading vision that is changing the business world.

In today's dynamic Kingdom, we witness an insatiable appetite for opportunity among our burgeoning community of young entrepreneurs. Saudi Arabia remains an incubator for those keen on ushering innovative solutions across sectors. Now, more than ever, is the time for our vibrant youth to take the helm, shaping not only our present business realm but also paving the way for generations that follow.

Our actions align seamlessly with the Kingdom's forward-thinking approach, promoting a unified economic environment that attracts global investments while empowering local talent in line with Vision 2030. At PwC we not only thrive on creating innovative solutions but then nurture and realise these ideas transforming them into tangible business solutions for the Kingdom. We synergize premier talent with cutting-edge technology, ensuring our clients' aspirations turn to achievements.

Vision 2030 serves as a significant testament to our entrepreneurs, fueling growth in the private sector and shaping the pathway for Saudi's promising future. As the Kingdom emerges as a global hub for opportunity and innovation, its impact on the international business landscape deepens.