Saudi Arabia's Transformative Growth: Vision 2030 and Infrastructure Development

As Saudi Arabia advances towards its Vision 2030 initiative, the Kingdom is positioning itself as a global hub for investment, innovation, and economic diversification. With the second-fastest projected economic growth in the world, Saudi Arabia is leading the charge in the Middle East and beyond.

Key Highlights of Saudi Arabia's Economic Growth and Infrastructure Development:

??Economic Growth and Diversification:

• Saudi Arabia's non-oil GDP reached SAR 1.7 trillion ($453 billion) and now makes up 50% of the total GDP. The goal is to increase this to 65% by 2030.
• Private sector investment has surged, with a 13.2% growth in the first half of 2023.
• Service exports soared by 130% year-on-year, largely due to the booming travel and tourism sectors.
• International visitors reached 27.4 million in 2023, making Saudi Arabia the 13th most visited country globally. The aim is to increase this to 150 million visitors by 2030.

??Major Infrastructure Projects:

• NEOM: A $500 billion mega-city covering 26,500 square kilometers, aiming to be a hub for technological innovation and sustainability.
• The Red Sea Project: Focused on eco-friendly luxury tourism along the Red Sea coast, set to be a global leader in sustainable tourism.
• Riyadh Metro: One of the largest urban transport projects worldwide, enhancing public transportation and mobility in the capital city.
• King Salman International Airport: A new airport in Riyadh designed to boost passenger capacity and regional connectivity.
• Diriyah Gate: A $63 billion redevelopment transforming a historic site into a cultural and entertainment destination.
• Jeddah Central: A world-class waterfront development project that will include residential, hotel, and recreational facilities.
• King Salman Park: A 16 square kilometer public park aimed at enhancing green spaces and improving the quality of life in Riyadh.
• Makkah Public Transport Programme: Designed to ease congestion in Makkah, improving public transport for both pilgrims and residents.
• Al Widyan: A new city north of Riyadh focused on modern urban planning and economic growth.
• Jeddah Economic City: A mixed-use development featuring residential, commercial, and hospitality spaces along the Red Sea coast.

??Infrastructure Investments:

• The Kingdom is investing $1.3 trillion in real estate, infrastructure, and transportation sectors.
• $164 billion worth of real estate contracts have been awarded, with NEOM alone accounting for $28.7 billion.
• The logistics sector is expected to grow from $20.47 billion to $32.12 billion by 2026 as Saudi Arabia aims to become a key strategic logistics hub.

??Giga Projects and Employment Opportunities:

Saudi Arabia's construction sector is forecasted to grow by 4.5% annually between 2023 and 2026 due to ongoing giga projects. These projects will create significant job opportunities and enhance industrialization and connectivity across the country.??

??International Collaborations:

Saudi Arabia signed 47 MoUs with India last year, and the trend continues with new agreements signed during high-profile international visits, including from South Korean President Yoon Suk Yeol.

Conclusion:

As Saudi Arabia embarks on its transformative Vision 2030 journey, it continues to attract global investment, create significant employment opportunities, and develop world-class infrastructure. This strategic push ensures the Kingdom’s standing as an economic powerhouse. To witness these developments firsthand and explore the Kingdom's growth opportunities, join us at CTW Saudi from 18-21 November 2024. Don’t miss out on the chance to engage with key players and explore investment possibilities in this rapidly evolving market.

www.ctwsaudi.com

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