Saudi Arabia's Transformative Journey: Achieving Global Economic Competitiveness through Vision 2030
Saudi Arabia's Vision 2030, a transformative plan initiated by Crown Prince Mohammed bin Salman in 2016, has led the Kingdom to surpass economic competitiveness rankings of China, Germany, and the UK.
This ambitious blueprint, which includes long-term goals and expectations, is based on strong pillars and has already achieved several milestones.
The vision expresses Saudi Arabia's strengths and capabilities and is a key driver of the country's ongoing reshaping of its future.
The Kingdom of Saudi Arabia ranks third among G20 nations and 17th globally in competitiveness, according to a report by the International Institute for Management Development.
The country's achievements include a sixth place ranking in economic performance, 11th in government efficiency, and 13th in business efficiency.
Saudi Arabia is also third among G20 countries and fifth globally in the financial market index, and holds the second spot in the cybersecurity indicator.
The Public Investment Fund (PIF) is a significant contributor to the Kingdom's economic performance and competitiveness.
The Public Investment Fund (PIF) is a key driver of economic diversification in Saudi Arabia, with a leading investment portfolio focused on diversifying the economy, developing infrastructure, stimulating innovation, and strengthening global economic ties.
The fund is expanding its reach to include promising sectors such as tourism, entertainment, financial technology, gaming, and sports.
The PIF's investment capabilities have grown rapidly, making it a global leader in capitalizing on economic opportunities at both the national and international levels.
A notable project is the development of the advanced and clean industries hub, The Oxagon, in the northwest province of Tabuk, located in NEOM on the Red Sea.
The text discusses two key areas of development in Saudi Arabia: transportation infrastructure and the financial market.
In the transportation sector, efforts have been made to improve roads and implement advanced systems to reduce road accidents, injuries, and fatalities, contributing to the goals of the National Transport Strategy under Vision 2030.
The report shows a decrease in the road fatality rate from 28.8 to 13.3 per 100,000 people between 2016 and 2022, as well as a drop in injury rate to 71.67 injuries per 100,000 individuals in 2022.
In the financial market, Saudi Arabia has seen significant growth and activity since the announcement of Vision 2030, showcasing the strength and robustness of the Kingdom's financial sector.
The Kingdom's financial market ranked fifth globally and third among G20 countries in the 2023 International Competitiveness Yearbook.
The financial technology sector showed rapid growth with 216 entities, surpassing the target of 150.
The number of listings in the financial market reached 43, exceeding the target of 24, indicating increased interest from companies to go public.
This growth is a positive sign of investor confidence, with a total of 310 listed companies, creating a diverse and extensive market.
Notably, 76.7 percent of micro and small enterprises were listed, surpassing the target of 44 percent.
Saudi Arabia's transformation in 2023 was a collaborative effort between the government, citizens, private sector, and international partners.
Their achievements made the country a better place to live, work, and visit.
In 2024, they continue writing the next chapter, offering unparalleled opportunities for the Kingdom and anyone looking to be involved.