Saudi Press

Saudi Arabia and the world
Wednesday, Dec 06, 2023

Tourism and venture capital play key roles in Vision 2030 strategy, says Saudi minister  

Tourism and venture capital play key roles in Vision 2030 strategy, says Saudi minister  

Saudi Arabia will not “shy away” from boosting its tourism sector as it seeks to become a global hub for travelers, one of the Kingdom’s ministers has pledged.
Speaking at the Milken Institute Global Conference in Beverly Hills, California, Minister of Economy and Planning Faisal Al-Ibrahim talked up Saudi Arabia’s economic diversification ambitions, also identifying the venture capital sector as ripe for development.

The move is part of the Saudi Vision 2030 strategic plan launched in 2016 to reduce the Kingdom’s reliance on oil exports and diversify its economy by developing and expanding into new industries and sectors.

Tourism is a key part of that, with Saudi Arabia aiming to get 100 million visitors by 2030.

“We won’t shy away from investing in tourism and tourism-related sectors. These are sectors that did not exist in the past, and we’re trying to catch up,” said Al-Ibrahim, according to Bloomberg.

He also said that Saudi Arabia has a “very large and rapidly growing venture capital ecosystem,” noting that they still have a “long way” to go, but it is something the Kingdom prioritizes.

Saudi Arabia’s attempt to diversify its economy beyond oil coincides with new initiatives to attract foreign investment and workers.

It is part of Saudi Crown Prince Mohammed bin Salman’s ambition to open the country to global markets.

During the 6th edition of the Future Investment Initiative forum held in Riyadh in October 2022, the minister noted that Saudi Arabia would have an industrial base compatible with all the requirements of the fourth industrial revolution as the Kingdom increases its efforts to move away from oil as a dominant source of income.

Referred to as Industry 4.0, the revolution is a new phase of global industrialization in which robotics, cloud computing, and sensors are employed to boost manufacturing facility productivity.

“Our long-term economic challenge is to diversify our source of growth and Vision 2030, and everything you see here is for us to diversify our economy and to give it a stronger, more resilient structure,” he told Arab News on the sideline of the FII.

According to the International Monetary Fund, Saudi Arabia will remain the fastest-growing economy in the G20, despite the turmoil caused by rising inflation and soaring interest rates.

Related Articles

Saudi Press
Henry Kissinger, the influential American diplomat, Nobel Peace Prize laureate, and former Secretary of State, passed away at 100 at his Connecticut home.
Here is a video showing the moment of the release of the captives by the terrorist organization Hamas and their transfer to the Red Cross on their way back to the State of Israel.
Here is a video showing the moment of the release of the captives by the terrorist organization Hamas and their transfer to the Red Cross on their way back to the State of Israel.
Bill Gates Envisions a Possible 3-Day Work Week with AI
Abu Dhabi-Backed Fund Poised to Assume Control of UK's Telegraph Media Group
Biden Advocates for Palestinian Authority to Govern Gaza and West Bank
Apple and Disney Halt Ads on X Following Elon Musk's Antisemitic Post, US Reacts
The UK’s Supreme Court, in a move that surprised no one who respects international law and human rights, has just delivered a landmark ruling against Prime Minister Rishi Sunak’s immigration strategy.
Top German journalist received €600,000 from Putin ally, leak reveals
A Dramatic Video from Gaza, Provided by IDF Spokesperson Daniel Hagari, Offers Undeniable Evidence of Hamas Establishing Terror Operation Bases Near Schools, Above Hospitals, and Inside Civilian Areas.
Moody's Downgrades U.S. Credit Outlook to Negative Amid Fiscal Concerns
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Swedish Embassy in Baghdad Engulfed in Flames Amidst a Firestorm of Protests
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Today, we're unveiling the splendor of one of Saudi Arabia's most exclusive and stunning retreats – the Jeddah Yacht Club
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali