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  • Navigating Saudi Arabia’s Vision 2030: Career Opportunities for Young Professionals

    For young professionals, Vision 2030 is like a treasure map leading to a future filled with opportunities. The digital economy is booming, and with it comes over a million new jobs by 2025 in cutting-edge fields like AI, cybersecurity, and digital marketing. Imagine being part of a tech start-up that could become the next global unicorn, or leading a project in renewable energy that helps Saudi Arabia become a world leader in sustainability.

  • Saudi Vision 2030 boosts industrial facilities by 60%, official figures reveal

    The number of industrial establishments in the Kingdom increased from 7,206 in 2016 to 11,549 in 2023, reflecting Saudi Arabia’s efforts to diversify its economy and position itself as a global manufacturing power, according to a statement by the National Industrial Development and Logistics Program on the X platform. The report revealed that Riyadh currently leads in the number of facilities, with 4,502 factories, followed by the Eastern Province with 2,618 and Makkah with 2,209.

  • Vision 2030 is moving along just fine

    Since the launch of Vision 2030 in 2016, the kingdom has made tangible progress towards its targets, despite the challenges posed by the Covid pandemic, volatile oil prices, a surge in inflation and higher interest rates. Steady growth in the non-oil sector is a major area of success, as it benefits from higher domestic investment and improved competitiveness. Stronger investment remains central to the shift in the economy. The approach comprises several investment initiatives under the National Investment Strategy, which aims to lift the contribution of investment to 30 percent of GDP in 2030.

  • Saudi Arabia’s Vision 2030 is ‘more than halfway’ done, investment minister says

    Saudi Arabia's Minister of Investment, Khalid Al Falih, has told an event in London that the kingdom's development plan is on its way to implementation and ahead of schedule. “We're more than halfway through the implementation of Vision 2030, and I'm glad to report that we're ahead of schedule on all aspects of the implementation,” he told the UK-Saudi Sustainable Infrastructure Summit. Vision 2030, Saudi Arabia's plan to transform the country from heavy reliance on oil and gas revenue to a technologically-advanced economy powered by renewable energy through a series of giga-projects involving trillion of dollars.

  • Saudi Arabia debt issuance ramps up to finance Vision 2030 projects

    GCC governments have issued about $45 billion in bonds and sukuk so far this year, putting the region’s sovereigns on track for the most debt issuance since 2020. The volume has increased significantly this year, with the first half of 2024 alone reaching well above the $33 billion issued in the whole of last year.

    Oil prices have averaged $83 per barrel so far this year, similar to the average for last year, and several countries that have issued bonds and sukuk this year are expected to run budget surpluses in 2024, including the UAE and Qatar.

  • Sungrow Signs the 760MWh Off-Grid Energy Storage Project to Propel Saudi Arabia’s 2030 Vision

    Sungrow, the global leading PV inverter and energy storage system provider, has forged a strategic partnership with Larsen & Toubro to supply 165MW PV inverters and 160MW/760MWh energy storage systems for AMAALA, a prestigious destination in Saudi Arabia. This collaboration aligns with Saudi Arabia’s Vision 2030 and China’s Belt and Road Initiative, marking a pivotal moment in sustainable energy development. This flagship project is developed and led by EDF Group, the leading French utility company specialized in low carbon electricity generation with over 91% of its own production free of CO2 emissions, and Abu Dhabi Future Energy Company (Masdar), for the client Red Sea Global.

  • Al-Jadaan: Saudi Arabia is approaching goals of Vision 2030 in job creation

    “Our non-oil revenues exceeded our expectations. We aim to increase the role of the private sector in the employment process,” he said while noting that the Kingdom’s gross domestic product (GDP) has increased by more than 15 percent since the launch of Vision 2030. Al-Jadaan said that the global economy faces serious challenges. He noted that spending at a time of global inflation results in increased costs of projects, saying that this further fuels inflation and overheats the economy. The minister said that Saudi Arabia is in a position to reshape the Gulf region’s overall economy.

  • What is Saudi Arabia Vision 2030? Its Pillars, Programs and Projects

    Saudi Arabia Vision 2030 is a monumental undertaking with its fair share of challenges. Implementing such a comprehensive transformation requires significant investment, social reforms, and overcoming bureaucratic hurdles. However, the potential rewards are immense. A successful Saudi Arabia Vision 2030 paves the way for a more prosperous, diversified, and globally connected Saudi Arabia.

  • Saudi Arabia ‘conservative’ on oil revenue as it pares back Vision 2030 plans

    Speaking at the Qatar Economic Forum in Doha on Tuesday, Jaadan warned that being a resource-rich country was a curse as well as a blessing because being dependent on one commodity such as oil can hold a country "hostage" to the volatility of global demand and prices. "We are not complacent; obviously we need to push through the momentum of reforming and transforming our economy, but we see the results," he added.  

  • Saudi Arabia’s Vision 2030 will need around $1 trillion in investments over several years: Report

    Debt buildup in the Saudi economy will remain in focus. However, S&P expects its growth to be gradual and concentrated with companies in the PIF portfolio. Moreover, the report expects real gross domestic product (GDP) growth of 2.2 percent in 2024 and 5 percent in 2025 for Saudi Arabia. It also notes that the non-oil economy will continue to grow, contributing a larger share of the economy due to government investments in Saudi Arabia’s Vision 2030 projects. Saudi Arabia still faces some risks including higher-for-longer interest rates and geopolitical risks, which could mean higher spreads for the weakest companies. In addition, banks will have to find alternative ways to fund their growth. This is why the report expects the increase in leverage to be gradual.