MUST-READS

• Doing business in Saudi Arabia: new opportunities surge under Saudi Vision 2030

  For reference to KSA laws and regulations, the National Center for Archives and Records (NCAR) regularly publishes these in both Arabic and English. NCAR is tasked with the management, preservation, and organisation of KSA’s historic documents and records. The business environment in KSA is rapidly evolving, becoming more dynamic and inclusive, particularly with efforts to promote gender equality. Businesses aiming to operate in the Kingdom must adhere to and respect its Islamic culture and customs.

• A Blueprint For The Future: Global Lessons In Sustainability From Saudi Arabia’s Vision 2030

  My team and I had our eyes on Saudi Arabia with a clear purpose: to meet the people and organizations leading the charge in conservation and sustainability. Our goal was to experience the Kingdom’s top-down approach, where leadership drives businesses and communities alike toward ambitious environmental objectives. From urban planning to marine conservation initiatives, we sought to explore how the country is positioning itself as a global model for integrating advanced science and sustainability into every layer of its rapid development.

• Saudi Arabia champions youth as it drives talent development to fuel Vision 2030

  Figures from the General Authority for Statistics released in 2023 show that 63 percent of the Kingdom’s population is under 30 years old, and the government and private sector are working hand-in-hand to shape the coming era. “Digital literacy is essential, as technological advancements require the younger generation to not only be proficient in the latest advancements but also drive innovation in areas like AI and data analytics,” Riyadh Al-Najjar, PwC Middle East chairman and Saudi Arabia country senior partner, told Arab News.  He added: “An entrepreneurial mindset is equally important, as the success of Vision 2030 relies on growing the private sector. Young people need to be able to spot opportunities, think critically, and solve problems that add value to the economy.”

• Saudi Arabia boosts desalinated water supply to 50% in Vision 2030 push

  Saudi Arabia’s water sector witnessed significant shifts in 2023, with a 31 percent increase in desalinated seawater production, now comprising 50 percent of the country’s distributed water supply, up from 44 percent in 2022, official data showed, Azernews reports, citing Arab News. According to the General Authority for Statistics’ latest Water Accounts report, non-renewable groundwater consumption by the agricultural sector dropped by 7 percent to 9,356 million cubic meters, compared to 10,044 million m³ in 2022.

• Saudi-US partnerships set to power Vision 2030 Goals

  On the heels of the first Saudi-US Higher Education Partnerships Forum, co-organised by the Saudi Arabian Ministry of Education, the US Embassy, and IIE, and held in Riyadh,The PIE sat down with Michael Ratney, US ambassador to Saudi Arabia to explore the evolving landscape of educational collaboration between the two nations. “There’s a decades long educational affinity between Saudi and the US,” said Ratney. “Saudi Arabia has been sending students to the US for decades… We think there’s probably over 700,000 Saudis that have studied in the US over the years.” Historically, much of this outbound mobility has been, and continues to be, driven by the Saudi’s government scholarship program – the King Abdullah Scholarship program. In recent years, Vision 2030 – Saudi’s national economic and social transformation program – has meant the sending of students has been more focused.

• Saudi Arabia leverages project management to achieve Vision 2030 milestones

  Saudi Arabia’s success under Vision 2030 is evident across several key sectors. With 87 percent of initiatives either completed or on track, the Kingdom has made significant strides in improving its business environment, generating employment, and advancing major projects like NEOM and the Red Sea Project. Badr Al-Dulami, deputy minister of transport and logistics services for roads affairs, described project management as the “pulse of transformation,” underscoring its role in fostering competitiveness and innovation.

• Aramco’s Diversification Strategy: Fueling Saudi Arabia’s Vision 2030

  Saudi Aramco is not only the largest oil producer globally but also the most profitable business, surpassing tech giants like Apple and Microsoft. Aramco is evolving far beyond its traditional role, now positioning itself at the forefront of economic diversification, technological innovation, and sustainability, aligning with the broader vision set forth by Crown Prince Mohammed bin Salman to transform the Saudi economy and reduce its dependence on oil. This shift has turned Aramco into a key player in reshaping the kingdom’s energy landscape and broader strategic interests. In a strategic move in March, Saudi Arabia transferred 8% of Aramco’s shares to the PIF – valued at around $163.6 billion, reflecting Aramco’s market worth – aiming to bolster the fund as the kingdom prepares for a possible IPO of the company. This transaction could provide additional financing for Vision 2030. The transaction raised the combined stake of the PIF and its affiliates in Saudi Aramco to 16%, equating to $327 billion in value.

• Saudi Arabia reaches Vision 2030 milestone with Riyadh Metro opening

  On 1 December, after over a decade of construction, Saudi Arabia celebrated the completion of the first phase of the Riyadh Metro station. Inspired by local heritage, the multi-billion-dollar project, backed by three international consortiums from 13 countries across North America, Europe, and Asia, marks a significant milestone in the country’s infrastructure development. Currently, the station stands as one of the largest in the world, featuring six lines spanning 176 kilometres and 85 stations, with an estimated cost of around $25 billion. While not yet fully operational, the modern, automated, and driverless trains will eventually be capable of carrying up to 3.6 million passengers once all the lines are complete.

• Saudi Arabia Solar Photovoltaic Industry Research Report 2024-2029: Saudi Vision 2030 – A Catalyst for Booming Solar PV Industry Amidst Oil Dependency Reduction

  The Saudi Arabia Solar Photovoltaic Market was valued at USD 3.92 Billion in 2023, and is expected to reach USD 44.89 Billion by 2029, rising at a CAGR of 49.87%. The Saudi government has implemented various incentives, such as subsidies, tax benefits, and funding programs, to encourage the adoption of solar energy. These measures reduce the financial burden on businesses and households, making solar PV installations more attractive. Additionally, the decreasing cost of solar technology, driven by advances in manufacturing and economies of scale, is making solar PV systems more affordable. This trend is further supported by ongoing research and development in solar technologies, which enhances efficiency and reduces costs.

• British Ambassador hails growing Saudi-UK ties since launch of Vision 2030

  “In the modern era, since Vision 2030, our relationship has gone from a quite traditional defense, security, contracting relationship, to take-off,” he was quoted as saying. Further, the ambassador cited the growth of people-to-people relations between the two countries, pointing to British rowers and cricket players such as Kevin Pietersen who have visited the Kingdom, besides the many Saudis traveling to London for holidays.

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