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Home - October 2021

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ECONOMIC TRENDS

 

Authorities believe the future looks promising for the kingdom as macroeconomic factors remain positive.

HEALTHCARE

 

International pharmaceutical companies are setting up shop in the country as they recognise the sector’s untapped opportunities.

VISION 2030

  

Vision 2030 underscores the importance of equipping Saudi nationals with the skills they need to thrive in tomorrow’s workplaces.

FINANCE

 

With the economy opening up after being stalled by COVID-19, banks have seen renewed growth as demand for funds from various sectors surge.

TRADE

 

Both oil and non-oil exports posted significant gains recently, as authorities invest further to cement the country’s position as a logistics hub.

TOURISM

 

Participating in the Dubai event is just one of several initiatives being undertaken by authorities to attract international travellers to the kingdom.

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 IN THIS EDITION

The government’s newly launched National Investment Strategy (NIS) solidifies and accelerates the Saudi Vision 2030 agenda.

The NIS will tap the country’s strong investment capabilities, stimulate the economy, and help diversify the revenues. The investment strategy will also turbocharge the kingdom’s plans to raise the private sector’s GDP contribution to 75%, increase foreign direct investment’s contribution to 5.7% of GDP, and non-oil exports to 50% of GDP from the current 16%, while reducing unemployment to under 7% by 2030.

“The National Investment Strategy is all about empowering investors, offering investment opportunities, providing financing solutions and enhancing competitiveness,” said His Royal Highness Mohammed bin Salman bin Abdulaziz, crown prince, deputy prime minister and chairman of the Council for Economic and Development Affairs.

“It also clarifies the partnership between the public and private sectors, as our mission is now to open the door to the private sector and allow it to grow and prosper.”

As part of the plans, the NIS will pump SAR 4 trillion into a number of strategic sectors, such as manufacturing, renewable energy, transport and logistics, tourism, digital infrastructure, and healthcare.

All told, the combined efforts of NIS, the SAR 5 trillion Shareek programme, and the Public Investment Fund’s (PIF) SAR 3 trillion financing plan will inject more than SAR 12 trillion into the Saudi economy by 2030.

The NIS will cross-pollinate a number of other initiatives under way, including those within the PIF programme, the National Industrial Development and Logistics Program, the Privatization Program, the Financial Sector Development Program and the Quality of Life Program.

Among the NIS’ multifaceted strategies are to establish special economic zones with competitive regulations and incentives that attract investments in priority sectors; launch a program to transfer strategic supply chains to the kingdom; and acquire a market share in supply chain components. It also aims to diversify funding options and elevate “Invest Saudi” as the national platform for presenting and marketing investment opportunities in the kingdom, according to the government.
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