November 2023

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ECONOMY



 

The kingdom has become foreign investors’ destination of choice, thanks to its strong economic prospects, business-friendly zones, and favourable market conditions.


ESG



 

Sustainability is the overarching theme in a series of renewable energy projects set to shake up the country’s energy mix, as well in multi-sector investment initiatives

OIL & GAS



 

The kingdom’s latest partnership will give it access to the thriving natural gas market, at a time when global demand for the fuel remains unabated.

HEALTHCARE



Localising vaccine and medicine production, and creating a research hub will not only ensure security of supplies for the kingdom, but also the rest of the region.

 

 

LABOUR


 

Access to education, skills training, scholarship opportunities, and childcare services are encouraging more women to join the workforce.

 

 

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 IN THIS EDITION

Saudi Arabia’s sole bid to host the 2034 FIFA World Cup is another feather in the kingdom’s sporting cap.

Authorities in the country believe in the great power of football to inspire future generations, and hope the event will contribute to the development of the game across the wider world. Saudi will also host the men’s football Asian Cup in 2027 and is set to embark on a widespread construction programme to build and renovate stadiums that will likely be used for the World Cup. FIFA’s bidding documents say 14 stadiums are needed for the 48-team tournament. 

The hosting rights, which still need to be approved by the FIFA governing body next year, is part of an overarching ambition by the kingdom to emerge as a major player in global sports. Saudi Arabia has invested heavily in bringing in dozens of star footballers to its domestic league, buying English football club Newcastle, launching the breakaway LIV Golf tour, and hosting major boxing fights.

The sports-related initiatives are part of Vision 2030, which includes the Quality of Life Program aimed at promoting healthy and active lifestyles. Launched in 2018, the program is transforming Saudi Arabia into a world-renowned sports and entertainment destination, and a global tourism hotspot, while bolstering local employment opportunities, and beautifying cities across the country.

“Specifically, hosting major sporting events displays Saudi Arabia’s value-driven diversity and inclusiveness, high economic potential and cultural attractiveness to the wider international arena, thereby increasing the inflow of foreign direct investments (FDI),” according to Ernst & Young, which expects Saudi Arabia’s sports event industry to grow from USD 2.1 billion in 2018 to USD 3.3 billion by 2024.

The FIFA World Cup also dovetails with significant investments in tourism, aviation, retail and other services sectors that form a core part of the country’s diversification efforts.

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