THE KINGDOM OF SAUDI ARABIA
Saudi Arabia by COUNTRY REPORTS
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The formulation of the development strategy Saudi Vision 2030, by Crown Prince and Chairman of the Council of Economic and Development Affairs Mohammad bin Salman bin AbdulazizAl-Saud, has laid the ground for an economic turnaround of the Saudi economy.
The plan, unveiled in 2016, is a comprehensive blueprint for the future, laying out a strategy, with clear targets, to diversify Saudi Arabia’s economy from its over reliance on oil, and develop public service sectors such as health, education, infrastructure, recreation and tourism. Under the spirit of the plan, a raft of changes has already taken place. Musical concerts and cinemas have made a comeback, women have been given the right to drive as of June 2018 and the economy has opened up more to foreign investment.
One of the key aspects of Vision 2030 is to enable and empower the private sector to take over as the engine of the economy, improving the legal framework for investment both local and foreign, and the ease of doing business. The Riyadh Chamber of Commerce plays a pivotal role in this matter, helping local and international investors navigate the fast-changing business environment in the Kingdom as well as assisting them to find the best opportunities.
In line with Vision 2030, our report publishing in Newsweek ¨World Economic Forum¨- International Edition will describe the most promising areas for investment, with a detailed analysis of the current status of each economic activity, showing the current players and their businesses, and also gathering the opinions of international executives already working successfully in and with the Kingdom of Saudi Arabia. The report will have chapters on advanced technologies, entertainment and hospitality, financial services, aquaculture, mining and natural resources, and defense.
This in-depth feature will be published in one of the most prestigious and influential medias in the world – the World Economic Forum double edition of Newsweek – distributed Worldwide and at the event in Davos in January 2020.