As part of Saudi Vision 2030, an expert said the Kingdom has continued to project itself as the ‘world’s leading investment opportunity.’
“The Kingdom of Saudi Arabia continues to proactively position itself as the world’s leading investment opportunity. It is clearly becoming a destination of choice, particularly for businesses, as the government continues to implement reforms and regulations to attract physical talent and operations to Saudi,” said Sovereign PPG’s Managing Director Paul Arnold.
Under Saudi Vision 2030 – a transformative economic and social reform blueprint launched and initiated by Crown Prince Mohammed bin Salman in 2016 – the National Transformation Program is almost halfway through its five-year objectives. It is “successfully delivering on social and economic changes that are noticeably re-shaping the Kingdom,” Arnold added.
With many ambitious projects on the horizon, such as NEOM and ‘THE LINE’ city and the restoration of biodiversity in many parts of the Kingdom, including in ancient cultural heritage site AlUla, among several others, Saudi Arabia is undergoing a radical transformation like no other.
Earlier this month, the International Monetary Fund (IMF) said that the Kingdom is set to become one of the world’s fastest-growing economies in 2022. It updated its forecast for the year, expecting its Gross Domestic Product to expand by 7.6 percent, the fastest growth in over a decade.
The IMF said it was vital for the Kingdom to maintain its reform momentum. The continued implementation of Vision 2030 and its policies will help diversify and liberalize the economy, which will pave the way to more significant and stable economic growth.
“Post-COVID, there is effectively unrestricted travel to and from Saudi Arabia, and air connectivity continues to expand. The most recent developments include direct flights between Dubai and NEOM. In addition, direct tourism and pleasure travel, mixed with business, are also on the rise, with travelers taking advantage of new direct flights between AlUla and the UAE this summer,” said Arnold.
“Every major industry sector is benefiting from the recognizable growth opportunities in the Kingdom, including construction, engineering, energy, hospitality, manufacturing, entertainment, and professional consultancy services.”