Saudi Arabia and the World Bank Group on Friday announced plans to find a center of wisdom in the Kingdom as part of their efforts to spread the culture of economic reform globally.
Speaking in Washington, Saudi Trade Minister Dr. Majid Al-Qasabi said the move highlights the wonderful progress made by the Kingdom in global competitiveness reports and indicators, thanks to economic reforms implemented under the leadership of Crown Prince Mohammed bin Salman. Minister.
He added that the center would pave the way for more regional and global cooperation in competitiveness spaces and gain advantages from Saudi Arabia’s ability to implement economic reforms and the World Bank’s experience spanning more than 50 years.
The World Bank has chosen Saudi Arabia as its intellectual center to spread the culture of economic reforms, given its pioneering experience over the past seven years, in which the Kingdom has effectively implemented an integrated business style that has achieved the desired goals.
A founding committee, which includes the Ministries of Finance, Economy and Planning, as well as the relevant government agencies, deals with arrangements for the center’s status quo.
In Ashington, Al-Qasabi met with World Bank Group President Ajay Banga and high-level experts to discuss the latest projects to facilitate cross-border industry by simplifying customs procedures and regulations.
Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, that Saudi Arabia is making primary and sustainable progress in its Vision 2030 national transformation plan.
This statement, which was also echoed through Prince Mohammed bin Salman, Crown Prince and Prime Minister, was made in comments included in Vision 2030’s 2023 annual report, which highlighted the successful implementation of the vision’s programs.
The main objectives of Vision 2030 are to create emerging and promising sectors, strengthen local content, facilitate business environments, empower citizens, engage the personal sector, and the overall power of execution.
Since the launch of Vision 2030 on April 25, 2016, the leadership of King Salman and Crown Prince Mohammed of Saudi Arabia has undergone an unprecedented historic transformation.
This transformation is characterized by remarkable progression that supports Vision 2030’s purpose of creating an immensely rich and promising future through economic expansion and a better quality of life.
In the report, Crown Prince Mohammed expressed hope for greater milestones of progress on fronts, especially those achieved in the coming year and decades, stressing the importance of preserving those gains for existing and long-term generations.
Historic Transformation
Saudi Arabia is undergoing a major shift, with strong economic expansion and more connections to the world, according to the report. It also empowers its citizens and prioritizes environmental protection. This makes it a land full of opportunities for everyone to shape an immensely rich future. .
Halfway through its journey, Vision 2030 has already achieved many of its goals faster than expected, according to the report. Now, aim even higher for greater impact.
According to the figures, 87% of Vision 2030 projects are completed or on track, and 81% of the program’s KPIs have met their annual targets.
In 2023, the non-oil sector accounted for 50% of the country’s overall economy, reaching a record level.
Lasting impact
Vision 2030 aims to create a lasting impact, bringing more progress to the Kingdom while opening up greater opportunities for its people.
The Kingdom’s economic transformation, driven through Vision 2030, is a tale of good fortune driven by ambitious goals for a diversified and filthy rich economy.
These are primary adjustments in economic policies and really important investments in key sectors such as manufacturing, technology, tourism, renewable energy, mining and logistics.
In addition, Vision 2030 places a strong emphasis on fostering entrepreneurship and innovation, building mandatory infrastructure, and supporting and funding startups and cutting-edge companies. The aim is to improve their competitiveness and their ability to grow, both nationally and internationally.
Progress on Vision 2030
The first level of the Vision 2030 adventure has been marked by economic and structural reforms that have paved the way for a successful national transformation, with concrete impacts. Now, as it enters its second phase, the expansion and opportunities are spreading to many promising sectors.
The private sector is mobilizing to help achieve goals of progress in a more competitive environment, with the goal of achieving economic diversity and sustainable social impact in the next phase.
Achievements since the publication of Vision 2030 have boosted the non-oil sector, leading to growth. In 2023, non-oil activities accounted for a share of overall GDP and unemployment among Saudis remained close to targets for 2030. Saudi Arabia has also made progress according to foreign indicators.
A thriving economy
Saudi Arabia has created four special economic zones to attract quality investment. The small and medium-sized enterprise (SME) sector is booming like never before. The commercial sector is also advancing through the localization of car production and the Kingdom’s first electric car factory.
Saudi Arabia is exploiting its vast herbal and cultural wealth, revealing $2. 4 trillion worth of mineral resources last year alone.
The Kingdom is committed to building a green economy to maintain the environment and ensure sustainability, creating a colorful society. Efforts are also underway to empower the nonprofit sector, provide housing solutions for families, and empower citizens in the face of the global crisis. competence.
Looking to the future
Since its launch, Vision 2030 has been committed to sustainable progress and planning for the future, with the aim of bringing prosperity to all citizens.
The 2023 Annual Report highlights a tremendously rich year for Saudi Arabia, built on success, adding national capabilities, diversified resources, and unlimited investments.
The government’s deep confidence in the Kingdom’s prospects has led to a comprehensive progression in the sectors.
Vision 2030 has led to immediate transformations in key and emerging sectors, such as entertainment, sports, tourism, culture and virtual services, as well as social empowerment initiatives.
Some sectors, such as mining and renewable energy, require longer reform periods, but are making really significant investments.
Efforts to empower the personal sector and attract foreign investment involve policy reforms influenced by global points and challenges.
Today, Saudi Arabia’s economy is diversified and strong, driven by important fast-growing sectors, which have led to the creation of projects and exceeded some targets earlier than expected, making the kingdom a land of opportunity.
Vision 2030 has also strengthened Saudi Arabia’s regional and external position through cooperation for security and stability, which are for economic growth. This ensures the continuation of the Kingdom’s path to progress and prosperity.
Stable foundation
The report also highlights the strong economic performance of Saudi Arabia, whose non-oil GDP will peak in 2023, contributing 50% of genuine GDP and expanding by 4. 7% year-on-year.
Non-oil government revenues will rise to SAR 457 billion ($121. 8 billion) in 2023, covering 35% of overall budget expenditures.
Unemployment among Saudis fell to 7. 7% in 2023 from 8. 0% in 2022, while inflation fell to 1. 6% from 3. 1% in 2022.
The Government Efficiency Index stood at 70. 8 emissions in 2022, exceeding the target of 60. 7 emissions.
Public Investment Funds
In addition, the report shows a sharp increase in assets controlled through the Public Investment Fund (PIF), reaching $749 billion in 2023, up from $557 billion in 2016, exceeding the target of $720 billion.
The PIF promotes economic diversification by making investments in sectors such as tourism, entertainment, fintech, and sports.
It has a global leader in identifying economic opportunities, creating 93 corporations compared to 71 last year and generating around 644,000 task opportunities, compared to 500,000 in 2022.
A filthy rich society
The report that life expectancy will increase to 78. 10 years in 2023, exceeding the target of 77. 06 years.
Saudi Arabia recorded a record number of external pilgrims, reaching 13. 56 million in 2023, up from 7. 36 million in 2016, exceeding the target of 10 million.
In addition, the number of Saudi families owning a home will increase to 63. 74% in 2023, exceeding the target of 63%.
Remarkable progress
The report shows that, at the midpoint of Vision 2030, progress has been made towards achieving its goals. Some signals have even exceeded their targets, leading to a review of ambitions.
For example, Saudi unemployment rates and women’s participation in the hard labor market have exceeded expectations, indicating a shift toward higher aspirations by 2030.
The report also points to a more mature strategic strategy in the second phase of Vision 2030, with advanced measurement methods. Collaboration with foreign agencies ensures that practices are followed to monitor progress.
Leading the charge
Saudi Arabia’s statistics sector has made significant progress, climbing 25 positions in the World Bank’s National Statistical System Performance Index. This demonstrates the Kingdom’s commitment to providing statistical data.
Expo 2030 in Riyadh
Winning the bid to host Expo 2030 in Riyadh is a testament to Saudi Arabia’s influence and active role in shaping the future. The exhibition will showcase inventions and technologies aligned with sustainable solutions, reflecting the goals of Vision 2030.
The report also highlights that 2030 will mark an era of unprecedented engagement.
2026 FIFA World Cup bid
Saudi Arabia has submitted its bid to host the 2034 FIFA World Cup, garnering significant feedback from football federations around the world.
This bid marks a pivotal moment in the tournament’s history, as the Kingdom shares with the world the story of its ambitious sporting transformation in recent years.
From investing in the human future, empowering young people and unleashing their capabilities, to ambitious projects that bring football and infrastructure to life, Saudi Arabia has embarked on an adventure of comprehensive economic and social development.
The country is committed to boosting sports, tourism and public services globally, driving economic and social growth.
Exceptional Tourism Achievements
The report sheds light on Saudi Arabia’s rich and varied culture, highlighting its history and that of the civilizations that have thrived on its territory. Added to its geographical advantage, which strategically connects Asia, Europe and Africa, Saudi Arabia has a global destiny.
Vision 2030’s efforts and projects have capitalized on this competitive advantage, opening doors to foreign tourists and causing an unprecedented boom in the tourism sector.
China has identified Saudi Arabia as a key tourist destination, with 112 million passengers transiting through the Kingdom’s airports, up 27% from 2022.
Of those, 106 million were visitors, totaling 27. 4 million foreign tourists, cementing Saudi Arabia’s position as the most sensible destination on the world tourist map.
Moroccan renewable energy company Masen on Thursday submitted a prequalification tender for a 400-megawatt wind allocation in the north of the country.
The tender for the wind farm, known as Nassim North, requires developers to submit prequalification bids by June 24 to finance, build and commission the wind farm.
The allocation of a 150 MW wind farm in the northern provinces of Fahs Anjra M’diq-Fnideq and a 250 MW wind farm in the provinces of Tangier and Tetouan.
Morocco aims for renewable energies to account for 52% of installed capacity by 2030, compared to 37. 6% today, mainly through investments in solar and wind plants.
Turkey’s central bank on Thursday kept its main interest rate at 50%, as expected, triggering a sharp tightening of monetary conditions since its last increase, and recommitted to further tightening policy in its crusade to curb inflation.
Oil steadied on Thursday after suffering a slump the previous day, as symptoms of weakening fuel demand in the United States, the world’s biggest oil consumer, faced danger of conflict in the key Middle East generating region.
The International Monetary Fund (IMF) inaugurated its regional workplace in Riyadh with the aim of strengthening partnership with countries in the Middle East and beyond, engaging with regional institutions and relations with governments in the region.
In October 2022, Saudi Finance Minister Mohammed Al-Jadaan signed a Memorandum of Understanding (MoU) with the Fund’s Managing Director, Kristalina Georgieva, to identify an IMF region in the Kingdom.
Wednesday’s inauguration was aimed at the publication of an agreement organized through the IMF, in cooperation with the Ministry of Finance, under the name “Industrial Policy to Promote Economic Diversification,” in the presence of the Minister of Economy and Planning, Faisal Al-Ibrahim.
A document issued through the IMF said the new workplace will “build capacity, regional surveillance, and advocacy to promote stability, growth, and regional integration. “This will strengthen the IMF’s engagement with regional institutions, governments, and other stakeholders.
“The IMF appreciates the monetary contribution of the Kingdom of Saudi Arabia to stimulate the capacity progression of IMF members, adding fragile states,” he added.
According to the IMF, the first regional director will be Abdoul Aziz Wane, a local from Senegal, who is “a seasoned IMF executive with deep establishment wisdom and an extensive network of policymakers and academics from around the world. “
The sources told Asharq Al-Awsat that the opening of an IMF regional in Saudi Arabia is a sign of the foreign institution’s popularity, the strength of the Saudi economy on the one hand, and the position it enjoys regionally and abroad.
Addressing the convention on Wednesday, Al-Ibrahim said Saudi Arabia will revel in a shift in economic diversification, emphasizing the desire to inspire openness to local and global festivals so that the country’s industry can rightly and as temporarily thrive as possible.
Since the publication of a built-in Saudi Vision 2030 program aimed at reducing dependence on oil and diversifying other sources of revenue, the Kingdom has undergone basic adjustments in the legislative and policy formula that have led to the transformation of the business environment, the creation of new sectors and the structure of primary projects such as NEOM and the Red Sea. said the Minister.
To promote sustainable progress in local industries, Al-Ibrahim said the focus remains on boosting local and foreign competitiveness. He noted that this exposure to the foreign market encourages corporations to improve and innovate frequently to maintain their competitive edge.
The IMF convention takes a two-day position and aims to review the fundamental principles of trade policy and learn about its successes in other regions.
Data from Saudi Arabia’s General Statistics Authority (GASTAT) showed that the industrial balance surplus rose 13 percent in February to SAR 32 billion ($8. 5 billion) from SAR 28 billion ($7. 4 billion) in January, but recorded a cut of $21. 8 billion. percent, on an annual basis.
In its monthly International Trade Bulletin, GASTAT said exports of the Kingdom’s goods fell 2% year-on-year to SAR 95 billion ($25 billion) in February, hit by a 3. 8% drop in oil exports.
According to the data, non-oil exports, which are accompanied by re-exports, rose 4. 4% year-on-year in February to SAR 21. 8 billion ($5. 8 billion). By contrast, Saudi imports increased by 12. 3% year-on-year. Founding year in February to SAR 63 billion ($16. 7 billion).
China ranked first among Saudi export destinations with a rate of 13. 2 percent, followed by Japan and India. China also tops the list of suppliers to the Kingdom with a rate of 19. 9 percent, followed by the United States and India with rates of 8 consistent with penny and 7 consistent with cent, respectively.