Saudi Arabia is Halfway Towards accomplishing its Vision 2030
A significant milestone in its journey towards economic diversification and sustainable growth
2 min
Saudi Arabia’s Minister of Economy and Planning, Faisal Al-Ibrahim, announced that the Country has reached the halfway point in its journey towards Vision 2030 and will continue advancing the initiatives started seven years ago.
“The growth of non-oil activities remains strong, as non-oil activity constitutes 51 percent of the real gross domestic product,” the minister said while attending a dialogue session titled “What do we expect from future growth,” in the Chinese city of Dalian. The session was held within the annual meeting of the New Champions Dalian 2024, an initiative of the World Economic Forum.
In his speech, Al-Ibrahim highlighted the rapid expansion of non-oil sectors in the Kingdom since the Vision 2030 launch. “The Kingdom has achieved the fastest economic growth rate for the year 2022 at 8.7 percent, and non-oil activities achieved 5.6 percent. Even today, the growth of non-oil activities remains strong, as non-oil activity constitutes 51 percent of the real gross domestic product (GDP), and the Kingdom’s non-oil economy is larger than its oil economy.”
Speaking on the success of Vision 2030, the minister remarked: “We have now passed halfway in the journey to achieve the Vision, during which many achievements have been made and we have priorities that are accelerating the pace of economic diversification and enhancing the outcomes of human capital development. So, we now stand on the threshold of a new economic era that will witness exciting transformations over the coming decades.”
Al-Ibrahim emphasized Saudi Arabia’s crucial role in energy security and climate action, being a leading producer of the cleanest hydrocarbon energy. The Kingdom is also at the forefront of renewable energy, including green hydrogen, solar energy, wind energy, and other sources.
The minister underscored the importance of developing a comprehensive and integrated approach to address global economic challenges. He noted that through international cooperation, innovation, and inclusive solutions, the international community can effectively tackle these challenges and mitigate their impact.
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With the growing global demand for digital infrastructure, Damac has been expanding its footprint in this important sector.
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Damac Group, a renowned conglomerate with a diverse investment portfolio of luxury real estate, hospitality, property management, and logistics, has announced its plan to invest up to $1 billion in the data centers sector over the next few years.
Recognizing the increasing global demand for digital infrastructure, Damac has been expanding its footprint in this crucial sector. A significant milestone in Damac’s diversification strategy was the launch of Edgnex Data Centers in 2021, which has enabled the group to capitalize on the growing need for robust digital infrastructure.
According to Damac, Edgnex is making significant strides in Saudi Arabia, with facilities under construction in Dammam and Riyadh that will deliver 55MW by 2025. Additionally, plans are underway for a data centre in Amman, Jordan, and another in Turkey in partnership with Vodafone.
In May, Damac had announced its entry into the Indonesian market with plans to build a data center in Jakarta. The 15MW facility, located along MT Haryono, is scheduled to complete its first construction phase in the fourth quarter of 2025.
“This substantial investment in the data center sector reflects our commitment to advancing digital infrastructure and supporting the technological transitions that are essential for future growth and innovation,” said Hussain Sajwani, the Founder and Chairman of Damac Group.
In addition to the technological transitions and diversification, particularly in the data centers sector, Damac Group is heavily focusing on its Artificial Intelligence (AI) investments.
The increased focus on AI and technological infrastructure, he stated, is expected to bolster the Group’s existing portfolio and pave the way for new strategic partnerships and collaborations.
By investing in AI and data centers, it aims to leverage advanced technologies to create value and drive sustainable growth, he added.
The Damac Group’s diversified family office has already invested in over 70 funds across various strategies, demonstrating its commitment to fostering innovation and growth across multiple industries.
With this new focus on AI, the Group aims to further enhance its role in advancing foundational AI models and infrastructure.
“As a forward-thinking organization, we recognize the transformative potential of AI in shaping the future,” remarked Sajwani.
“Our increased investment in AI reflects our commitment to supporting the development of groundbreaking technologies that can drive significant progress and create new opportunities across various sectors,” he stated.
According to him, Damac has made notable investments in leading AI companies including a $50 million in the AI startup, Anthropic – as one of the top investors who have bought into the company from the bankrupt cryptocurrency exchange, FTX.
Also it has made investments in xAI – an American AI startup founded by Elon Musk and in Mistral – a France-based AI company which is one of the best European large-language model open source.
“We are excited to be part of the AI revolution and to contribute to the growth of this dynamic industry,” said Sajwani.
“Our investments in companies like Mistral, Anthropic, and xAI underscore our dedication to fostering innovation and driving the next wave of technological advancements,” he added.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
