Saudi Arabia’s Leap Toward Global Competitiveness | Kanebridge News
Share Button

Saudi Arabia’s Leap Toward Global Competitiveness

Launched in April 2016 by Crown Prince Mohammed bin Salman, Vision 2030 is Saudi Arabia’s ambitious blueprint for transforming its economy and society.

Fri, Apr 26, 2024 3:41pmGrey Clock 3 min

This strategic framework was achieved to reduce the Kingdom’s dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism.

Vision 2030 is built upon three primary themes: a vibrant society, a thriving economy, and an ambitious nation.

A Vibrant Society is about creating a rich and fulfilling life for citizens in a society that values its traditional culture while being open to the world and future. It emphasizes the importance of cultural, environment, and entertainment enhancements to improve the quality of life.

A Thriving Economy provides a roadmap for economic prosperity, focusing on unlocking the capabilities of the Kingdom by fostering investment, increasing non-oil international trade, and privatizing government services. Key goals include boosting small and medium-sized enterprises (SMEs), expanding the private sector, and becoming a global investment powerhouse.

An Ambitious Nation is about effectiveness, responsibility, and transparency in governance, which includes reforming the government structure to streamline decision-making and improve accountability and transparency.

With these goals, Vision 2030 seeks to not only transform the economy but also to create a more adaptive and sustainable socio-economic structure that can elevate the Kingdom’s status on a global scale.

8th anniversary milestones

As Saudi Arabia celebrates the eighth anniversary of Vision 2030, it’s clear that the ambitious initiative spearheaded by Crown Prince Mohammed bin Salman has substantially reshaped the Kingdom’s economic and social landscape.

Economic Performance

– Financial Markets: Saudi Arabia soared to fifth place globally in the Financial Markets Index. This is indicative of robust growth in the financial sector, driven by an increase in the number of listings on the financial market and a surge in fintech entities to 216, surpassing the 2023 target of 150.

– Cybersecurity Strength: The Kingdom ranked second globally in cybersecurity, reflecting significant investments in securing digital infrastructure and information technology.

Infrastructure and Efficiency

– Government Efficiency: The Kingdom improved its ranking to 11th globally, showcasing the effectiveness of governmental reforms and policies aimed at streamlining operations and enhancing public service delivery.

– Business Efficiency: Achieving 13th place globally, this milestone highlights the streamlined processes and supportive environment for businesses, which are crucial for economic dynamism.

– Transportation and Logistics: Saudi Arabia made a remarkable jump in the World Bank’s Performance Index for logistics, moving from 55th to 38th place. Furthermore, it advanced in global rankings for container handling and air connectivity, enhancing its role as a logistical hub.

Sectoral Innovations and Investments

Public Investment Fund (PIF): As a key driver of economic diversification, PIF has expanded its investment portfolio to include sectors like tourism, entertainment, sports, and financial technology, reinforcing Saudi Arabia’s position as a leader in diverse economic fields.

Oxagon Project: This is part of the NEOM development on the Red Sea, focusing on creating a hub for advanced and clean industries, showcasing the Kingdom’s commitment to sustainable and innovative industrial development.

Social and Labor Developments

– Female Workforce Participation: Female labor participation reached an all-time high of 35.5%, surpassing the Vision 2030 goal early. This not only supports gender equality but also enhances the workforce with diverse skills and perspectives.

– Unemployment Rate: The overall unemployment rate dropped to 7.7%, surpassing the target set for 2023 and approaching the Vision 2030 goal of 7%, indicating effective job creation strategies.

Support for SMEs and Entrepreneurship

– National Entrepreneurship Context: Saudi Arabia moved up to second place in this index, with improvements across various sub-indicators such as ease of starting a business and availability of good entrepreneurial opportunities.

– SME Growth: The Small and Medium Enterprises Bank was established to bolster the SME sector, contributing to over 200% growth in the sector since the launch of Vision 2030.

As Saudi Arabia moves into the next phase of Vision 2030, the groundwork laid in the past eight years promises even greater achievements. The nation is set to continue its journey towards a vibrant society, a thriving economy, and an ambitious nation, making it an increasingly attractive destination for global investors and businesses.

 



MOST POPULAR

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

Related Stories
Property
AACCI’s Strategic Vision for Enhancing Australia-Arab Trade Relations
Money
Saudi Arabia’s Aviation Sector Fuels Economic Growth and Job Creation
Money
Preparatory Work for UAE to Oman Hafeet Rail Project Commences at Full Speed
AACCI’s Strategic Vision for Enhancing Australia-Arab Trade Relations

The Australian Arab Chamber of Commerce & Industry (AACCI) is fostering robust trade relations between Australia and Arab countries.

Mon, May 20, 2024 5 min

In an era where global trade and international relationships are more crucial than ever, the Australia Arab Chamber of Commerce & Industry (AACCI) serves as a bridge, for cooperation and growth between Australia and the Arab nations. Led by its Chairman, Mr. Mohamed Hage, the AACCI has taken on projects aimed at strengthening relationships and fostering development across borders.

This exclusive interview explores the initiatives implemented by the AACCI to expand its presence and influence in the region including the significant establishment of a new operational hub in Dubai. We also delve into how the Chamber embraces education through training and research, its participation in major international exhibitions, and its active support for both large corporations and small businesses.

Looking towards tomorrow, Mr. Mohamed shares his vision for broadening AACCI’s reach emphasizing the importance of the on-ground operations and cultural understanding in building business connections.

-Could you elaborate on the Australia Arab Chamber of Commerce & Industry, including its objectives and main areas of focus?

The Australia Arab Chamber of Commerce & Industry (AACCI) plays a fundamental role, in promoting business partnerships and trade between Australia and the 22 Arab countries. As a member of the Union of Arab Chambers affiliated with the Arab League, AACCI focuses on strengthening trade and investment ties, across these countries.

To nurture these connections effectively AACCI has outlined four objectives: facilitating trade and investment activities, certifying documents, educating stakeholders, and offering marketing assistance.

Our initiatives are designed not only to empower trade and investment endeavors but to also ensure engagement with specific sectors that drive these activities. With an understanding of the characteristics, strengths and preferences of each country, AACCI prides itself on its specialized knowledge customized to suit the distinct business environments of these nations.

– As the AACCI approaches its 50th anniversary, what have been some of the key milestones and achievements?

I believe one of AACCI’s accomplishments is the opportunities it has opened up for numerous Australian companies to access markets, in the region. Moreover, the strong bilateral trade relationship that has developed between Australia and the 22 Arab nations over the five decades has led to trade transactions amounting to billions of dollars.

This extensive trade covers industries such as food and beverages, luxury hotels and many more services. Each successive generation, within AACCI has built upon the foundation laid by its predecessors enriching their knowledge base and expanding their range of services.

– How does the AACCI leverage its diverse leadership team to enhance trade and investment opportunities between Australia and the Arab region?

Since taking on the role of chairman, my main focus has been on expanding our presence in the region. This led to the idea of opening an office in Dubai, which symbolizes our dedication to deepening our engagement in that area. We have successfully secured the license to open our first office in Dubai after 50 years, which will serve as a gateway to the GCC and North Africa.

I strongly believe that building two-way trade and investment ties requires more than a degree of business connectivity; it demands having local representatives present in each region. With trends emphasizing strategies the value of face-to-face engagements cannot be overstated.

Setting up offices in the region is essential for the Chamber to truly serve as a link and support system for business activities. Ultimately this expansion will bring benefits to our members and partners by providing them with access, to dynamic markets and diverse prospects.

– Can you discuss the significance of AACCI’s role in cultural and business exchanges between the two regions?

The importance of understanding cultures in our operations cannot be overstated. To address this, we have included a training platform within the Chamber to strengthen our cultural awareness initiatives. This new program offers our members access to modules on our website focusing on global business practices.

Furthermore, we have set up a Center of Excellence specifically dedicated to researching areas like food security and cultural awareness. These research endeavors are essential for promoting knowledge between the two regions.

By combining the resources of the Center of Excellence, our training resources, and the forthcoming local office in Dubai, we’re providing cultural awareness not only in the region but also in Australia. This approach ensures that our members are well equipped and knowledgeable boosting their effectiveness and involvement, in markets.

– What is the objective of your on-ground presence at conferences and events?

Participating in conferences and on ground events is very important for increasing awareness in industries like construction where knowledge of opportunities in the Arab world may not be widespread. When we see projects such as NEOM or notice the construction boom happening in the region it becomes important for organizations like the Chamber of Commerce to highlight these prospects. By taking part in large scale expos such as the Sydney Build Expo we position ourselves at the forefront of these advancements.

Our presence at these events enables interaction giving entrepreneurs a chance to visit our booth engage in discussions and learn more about the region in an approachable and personalized manner. This plays a role in simplifying the process and making opportunities concrete.

– With such a diverse membership base, how does AACCI tailor its services to meet the needs of both large corporations and small startups?

When it comes to discussing business it’s important to grasp how influence and vision come into play. Businesses looking to expand are often motivated by a desire to achieve something whether they are big companies or small enterprises. Small businesses typically aim to raise their brands profile while larger corporations seek recognition and market dominance.

Standing out in this area can be tough mainly because the key driving force is the passion to showcase the brand and products on a platform. This determination serves as a motivator for entrepreneurs.

At the Chamber we make a point of recognizing the needs of both big and small players by understanding each members individual situation. We ensure that every member is well informed about the opportunities and risks that come with expanding. For small businesses, this means being aware of the financial demands, while large businesses are advised on the necessity of both financial and emotional resilience.

– How does AACCI plan to expand or evolve its services in the coming years to further support its members?

The importance of having resources on the ground cannot be emphasized enough. Having local staff is key to establishing connections with the communities we serve. Without a presence in the area staying updated on events and activities becomes quite challenging.

This is why, as I’ve mentioned before, we have established an office in Dubai, staffed with personnel dedicated to supporting our members. This local office will help us effectively bridge the gap between Australia and the Arab world. And our members will benefit from insights and assistance from someone who truly knows the landscape.

In Australia we have equipped offices throughout the country staffed by individuals who play a significant role in our operations. This strong domestic network complements our efforts ensuring that we provide support to our members both locally and globally. This strategic approach is crucial, for nurturing business relationships and fostering continental understanding.

 

MOST POPULAR

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

0
    Your Cart
    Your cart is emptyReturn to Shop