RIYADH — Saudi Arabia’s far-reaching long-term development plan, Vision 2030, takes center stage in a new report just produced by the global publishing, research and consultancy firm Oxford Business Group (OBG).
The Report: Saudi Arabia 2016 provides in-depth analysis of the Kingdom’s ambitious plans to boost non-hydrocarbons growth, modernize the public sector and attract higher levels of foreign investment.
Targets include raising non-oil government revenue from SR163 billion ($43.5 billion) to SR1 trillion ($266.6 billion) by 2030, reducing unemployment from 11.6% to 7% and improving the education system with private sector input.
OBG’s publication maps out these and the many other goals laid out in Vision 2030, while looking in detail at the government’s strategies for reaching them, such as the National Transformation Program 2020.
The Report: Saudi Arabia 2016 also explores the Kingdom’s plans to boost the contribution made by value-added industry to GDP, which include rolling out several new industrial cities, with 34 currently developed or under construction, and increasing support provided by public funds and private banks to small and medium-sized enterprises.
Government efforts to develop a full chain of upstream and downstream projects using the country’s raw material wealth including petrochemicals, metals and phosphates is a key focus of OBG’s analysis. In addition, the report will include a first-time media chapter analyzing the government’s effort to develop a media ecosystem around the $166.4 million Media City free zone project.
With Oil prices significantly reduced, The Report: Saudi Arabia 2016 also shines a spotlight on the raft of new opportunities emerging in energy innovation and supply diversification. In addition, OBG’s publication includes special coverage of the latest developments under way across Saudi Arabia’s regions, shining a spotlight on the holy cities of Makkah and Medina, and the port of Jeddah.
The report contains a contribution from Prince Khalid Bin Faisal Al Saud, Emir, Makkah Region, together with a detailed, sector-by-sector guide for investors.
It also features a wide range of interviews with other high-profile personalities, such as: Prince Faisal Bin Bandar Al Saud, Governor, Riyadh Region and Chairman, High Commission for the Development of Arriyadh; Prince Turki Bin Saud Bin Mohammed Al Saud, President, King Abdulaziz City for Science and Technology; Ahmed Alkholifey, Governor of Saudi Arabian Monetary Agency; and Mohammed Al Jadaan, former Chairman of the Capital Market Authority and newly appointed Minister of Finance.
International representatives who give their views on the Kingdom’s development include Xi Jinping, President of the People’s Republic of China, among others.
Andrew Jeffreys, OBG’s CEO and Editor-in-Chief, said the report showed that despite feeling the weight of low oil prices, the Kingdom had launched its long-term development plan from a position of strength.
“Prudent decisions taken in recent years have provided Saudi Arabia with firm foundations as it moves to diversify its economy,” he said. “With a clear roadmap for the Kingdom’s economic development signaling new opportunities for the private sector, we expect the current surge in investor interest to continue gaining momentum.”
OBG’s Managing Editor for the Middle East Oliver Cornock added that the new report had also examined Saudi Arabia’s plans from a regional and global perspective.
“The launch of Vision 2030 comes at a time when several GCC member states are in the midst of economic transition, with regional initiatives, such as improvements to logistics and supply chains, expected to contribute significantly to development,” he said. “Saudi Arabia has announced its target of becoming one of the 15 largest markets in the world by 2030. I look forward to following its progress as reforms begin to yield results across both the public and private sectors in an evolving, more open economy.”
The report marks the culmination of one year of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the economy, including macroeconomics, infrastructure, banking, energy and other sectoral developments. — SG
