94th National Day: Key milestones since Vision 2030 launch

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Saudi Arabia observes its National Day on Sept. 23 every year. The occasion commemorates the unification of the Kingdom on Sept. 23, 1932, under the leadership of the founder, King Abdulaziz bin Abdul Rahman Al Saud.

 

King Abdulaziz bin Abdulrahman Al Saud

Reign: (Sept. 23, 1932 – Nov. 9, 1953)

 

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King Saud bin Abdulaziz Al Saud

Reign: (Nov. 9, 1953 – Nov. 2, 1964)

 

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King Faisal bin Abdulaziz Al Saud

Reign: (Nov. 2, 1964 – March 25, 1975)

 

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King Khalid bin Abdulaziz Al Saud

Reign: (March 25, 1975 – June 13, 1982)

 

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King Fahd bin Abdulaziz Al Saud

Reign: (June 13, 1982 – Aug. 1, 2005)

 

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King Abdullah bin Abdulaziz Al Saud

Reign: (Aug. 1, 2005 – Jan. 23, 2015)

 

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King Salman bin Abdulaziz Al Saud

Reign: (Jan. 23, 2015, to date)

 

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The 94th National Day is commemorated under the slogan “We Dream and We Achieve”, inspired from the real life of the Kingdom’s population. The identity of the Saudi National Day is embodied by the mega projects that the Kingdom has bet on in its ambitious Vision 2030. These key projects include the Red Sea Project, NEOM, The Line, Amaala, and TROJENA, in addition to the Green Saudi Initiative, the Riyadh Metro, the National Renewable Energy Project, Qiddiya, the ShaheenSat satellite, and the historic Diriyah Development Program, the establishment of Riyadh Air, among others.

 

 

The identity projects comprise The Cube Project, the Saudi Astronaut Program, the electric vehicles (EV) CEER project, Al-Shuaiba Solar Energy, King Salman Park Project, Sports Boulevard Project, Al Soudah Development Project, The Line, AlAUla Development Project, Diriyah Gate Project, and Sindalah.

 

As the nation commemorates its 94th National Day this report covers the key breakthroughs and milestones achieved by Saudi Arabia in different sectors to boost economic growth, enhance the standard of living, make balanced development across the Kingdom, develop human resources, diversify its economic base in terms of production and income sources, and support the private sector.

 

On April 25, 2016, the Saudi Cabinet, headed by King Salman, approved Vision 2030, which was presented by the Council of Economic and Development Affairs (CEDA).

 

At that time, King Salman said, “We hope that citizens will work together to achieve this ambitious vision.”

 

Crown Prince Mohammed bin Salman revealed the key features of the Saudi Vision 2030, including several plans and objectives, such as building a diversified solid economy away from oil, promoting various sectors, transforming the Public Investment Fund (PIF) into an investment institution with SAR 7 trillion assets, and transforming Saudi Aramco from being an oil producer to an industrial giant that operates worldwide. 

 

The Saudi Vision 2030 is based on three pillars to execute sustainable development programs and a more robust economy. Several action plans were designed to turn this vision into reality, such as the National Transformation Program (NTP), the PIF Program, the Housing Program, the Pilgrim Experience Program, the Fiscal Sustainability Program, the Human Capability Development Program, the Quality-of-Life Program (QOLP), the Privatization Program, the Heath Sector Transformation Program, the Financial Sector Development Program (FSDP), and the National Industrial Development and Logistics Program (NIDLP).

 

The Crown Prince and Prime Minister, Mohammed bin Salman, recently stated that Saudi Arabia will be the greatest success story of the 21st century, being the fastest growing nation. It is poised to be one of the strongest economies globally.

 

Here’re the major developments witnessed by Saudi Arabia since Vision 2030 rollout:

 

- In 2022, Saudi Arabia's gross domestic product (GDP) at current prices exceeded $1 trillion for the first time, reaching SAR 4.2 trillion at current prices.

 

- The PIF’s assets under management (AUMs) rose nearly four times from SAR 570 billion by the end of 2015 to about SAR 2.82 trillion by the end of 2022 and SAR 2.87 trillion in 2023, equivalent to about $765 billion.

 

- The Kingdom launched mega projects, such as NEOM, Qiddiya, The Red Sea, ROSHN Co., Diriyah Gate Project, and Riyadh Air.

 

- Establishing companies in diverse sectors, such as entertainment, tourism, military industries, renewable energy and refinancing.

 

- In 2019, Saudi Aramco went public. A total of 1.5% of Aramco's value began trading on the Saudi Exchange (Tadawul), the largest listing in the history of the Saudi market and globally. After that, the government floated a secondary public offering of ordinary shares, amounting to 1.545 billion shares, accounting for about 0.64% of the company’s shares issued during the current year.

 

- Home ownership percentage among Saudis increased from 47% in 2016 to 63.74% in 2023, beating the target of 63%.

 

- The Kingdom established the OPEC+ group, which reached a historic achievement in 2020, by realizing the largest reduction in production ever known to the petroleum market. It contributed to restoring stability and balance to global markets and confronting the effects of the Corona pandemic on the worldwide economy.

 

- Saudi Arabia launched an anti-corruption campaign, recouping SAR 247 billion in the last three years, or 20% of total non-oil revenue.

 

- Saudi Arabia also launched the PIF Strategy 2021-2025. In addition, it prevented government agencies from contracting with any foreign firm with a regional headquarters other than Saudi Arabia, as of 2024. It transferred 4% of Saudi Aramco’s shares to the PIF and 4% to Sanabil Investments.

 

Saudi Arabia launched Boutique Group to develop historical palaces into luxury boutique hotels, and Trojena, the global destination for mountain tourism in NEOM.

 

Moreover, several strategies were issued, including the strategy of the National Development Fund (NDF) and the strategy of the Custodian of The Two Holy Mosques Scholarship Program.

 

During this period, the Diriyah project was included as the PIF's fifth giga-project, and the Events Investment Fund (EIF) was launched.

 

The PIF invested in a bundle of national and international companies.

 

Saudi Arabia launched New Square Development Co. to develop the most updated downtown in the world in Riyadh. It also established Riyadh Air, the first phase of Riyadh buses, four special economic zones (SEZs), the general plan for logistics hubs, and a global water organization.

 

It launched the Sports Clubs Investment & Privatization Project, while allocating $7.8 billion to Expo 2030.

 

During the first quarter of this year, Saudi Arabia raised the valuation of mineral resources from SAR 4.9 trillion to SAR 9.4 trillion and launched a geographical survey project for renewable energy projects in Saudi Arabia.

 

Here are the major developments witnessed by Saudi Arabia since Vision 2030 rollout:

 

- Saudi Cabinet greenlit NTP 2020

 

 

In June 2016, the Saudi Cabinet greenlit the NTP 2020. Among its major goals is to generate 450,000 jobs, accelerate privatization and reduce government spending on initiatives by 40%.

 

It also aims to maximize local content through investing over SAR 270 billion in localization.

 

- Launch of Sakani Program

 

 

The program’s first phase started in January 2017. The total number of beneficiary households reached 1.4 million by 2022.

 

A total of 55,000 Saudi families benefited from the program during the first half of 2024.

 

The program aims to offer 95,000 housing units until 2025, focusing on the main regions that receive the most housing subsidies.

 

The Saudi homeownership percentage reached nearly 63.74% in 2023.

 

- Qiddiya project

 

 

In April 2017, the Crown Prince launched the Kingdom’s largest qualitative cultural, sports and entertainment city project in Qiddiya City, southwest of Riyadh. This first-of-its-kind city spans 334 square kilometers.

 

The project aims to make Qiddiya an entertainment destination and a complex of activities, discovery and participation in the Kingdom. It also seeks to transform the concept of entertainment in the Kingdom and capitalize on the promising opportunities offered by the local market.

 

Here are the major developments witnessed by Saudi Arabia since Vision 2030 rollout:

 

Launch of National Renewable Energy Program

 

 

The National Renewable Energy Program was launched in April 2017 as a strategic initiative under the Vision 2030 framework, aimed at maximizing Saudi Arabia's share in renewable energy production. The program is projected to attract investments of approximately SAR 60 billion for its projects.

 

Red Sea Project

 

 

In August 2017, Crown Prince Mohammed bin Salman launched a global tourism project in the Kingdom called the "Red Sea Project." Upon completion of all phases, 22 islands out of over 90 will be developed, creating more than 70,000 job opportunities.

 

The project aims to significantly drive economic diversification in the Kingdom by attracting around one million tourists annually and contributing SAR 22 billion to the national GDP.

 

In July 2023, the company announced the installation of over 750,000 solar panels across five solar power stations dedicated to powering the first phase of the Red Sea destination, which includes 16 hotels, retail shops, entertainment areas, and supporting infrastructure facilities.

 

NEOM Project

 

 

In October 2017, Crown Prince Mohammed bin Salman announced the launch of the NEOM project, supported by over $500 billion from the government, PIF, as well as local and global investors.

 

Amaala Project

 

 

Launched in September 2018, Amaala Project is a luxury tourist destination along the Red Sea coast. It is funded and developed to become a distinctive tourist hub within the Prince Mohammed bin Salman Nature Reserve in northwest Saudi Arabia, with full project completion expected by 2028.

 

Once all phases of the project are finished, 22 islands out of more than 90 will be developed, creating over 70,000 job opportunities. The project aims to play a significant role in driving economic diversification in the Kingdom by attracting around one million tourists annually and contributing SAR 22 billion to the national GDP.

 

King Salman Park Project

 

 

In March 2019, King Salman bin Abdulaziz launched four major qualitative projects in Riyadh, with a total cost of SAR 86 billion. These projects include King Salman Park, Riyadh Green, Sports Boulevard, and Riyadh Art.

 

King Salman Park is the largest urban park in the world, covering an area of 13.4 square kilometers, and is being developed on the grounds of the former King Salman Air Base (Old Riyadh Airport). It serves as an environmental, recreational, cultural, and investment project, featuring gardens, green spaces, and open areas exceeding 9.3 million square meters (sqm).

 

The park will also include residential, office, commercial, and hotel facilities, such as residential complexes providing 12,000 diverse housing units, 16 hotels offering 2,300 hotel rooms, and commercial spaces for restaurants, cafes, and retail shops exceeding 500,000 sqm, along with office buildings spanning 600,000 sqm.

 

Sports Boulevard Project

 

 

In March 2019, King Salman bin Abdulaziz launched four major quality projects in Riyadh, with a total cost of SAR 86 billion. These projects include King Salman Park, Riyadh Green, Sports Boulevard, and Riyadh Art.

 

The Sports Boulevard is a 135-kilometer project that connects the west of Riyadh to the east, aiming to encourage residents to engage in sports and adopt healthier commuting habits

 

In 2021, the Sports Boulevard Foundation awarded contracts worth SAR 2.48 billion to several national companies to implement the first phase of the project in Riyadh.

 

Riyadh Green Project

 

 

In March 2019, King Salman bin Abdulaziz launched four major quality projects in Riyadh, with a total cost of SAR 86 billion. These projects include King Salman Park, Riyadh Green, Sports Boulevard, and Riyadh Art.

 

The Riyadh Green project aims to reduce temperatures, conserve energy, improve air quality, and provide economic benefits while enhancing the quality of life. This initiative involves planting over 7.5 million trees throughout Riyadh and increasing the per capita green space from 1.7 sqm to 28 sqm, equivalent to a 16-fold increase.

 

The project also seeks to improve the urban environment by greening residential neighborhoods and contributes to one of the goals of the Saudi Green Initiative and Vision 2030, which aims to plant 10 billion trees within the Kingdom over the coming decades.

 

Riyadh Art Project

 

 

In March 2019, King Salman bin Abdulaziz launched four major quality projects in Riyadh, with a total cost of SAR 86 billion. These projects include King Salman Park, Riyadh Green, Sports Boulevard, and Riyadh Art.

 

The Riyadh Art project aims to transform Riyadh into an open-air art gallery by implementing over 1,000 artworks and artistic landmarks.

 

Diriyah Gate Project

 

 

In November 2019, King Salman bin Abdulaziz sponsored the groundbreaking ceremony for the Diriyah Gate project, valued at SAR 64 billion. This project is set to become a global tourist destination, with the master plan covering an area of seven square kilometers. It will feature four plazas, an open amphitheater for gatherings and exploration, six museums, and an arts district.

 

King Abdulaziz International Airport in Jeddah

 

 

In September 2019, King Salman bin Abdulaziz inaugurated the new Terminal 1 of King Abdulaziz International Airport in Jeddah, which spans approximately 105 square kilometers and is being developed in three phases.

 

The first phase aims to accommodate 30 million passengers annually, while the second phase targets 50 million passengers by 2025, and the final phase is designed to handle 80 million passengers by 2035.

 

In 2023, King Abdulaziz International Airport served over 42.7 million passengers, marking a 36% growth compared to 31.4 million passengers in 2022.

 

The Line: The Million-Person City in NEOM

 

 

In January 2021, Crown Prince Mohammed bin Salman launched the advanced million-person city project, "The Line," in NEOM. The project’s infrastructure costs are estimated to range between $100 billion and $200 billion.

 

Major Investment Opportunities in Saudi Arabia

 

 

In January 2021, Crown Prince Mohammed bin Salman bin Abdulaziz announced major investment opportunities in the Kingdom, valued at up to $6 trillion over the next decade. This includes $3 trillion in new project investments, as part of Vision 2030, which aims to unlock the Kingdom's untapped potential and establish new and promising growth sectors.

 

Approval of PIF Strategy for Next 5 Years

 

 

The board of directors of the Public Investment Fund (BIF), chaired by Crown Prince Mohammed bin Salman bin Abdulaziz, approved the fund's strategy for the next five years, covering the period from 2021 to 2025.

 

Coral Bloom Project

 

 

In February, Crown Prince Mohammed bin Salman, Chairman of the Red Sea Global Co. (RSG), unveiled the design vision "Coral Bloom" for the main island of the Red Sea Project.

 

Soudah Development Co.

 

 

Crown Prince Mohammed bin Salman bin Abdulaziz launched Soudah Development Co. in Aseer region, with expected investments exceeding SAR 11 billion to enhance infrastructure and develop the tourism and entertainment sectors.

 

Riyadh Strategy

 

 

In January 2021, Crown Prince Mohammed bin Salman announced that Saudi Arabia aims to position Riyadh among the top 10 city economies in the world, along with plans to establish the largest industrial city globally within Riyadh.

 

Launch of Saudi Green Initiative, Middle East Green Initiative

 

 

Crown Prince Mohammed bin Salman announced the forthcoming launch of the Saudi Green Initiative (SGI) and the Middle East Green Initiative (MGI), which will define the Kingdom's and the region's approach for environmental protection. These initiatives aim to provide a clear and ambitious roadmap and significantly contribute to achieving global sustainability targets.

 

Launch of Shaheen Sat

 

 

In March 2021, King Abdulaziz City for Science and Technology (KACST) announced the successful launch of the Shaheen Sat satellite, designed for Earth imaging and ship tracking from low orbits. The satellite was launched from the Baikonur Cosmodrome in Kazakhstan aboard a Russian Soyuz rocket.

 

Private Sector Partnership Reinforcement Program (Shareek)

 

In March 2021, Crown Prince Mohammed bin Salman launched the Private Sector Partnership Reinforcement Program (Shareek), aimed at supporting local companies and facilitating access to SAR 5 trillion in investments by the end of 2030. In 2023, the program unveiled its first package of supported projects for eight national companies, valued at SAR 192.4 billion across various strategic and vital sectors.

 

‘Journey Through Time’ masterplan launched

 

 

In April 2021, the Crown Prince announced the “Journey Through Time” masterplan to develop the core historical area of AlUla, a unique cultural landscape in north-west Arabia. The project comprises three key phases: the first one is set to be completed by the end of 2023. Upon finalization in 2035, the development strategy is set to provide 38,000 new job opportunities and will contribute SAR 120 billion to the Kingdom’s GDP.

 

- Saudi Arabia launches Sakaka Solar Power Plant Project

 

 

In April 2021, the Crown Prince, Deputy Prime Minister and Chairman of the Supreme Committee for Energy Mix Affairs for Electricity Production and Enabling Renewable Energy Sector launched Sakaka Solar Power Plant Project and signed seven new project agreements to produce electricity from solar energy across the Kingdom.

 

- National Transport and Logistics Strategy announced

 

 

Saudi Arabia’s Crown Prince launched the National Transport and Logistics Strategy, which entails an ambitious package of mega projects, enabling economic and social goals, as well as the adoption of effective governance models to institutionalize efforts in the transport sector. In line with changing the Ministry’s name from the Ministry of Transport to the Ministry of Transport and Logistics Services, the strategy aims to advance the Kingdom’s position to become the fifth global Air Transit Passenger route, increase international destinations to 250 and launch an additional national carrier.

 

In 2023, the Crown Prince announced the launch of Riyadh Air, a new national carrier, by the PIF.

 

- ‘Made in Saudi’ program unveiled

 

 

The Minister of Industry and Mineral Resources, and Chairman of the Saudi Export Development Authority (SEDA), Bandar Alkhorayef, announced the launch of the “Made in Saudi” program. Coming under the patronage of the Crown Prince, the program aims to promote a “culture of loyalty to the national product,” which will enhance the localization of industries and fulfilling self-sufficiency on different levels.

 

- Riyadh Metro set to begin operations

 

 

The Minister of Transport and Logistic Services, Saleh Al-Jasser, stated that the work progress at the Riyadh Metro project is advancing significantly.

 

In 2023, the Royal Commission for Riyadh City launched the first, second and third phases of the Riyadh Bus service, which is part of the King Abdulaziz Project for Riyadh Public Transport.

 

- Historic Jeddah Revival Project

 

 

The Crown Prince launched Historic Jeddah Revival Project as part of the Historic Jeddah Development Program, which aims to develop the living space in the region to be an attractive center for business and cultural projects, and a major destination for aspiring entrepreneurs.

 

- Crown Prince launches Human Capability Development Program

 

 

Crown Prince, Prime Minister and Chairman of the Human Capability Development Program Committee, Prince Mohammed bin Salman, launched the Human Capability Development Program, one of the programs to achieve Saudi Arabia's Vision 2030.

 

The program’s plan includes 89 initiatives with the aim of achieving 16 strategic goals of the Vision 2030. The program's strategy consists of three main pillars: developing a solid and flexible educational foundation for all, preparing for the future labor market locally and globally, and providing lifelong learning opportunities.

 

- Aseer Development Strategy launched

 

In September 2021, the Crown Prince unveiled a strategy to develop the Aseer region into a global tourism destination, under the theme "The Arabian Highland,” through injecting SAR 50 billion in diversified investments.

 

- Crown Prince announces National Investment Strategy

 

In October 2021, the Crown Prince launched the National Investment Strategy, one of the key promoters to achieve the objectives of the Kingdom's Vision 2030.

 

- Unveiling THE RIG project

The PIF launched the new “THE RIG” project, a new tourism project inspired by offshore oil platforms.

 

- Multinational companies relocate their regional HQs to Riyadh

On October 27, 2021, the Royal Commission for Riyadh City announced that 44 multinational had chosen Riyadh as their regional headquarters (HQs). This comes in response to Riyadh's position as the region’s largest city economy.

 

Minister of Investment Khalid Al-Falih announced in February that over 350 international investors obtained licenses to establish their regional headquarters in Saudi Arabia, most of which will be in Riyadh.

 

- Saudi Arabia to host Expo 2030 in Riyadh

 

 

In November 2023, Saudi Arabia was officially nominated to host Expo 2030 in Riyadh.

 

On October 29, 2021, Saudi Arabia submitted an official bid to the Bureau International des Expositions (BIE) to host Expo 2030, under the theme “The era of change: Leading the planet to a foresighted tomorrow,” from Oct. 1, 2030, to April 1, 2031, with an estimated budget of $7.8 billion.

 

- Granting Saudi citizenship to people with special competencies and specializations

 

King Salman issued a royal decree on granting Saudi citizenship to a number of individuals with special competencies, rare expertise and specializations.

 

In July, a Royal Decree was issued to grant Saudi citizenship to a number of scientists, physicians, researchers, innovators, entrepreneurs, and distinguished talents with unique expertise and specializations, including Islam Zween, CEO of Argaam.

 

Zween holds a Master's degree from Alexandria University in Egypt, was granted the Saudi citizenship. He has over 25 years of experience in technology, media, and business management.

 

- Crown Prince launches NEOM’s OXAGON

 

 

In November 2021, the Crown Prince, who is also Chairman of NEOM, announced the establishment of NEOM Industrial City (OXAGON), which represents another step in NEOM’s masterplan. It aims to provide a new model for future manufacturing centers, as part of NEOM’s strategy.

 

“OXAGON will be the catalyst for economic growth and diversity in NEOM and the Kingdom, further meeting our ambitions under Vision 2030,” the Crown Prince said.

 

- Ministry of Energy launches gas expansion project

 

 

Saudi Arabia's Ministry of Energy announced, on Nov. 29, 2021, the commercial feasibility of major unconventional resources in the Kingdom, as well as the launch of Saudi Aramco's program for the expansion of its gas business, expecting the Jafurah field to provide approximately two billion standard cubic feet per day of gas per day by 2030.

 

- Crown Prince launches Jeddah Central masterplan

 

Crown Prince launched the master plan and main features of Jeddah Central project (formerly New Jeddah Downtown) at a total investment value of up to SAR 75 billion.

 

- Crown Prince announces Boutique Group to focus on ultra-luxury hotels

 

 

Crown Prince launched, on Jan. 20, 2022, Boutique Group, a new hospitality brand that will manage and convert a collection of iconic historic and cultural palaces in Saudi Arabia into ultra-luxury boutique hotels. The company will revive the vibrant heritage and culture of Saudi Arabia to create a new and unique hospitality experience.

 

- Transfer of 8% of Aramco’s shares to PIF, Sanabil

 

 

On Feb. 13, 2022, a 4% stake in energy giant Saudi Aramco was transferred from state ownership to the Public Investment Fund (PIF). On April 14, 2023, another 4% stake in Aramco was transferred to Sanabil Investments, the wholly-owned investment arm of PIF.

 

The transfer is part of the Kingdom’s long-term strategy that aims to support the restructuring of the national economy, in line with Vision 2030. It also supports the fund’s plans, which aim to raise assets under management (AUMs) to nearly SAR 4 trillion by the end of 2025.

 

- Crown Prince launches TROJENA  

 

In March 2022, Crown Prince Mohammed bin Salman, the Chairman of the board of directors of NEOM, announced the foundation of TROJENA, the new world-class mountain destination in NEOM. The project will contribute to redefining the concept of global mountain tourism by providing an environment-friendly tourism system in every dimension, in line with the objectives of the Kingdom's Vision 2030 to raise the quality of living and provide a safe and healthy life for all.

 

- Strategy for Scholarship Program announced

 

On March 7, 2022, Crown Prince Mohammed bin Salman launched the strategy of the Custodian of the Two Holy Mosques Scholarship Program, which represents a new phase for scholarships that contributes to increasing the competitiveness of citizens by raising the efficiency of human capital in new and promising sectors.

 

- Crown Prince launches NDF strategy

 

 

The Crown Prince launched the NDF strategy on March 14, 2022.

 

The strategy aims to make the fund a pivotal enabler of the economic and social objectives of Saudi Vision 2030 through facing the existing development challenges in line with the best global standards.

 

The fund will contribute to the Kingdom’s real gross domestic product (GDP) growth by investing more than SAR 570 billion by 2030. It targets raising the Kingdom’s non-oil GDP by over threefold to SAR 605 billion by 2030, as well as providing a large number of job opportunities within the Kingdom.

 

The Small and Medium Enterprises Bank (SME Bank), one of the development funds and banks affiliated with NDF, officially launched operations in 2023.

 

PIF launches Saudi Coffee Co.

 

 

The PIF launched the Saudi Coffee Co. (SCC) to invest SAR 1.2 bln in the coffee sector over the next decade.

 

Establishment of Health Holding and National Health Insurance Center

 

 

The Cabinet approved, in June 2022, the establishment of Health Holding Co. and the organization of National Health Insurance Center.

 

Crown Prince unveils national priorities for research, development, innovation in next 2 decades

 

 

The Crown Prince announced the national aspirations and priorities for the research, development, and innovation sector in the Kingdom over the next two decades.

 

Four priorities were set: human health, the sustainability of the environment and basic needs, leadership in energy and industry, and future economics.

 

PIF launches aircraft leasing company

 

 

The PIF launched aircraft leasing company AviLease, which will focus on leasing, selling, and fleet management services. It will expand its operations by purchasing and leasing aircraft, in addition to executing direct purchase orders from aircraft manufacturers.

 

Crown Prince announces The Line designs

 

 

The Crown Prince announced the designs of The Line project, which is centered around human wellness and represents a pioneering global model that achieves sustainability and ideal living in harmony with nature.

 

Crown Prince launches infrastructure works and master plan for Rua Al Madinah project

 

 

In August 2022, the Crown Prince launched the infrastructure works and master plan for the Rua Al Madinah project, which will be built on a total area of 1.5 million sqm and targets building 47,000 hospitality units by 2030.

 

Crown Prince launches National Strategy for Games & E-Sports

 

 

The Crown Prince launched in Sept. 2022 the National Strategy for Games & E-Sports to boast the Kingdom as a global industry hub by 2030.

 

Launch of National Real Estate Registration Services Co.

 

 

The Public Investment Fund launched, in September 2022, the National Real Estate Registration Services Co., which aims to contribute to the regulation and development of the local real estate sector.

 

This will be done through an integrated digital platform and in cooperation with the Real Estate General Authority and a number of other government agencies to create a comprehensive registry for real estate unit information and to provide real estate registration services in accordance with the best practices in this sector.

 

Launch of Downtown Saudi

 

 

The Crown Prince announced the launch of Saudi Downtown Co. (SDC), which aims to build and develop downtown areas and mixed-use destinations across Saudi Arabia.

 

Launch of National Industrial Strategy

 

 

Crown Prince Mohammed bin Salman, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs, launched the National Industrial Strategy, after it was approved by the Saudi Cabinet.

 

Launch of Global Supply Chain Resilience Initiative

 

 

The Crown Prince launched the Global Supply Chain Resilience Initiative (GSCRI), which aims to strengthen the Kingdom’s position as a major hub and a vital link in global supply chains.

 

Launch of Halal Products Development Co.

 

 

The PIF announced the launch of the Halal Products Development Co. (HPDC), which will invest in developing and localizing the Halal production industry in the Kingdom.

 

PIF to establish 5 regional investment firms

 

 

The Crown Prince announced that the PIF will establish five regional firms to invest in Jordan, Bahrain, Sudan, Iraq, and Oman.

 

PIF launches Local Content Growth Program to grow competition, innovation in private sector

 

 

The PIF launched the Local Content Growth Program, which aims to achieve the fund’s aspiration of increasing its contribution to the Saudi economy by increasing PIF and its affiliates’ contribution to local content to 60% by the end of 2025, thereby enabling and supporting the local private sector and stimulating the competitive and innovative advantages of national industries.

 

Launch of Ceer as first Saudi EV brand

 

 

The Crown Prince announced the launch of Ceer, the first Saudi EV brand.

 

In 2023, the Ministry of Industry and Mineral Resources issued an industrial license for Ceer to establish an EV manufacturing facility spanning over one million sqm at the Industrial Valley in King Abdullah Economic City (KAEC).

 

Crown Prince approves development of Darin & Tarout Island

 

 

The Crown Prince approved the development of Darin & Tarout Island and issued directives on the establishment of an authority to develop it.

 

Crown Prince launches masterplan for King Salman International Airport in Riyadh

 

 

The Crown Prince launched the masterplan of King Salman International Airport to boost Riyadh’s position as a global logistics hub, stimulate transport, trade, and tourism, and act as a bridge linking the East with the West.

 

Discovery of several new natural gas fields in KSA

 

 

Minister of Energy Prince Abdulaziz bin Salman said Saudi Aramco discovered several natural gas fields in the Central Province, Empty Quarter, Northern Borders Province and Eastern Province.

 

Launch of 2nd edition of Tawteen Program

 

 

The Ministry of Human Resources and Social Development (HRSD) launched the second edition of the Tawteen Program, which targets providing 170,000 job opportunities.

 

Launch of Aseer Investment Co.

 

 

The PIF announced the establishment of Aseer Investment Co. (AIC) to operate as its investment arm in the Aseer region of Saudi Arabia. The new company will promote and stimulate local and foreign direct investment to develop and transform the region into a year-round tourism destination.

 

Crown Prince announces Sindalah island development in NEOM

 

 

The Crown Prince announced the development of Sindalah, the first luxury island destination in NEOM and one of the most important projects supporting Saudi Arabia’s national tourism strategy.

 

Minister of Transport launches Integrated Logistics Zone in Riyadh

 

 

Minister of Transport and Logistic Services, Saleh Al-Jasser, announced the launch of the Special Integrated Logistics Zone in Riyadh, the Kingdom’s special logistics zone. Apple will be the first main investor in the Special Integrated Logistics Zone.

 

Crown Prince announces Diriyah as PIF’s 5th giga-project

 

 

In 2023, the Crown Prince announced Diriyah as the Public Investment Fund's (PIF) fifth giga-project.

 

Launch of EIF with SAR 14 bln capital

 

 

The Crown Prince launched EIF, under his chairmanship, with the aim of developing sustainable infrastructure to support four promising sectors: culture, tourism, entertainment, and sports. This is in addition to building strategic partnerships to maximize impact in target sectors and increase opportunities to attract foreign investment.

 

Launch of new Companies Law

 

 

The new Companies Law and its implementing regulations came into force as of Jan. 19, 2023, permitting companies' stock split.

 

Directive to grant 100 mln sqm of land in Riyadh and other cities

 

 

Majed Al Hogail, Minister of Municipalities and Housing, said the Crown Prince ordered granting the residential sector 100 million sqm of land in Riyadh and other cities, where land and real estate prices are rising.

 

PIF to invest SAR 5 bln in 4 national construction companies

 

 

The PIF announced investing SAR 5 billion by way of subscribing to new shares in four leading local construction companies: Nesma & Partners Contracting Co., ElSeif Engineering Contracting Co., AlBawani Holding Co., and Almabani General Contractors Co.

 

Launch of New Murabba Development Co. to develop world’s largest modern downtown in Riyadh​

 

 

The Crown Prince announced the launch of New Murabba Development Co. to develop the world’s largest modern downtown in Riyadh. This will contribute to the capital city’s future development in line with Saudi Vision 2030.

 

Unemployment rate among Saudis falls to all-time low of 7.6%​

 

 

The unemployment rate among Saudis dropped to 7.6% in Q1 2024, the lowest level ever, based on the data available since 1999.

 

Launch of 4 SEZs in Saudi Arabia for investors​

 

 

The Crown Prince, who is also Chairman of the Council of Economic and Development Affairs, launched four SEZs in the Kingdom. 

 

Crown Prince launches the Sports Clubs Investment & Privatization project

 

 

The Crown Prince launched the Sports Clubs Investment & Privatization project, converting Al-Ittihad, Al-Ahli, Al-Nassr, and Al-Hilal into companies owned by PIF and nonprofit sports institutions. Four more clubs will also be transformed into companies with ownership transferred to development entities.

 

Crown Prince launches the new strategy for KAUST

 

 

The Crown Prince launched the new strategy for King Abdullah University of Science and Technology (KAUST), aimed at turning science and research into economic innovations, focusing on national priorities and strengthening partnerships with the private sector to meet the Saudi Vision 2030 goals.

 

Launch of a logistics center masterplan to make Saudi Arabia a global hub​

 

 

The Crown Prince launched the logistics center masterplan to develop infrastructure, diversify the local economy, and establish Saudi Arabia as a global logistics hub and top investment destination.

 

Establishment of a global water organization in Riyadh​

 

 

The Crown Prince announced the establishment of a global water organization in Riyadh to address water challenges through international cooperation.

 

Masterplan for Qimam Al-Soudah project rolled out​

 

 

The Crown Prince launched the Qimam Al-Soudah project, developing Al-Soudah region and parts of Rijal Alma to boost tourism and urban development.

 

Lucid Group opens its 1st plant in Saudi Arabia

 

 

Lucid Group, partially owned by PIF, opened its first electric car factory in KAEC, Saudi Arabia.

 

PIF establishes Al-Balad Development for Historic Jeddah

 

 

PIF set up Al-Balad Development Co. to lead the development of Historic Jeddah.

 

Launch of EVIQ​

 

 

PIF and Saudi Electricity Co. launched Electric Vehicle Infrastructure Co. (EVIQ) to build high-quality infrastructure for fast EV charging.

 

PIF announces Tasaru Mobility Investments

 

 

PIF launched Tasaru Mobility Investments to enhance local supply chains for the automotive and mobility sector.

 

Crown Prince unveils new Abha International Airport masterplan​

 

 

The Crown Prince unveiled the new Abha International Airport masterplan, set to raise its capacity to 13 million passengers and 90,000 flights annually.

 

Crown Prince launches Ardara to develop AlWadi in Abha​

 

 

The Crown Prince launched Ardara Co. to develop AlWadi in Abha as a key urban and tourism hub, aligning with Vision 2030.

 

Crown Prince launches Esports World Cup​

 

 

The Crown Prince kicked off the Esports World Cup, the largest event of its kind, to be held annually in Riyadh starting summer 2024.

 

FIFA President announces Saudi Arabia as 2034 World Cup host​

 

 

FIFA President Gianni Infantino announced Saudi Arabia will host the 2034 World Cup. The event will be held in five cities: Riyadh, Jeddah, Al-Khobar, Abha, and NEOM.

 

Saudi Arabia wins bid to host Expo 2030​

 

 

Saudi Arabia won the bid to host Expo 2030 after a vote by the General Assembly of the Bureau International des Expositions.

 

Crown Prince launches Qiddiya City’s urban plan & global brand​

 

 

The Crown Prince launched the urban plan and global brand for Qiddiya City, a key project under the Qiddiya Investment Co.

 

PIF establishes Dan Company to specialize in agri & ecotourism

 

 

PIF launched Dan Company, specializing in agritourism and ecotourism projects in cities with unique natural and agricultural features.

 

Completion of Riyadh bus network

 

 

The Royal Commission for Riyadh announced the completion of the main Riyadh bus network, with 54 routes, 679 buses, and 2,145 stations/stops.

 

New tax incentives to attract global companies’ regional HQs

 

 

The Ministry of Investment introduced a 30-year tax incentive package to attract regional headquarters of global companies to Saudi Arabia.

 

Valuation of Saudi Arabia's mineral wealth rises to SAR 9.4 trln

 

 

Minister of Industry and Mineral Resources, Bandar AlKhorayef, announced Saudi Arabia’s mineral wealth valuation has increased to SAR 9.4 trillion.

 

Launch of National Biotechnology Strategy

 

 

The Crown Prince launched the National Biotechnology Strategy to position Saudi Arabia as a leader in biotechnology, enhancing health, quality of life, and economic opportunities.

 

Launch of Alat Co.

 

 

The Crown Prince launched Alat Co., focused on advanced technology and electronics, to make Saudi Arabia a global hub for sustainable industries.

 

Rollout of Euro 5 clean diesel & gasoline in Saudi markets done

 

 

The Ministry of Energy completed the rollout of clean diesel and gasoline (Euro 5), replacing the older fuel options in the market.

 

Transfer of 8% of Aramco shares to PIF-owned entities

 

 

The Crown Prince announced the transfer of 8% of Saudi Aramco’s shares from state ownership to PIF-owned entities.

 

Construction of Ceer’s EV plant begins

 

 

Ceer announced the start of construction of its EV manufacturing complex in KAEC, valued at nearly SAR 5 billion.

 

PIF launches Neo Space Group

 

 

PIF launched Neo Space Group (NSG), a company focused on satellite and space services.

 

Saudi Aramco announces secondary public offering of 1.54 bln shares

 

 

Saudi Aramco announced a secondary public offering of 1.54 billion shares, representing 0.64% of its issued shares.

 

Launch of Geographical Survey Project for Renewable Energy in Saudi Arabia

 

 

Ministry of Energy launched the Geographical Survey Project for Renewable Energy, with 1,200 stations monitoring solar and wind energy across the Kingdom.

 

Launch of phase 1 of Riyadh Parking Project

 

 

Riyadh Municipality launched the first phase of the Riyadh Parking Project, creating over 24,000 public parking spaces and managing more than 140,000 residential parking lots.

 

Launch of Boulevard Business Park in Riyadh with over SAR 1 bln investment

 

 

Turki Al Sheikh, Chairman of the General Entertainment Authority (GEA), announced the launch of Boulevard Business Park in Riyadh, with investments exceeding SAR 1 billion.

 

Saudi Arabia rises to fourth in the UN E-Government Development Index

 

 

Saudi Arabia moved up 25 places to rank fourth globally in the UN E-Government Development Index, ranking first in the region and second among G20 countries.

 

Saudi H1 2024 budget: Revenue at SAR 647.03 bln, expenses at SAR 674.75 bln

 

 

Saudi Arabia’s H1 2024 revenue reached SAR 647.03 billion, with expenses at SAR 674.75 billion, resulting in a SAR 27.73 billion deficit.