93rd National Day: Key milestones since Vision 2030 launch

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Saudi Arabia observes its 93rd 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 Abdul Rahman Al Saud

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

 

King Saud bin Abdulaziz Al Saud

Reign: (Nov. 9, 1953 – Nov. 2, 1964)


 

King Faisal bin Abdulaziz Al Saud

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

 

King Khalid bin Abdulaziz Al Saud

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

 

King Fahd bin Abdulaziz Al Saud

Reign: (June 13, 1982 – Aug. 1, 2005)

 

King Abdullah bin Abdulaziz Al Saud

Reign: (Aug. 1, 2005 – Jan. 23, 2015)

 

King Salman bin Abdulaziz Al Saud

Reign: (Jan. 23, 2015 to date)


 

The 93rd National Day is commemorated under the slogan ““We Dream and We Achieve”, which is 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, foremost of which are the Red Sea Project, NEOM and 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 Addir’iyah Development Program, the establishment of Riyadh Air, etc.

 

 

The colors are inspired by the natural beauty of the dreamers landscapes and skies. The Kingodm’s landscapes and diversity result in stunning, breathtaking colors that reach across the skies, fulfilling the dreams of dreamers. During the day, the sun lights the way to success, while at night, the moonlight and stars portray a beautiful scene.

 

 

The identity projects comprise the Cube Project, Electric Cars (CEER) Project, the Kingdom’s Astronaut Program, Sports Boulevard Project, King Salman Park Project, Sindalah, The Line, Diriyah Gate Project and AlAUla Development Project.

 

As the nation commemorates its 93rd 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 and diversify its economic base in terms of production and income sources.
 

Here’re 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 1.33 million by 2021. The program targets enabling 180,000 new households in 2022 and providing more than 100,000 subsidized home loans.

 

The Kingdom targets to increase home ownership percentage to 70% by 2030.

 

The Saudi home ownership percentage reached nearly 61% in 2022.

 

- Qiddiya project
 

 

In April 2017, the Crown Prince launched the Kingdom’s largest qualitative cultural, sports and entertainment city project in the Qiddiya area, 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 aims to change the concept of entertainment in the Kingdom and take advantage of the promising opportunities offered by the local market.

 

- Launch of National Renewable Energy Program (NREP)

 

NREP was launched in April 2017, as a strategic initiative under Vision 2030. It aims to increase Saudi Arabia's renewable energy production to the maximum. The investments in the program's projects are expected to reach approximately SAR 60 billion.

 

- The Red Sea Project

 

In August 2017, the Crown Prince launched a global tourism project “Red Sea” in the Kingdom. With the completion of the project, 22 out of more than 90 islands will be developed, and more than 70,000 job opportunities will be created. The project will accelerate the economic diversification in the Kingdom, through the attraction of nearly one million investors annually. Thus, it contributes SAR 22 billion to the Kingdom’s GDP.

 

In July 2023, the company installed more than 750,000 solar panels in five solar energy plants, which are designed to operate Phase I of the Red Sea Destination.

 

- NEOM

 

 

In October 2017, the Crown Prince announced the launch of the NEOM project. It is supported by more than $500 billion by the Saudi government and the PIF, in addition to local and international investors.

 

- Amaala Project

 

 

The Amaala project was launched in September 2018 as a luxury tourist destination on the Red Sea coast. The Crown Prince will undertake the initial financing and development of the project, to become a distinguished tourist destination within Prince Mohammed bin Salman Natural Reserve in the northwest of the Kingdom. The project is expected to be completed by 2028.

 

Upon completion, 22 out of 90 islands will be developed and more than 70,000 job opportunities will be provided. This will contribute to the Kingdom’s economic diversification by attracting about one million tourists annually and contributing SAR 22 billion to total GDP.

 

- King Salman Park

 

 

King Salman launched in March 2019 four major qualitative projects in Riyadh, at a total cost of SAR 86 billion, namely King Salman Park Project, Green Riyadh Project, Sports Boulevard and Riyadh Art.

 

King Salman Park is the largest park in the world, with an area of more than 13.4 square kilometers. Located at King Salman Air Base, the park is an environmental, recreational, cultural and investment project. It includes gardens, green areas and open squares over an area of more than 9.3 million square meters (sqm).

 

The park contains residential, office, commercial and hotel facilities. It has residential building complexes comprising 12,000 different housing units, 16 hotels consisting of 2,300 units, as well as commercial spaces for restaurants, cafes and retail sector over an area of more than 500,000 sqm. This also includes office building complexes over an area of 600,000 sqm.

 

- Sports Boulevard

 

The Sports Boulevard is one of Riyadh’s four ambitious projects launched by King Salman bin Abdulaziz Al Saud in March 2019.

 

Sports Boulevard, a 135-kilometre-long project, links the west and east of Riyadh, to encourage and motivate residents to exercise and follow healthy movement patterns.

 

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

 

- Green Riyadh


 

Green Riyadh aims to reduce temperatures, save energy, improve air quality, achieve economic benefits and improve the quality of life, through planting more than 7.5 million trees throughout Riyadh.

 

It seeks to plant 7.5 million trees in Riyadh and increase green coverage to 9.1%, raising the per capita green area from 1.7 square meters to 28 square meters. Green Riyadh contributes to the objectives of the Saudi Vision 2030 reform plan and the Saudi Green Initiative to plant 10 billion trees across Saudi Arabia.

 

- Riyadh Art

 

Riyadh Art aims to transform Riyadh into an open art museum through the implementation of more than 1,000 works and art masters.

 

- Diriyah Gate

 

 

In November 2019, King Salman attended the foundation stone laying ceremony for the SAR 64 billion-Diriyah Gate project, which is set to become a global tourist destination. The project spans seven square kilometers, with four squares, an amphitheater open for gathering and exploration, as well as six museums and arts district. Diriyah Gate will be home to four squares and six museums.

 

- King Abdulaziz International Airport in Jeddah

 

 

King Salman inaugurated, in September 2019, the new King Abdulaziz International Airport in Jeddah "Terminal No. 1", over an area of 105 square kilometers, to be built in three phases.

 

The first phase aims to accommodate 30 million passengers annually, while the second is to accommodate around 50 million passengers annually by 2025. As for the last phase, it aims to accommodate 80 million passengers annually by 2035.

 

- The Line

 

 

In January 2021, Crown Prince launched The Line, the innovative city of a million residents, in NEOM mega city, with the cost of the project infrastructure ranging between $100-200 billion.

 

- Crown Prince announces huge investment opportunities across the Kingdom

 

In January 2021, Crown Prince announced abundant investment opportunities at a total value of $6 trillion over the next 10 years, including $3 trillion worth of investments in new projects. This is in line with Saudi Vision 2030, unlocking the Kingdom’s untapped potential and introducing new and promising growth sectors.

 

- Approval of PIF’s five-year roadmap strategy

 

 

The sovereign wealth fund’s board of directors, chaired by Crown Prince, approved the fund’s 2021-2025 strategy.

 

- Crown Prince launches Coral Bloom Project

 

 

In February, the Crown Prince launched designs of the luxury Red Sea project, “Coral Bloom.”

 

The Red Sea Global, chaired by the Crown Prince, will develop the main hub island at the destination, Shurayrah, and its 11 resorts, referred to as "Coral Bloom."

 

- Crown Prince launches Soudah Development

 

Crown Prince announced the launch of Soudah Development Co. (SDC) in the Asir region to lead the development of a luxury mountain destination and will infuse $3 billion (SAR 11 billion) into infrastructure and tourism projects.

 

- Announcing Riyadh Comprehensive Strategic Plan

 

In January 2021, Crown Prince stated that Riyadh comprehensive strategic plans will be issued soon, adding that strategies for Makkah, Eastern Province, Asir and other regions will be mapped out.

 

Saudi Arabia seeks to render Riyadh as one of the world’s largest economies, he indicated, highlighting that Riyadh will embrace the world’s biggest industrial city. Riyadh aims to rank among the top 10 cities’ economies worldwide.

 

- Launching Middle East Green Initiative and Saudi Green Initiative

 

Crown Prince said that these two initiatives will be launched soon and will enable the region to help protect the planet by clearly defining an ambitious road map that significantly contributes to achieving global targets.

 

- Saudi Arabia launches ‘Shaheen Sat’

 

In March 2021, King Abdulaziz City for Science and Technology (KACST) announced the launch of the "Shaheen Sat" satellite successfully from Baikonur base in the Republic of Kazakhstan on board Russian rocket "Soyuz 2.” The satellite is dedicated to photographing Earth and tracking ships from low orbits.

 

- Crown Prince launches public-private partnership program ‘Shareek’

In March 2021, Crown Prince launched “Shareek” program that aims to facilitate foreign direct investments (FDIs) through government and private sector collaboration. The program will offer incentives and enable private investment of $1.33 trillion (SAR 5 trillion) by the end of 2030.
 

Shareek announced the first package of projects for eight national companies at a total value of SAR 192.4 billion.
 

- Saudi Arabia launches ‘Journey Through Time’ masterplan


 

In April 2021, Crown Prince announced the “Journey Through Time” masterplan to develop the core historical area of AlUla, a unique cultural landscape located in north-west Arabia. The project comprises three key phases, the first one will likely complete 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 opens Sakaka Solar Power Plant Project

 

 

In April 2021, Crown Prince, who is also 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.

 

- Saudi Arabia launches National Transport and Logistics Strategy

 

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.

 

- Saudi Arabia launches ‘Made in Saudi’ program

 

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

 

- Approaching the launch of Riyadh Metro operation



The Minister of Transport and Logistic Services Saleh Al-Jasser expected the first lines of the Riyadh Metro to be operational by the end of 2022, with the remaining lines to be up and running before the end of next year.

 

Commercial operation of the bus project began at the beginning of September 2021.

 

- 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, one of the programs to achieve the Kingdom's Vision 2030

 

 

Crown Prince, Deputy 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 Kingdom's 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.

 

- Launching Aseer Development Strategy to transform it into a global tourist destination

 

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

 

- Crown Prince launches National Investment Strategy

 

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

 

- Launching THE RIG project, the world's first tourist destination of its kind on offshore platforms



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

 

- Multinational companies relocate their regional headquarters to Riyadh



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

 

- Saudi Arabia submits official bid 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.

 

- 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.

 

- Crown Prince unveils establishment of NEOM’s OXAGON, the world’s largest floating industrial complex

 

 

In November 2021, 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 cft 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 launches Boutique Group to focus on ultra-luxury hotels

 

 

Crown Prince, who is also Deputy Prime Minister, Chairman of the Council of Economic Affairs and Development and Chairman of PIF, 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 a 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 national economy, in line with Vision 2030. It also contributes to supporting the fund’s plans, which aim to raise assets under management (AUMs) to nearly SAR 4 trillion by the end of 2025.

 

- Foundation of TROJENA, a world-class mountain destination in NEOM

 

n 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.

 

- Crown Prince launches strategy of the Custodian of the Two Holy Mosques Scholarship Program

 

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 National Development Fun

 

Crown Prince Mohammed bin Salman, the Chairman of the board of directors of the National Development Fund, launched, on March 14, the National Development Fund strategy.

 

This strategy is aimed to make the fund a pivotal enabler for the economic and social objectives of the Kingdom’s Vision 2030, by working to meet the existing development challenges, in line with the best international practices. In addition, the fund will contribute to the Kingdom's real GDP growth by pumping more than SAR 570 billion by 2030.

 

It also aims to more than triple the share of non-oil GDP to reach SAR 605 billion by 2030, and create many job opportunities in the Kingdom.

 

- Launch of Saudi Coffee Co.

 

PIF launched the Saudi Coffee Co., which will invest about SAR 1.2 billion over 10 years in the coffee sector in the Kingdom.

 

- Establishment of Health Holding Company and organization of National Health Insurance Center

 

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

 

- Crown Prince announces national aspirations and priorities for research, development and innovation in Saudi Arabia for the next two decades

 

Crown Prince Mohammed bin Salman announced the national aspirations and priorities for research, development and innovation in Saudi Arabia for the next two decades, which are based on four main priorities: human health, environmental sustainability and basic needs, leadership in energy and industry, and future economies.

 

- PIF launches an aircraft leasing company

 

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 designs of The Line


 

Crown Prince Mohammed bin Salman, Chairman of the board of directors of NEOM, announced the designs of The Line project, which is centered around the human being, 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, the Crown Prince launched the infrastructure works and master plan for Rua Al Madinah project, which will be built on a total area of 1.5 million square meters, and targets building 47,000 hospitality units by 2030.

 

- Crown Prince launches National Strategy for Games and E-Sports

 

The Crown Prince launched earlier this month the National Strategy for Games and E-Sports, to make the Kingdom a global hub in this sector by 2030. This will contribute to achieving the goals of Vision 2030 in diversifying the economy, providing job opportunities in various sectors, and providing high-level entertainment for citizens, residents and visitors alike.

 

- Launch of National Real Estate Registration Services Co.

 

The Public Investment Fund launched, in September, 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 units information, and to provide real estate registration services, in accordance with the best practices in this sector.

 

Launch of Downtown Saudi

 

 

Crown Prince Mohammed bin Salman, Chairman of the Public Investment Fund (PIF), announced the launch of Saudi Downtown Company (SDC), which aims to build and develop downtown areas and mixed-use destinations in 12 cities throughout Saudi Arabia.

 

-Launch of National Industrial Strategy

 

 

Crown Prince Mohammed bin Salman launched today, Oct. 18, the National Industrial Strategy, after it was approved by the Saudi Cabinet.

 

-Launch of Global Supply Chain Resilience Initiative

 

 

Crown Prince Mohammed bin Salman launched today, Oct. 23, the Global Supply Chain Resilience Initiative (GSCRI).

 

- Launch of Halal Products Development Company

 

 

The Public Investment Fund (PIF) announced today, Oct. 24 the launch of the Halal Products Development Co. (HPDC), which will invest in localizing the Halal production industry in the Kingdom.

 

-PIF to establish five regional investment firms

 

 

Crown Prince Mohammed bin Salman announced today, Oct. 26 that the PIF will establish five regional firms to invest in Jordan, Bahrain, Sudan, Iraq and Oman.

 

-PIF launches Local Content Growth Program

 

 

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.

 

-Launch of Ceer as first Saudi EV brand

 

 

Crown Prince Mohammed bin Salman announced the launch of Ceer, the first Saudi electric vehicle (EV) brand.

 

 

- Crown Prince approves development of Darin and Tarout Island

 

 

The Crown Prince approved the development of Darin and 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 the Kingdom

 

Minister of Energy Prince Abdulaziz bin Salman said Saudi Arabian Oil Co. (Saudi Aramco) discovered several natural gas fields in the Central Region, Empty Quarter, Northern border region and Eastern region.

 

- Launch of the second edition of Tawteen Program


 

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

 

- Launch of Aseer Investment Company

 

 

The Public Investment Fund (PIF) announced the establishment of Aseer Investment Company (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.

 

- Development of Sindalah Island

 

The Crown Prince announced the development of Sindalah, the first luxury island destination in NEOM, Argaam reported.

 

- 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.

 

- Crown Prince announces Diriyah as PIF’s fifth giga-project

 

 

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

 

- Launch of Events Investment Fund with SAR 14 bln capital

 

The Crown Prince launched the Events Investment Fund (EIF) with SAR 14 billion in capital to develop sustainable infrastructure for the culture, tourism, entertainment and sports sectors.

 

- Launch of new Companies Law

 

The new Companies Law and its implementing regulations come into force as of Jan. 19, which allows the companies' stock split.

 

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

 

 

Majed Al Hogail, Minister of Municipal and Rural Affairs and Housing, said the Crown Prince ordered granting the residential sector 100 million square meters (sqm) of land in Riyadh and other cities, where land and real estate prices are rising.

 

- PIF to invest SAR 5 bln in four national companies in construction sector

 

The PIF announced an investment SAR 5 billion by way of subscribing to new shares as part of the capital increases representing significant minority stakes, 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 Company to develop world’s largest modern downtown in Riyadh

 

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

 

- Unemployment rate among Saudis falls to all-time low at 8%

 

The unemployment rate among Saudis dropped to the lowest ever level, based on the data available since 1991. It fell to 8% in the fourth quarter 2022, from 9.9% in the previous quarter.

 

- Launch of four special economic zones for investors

 

The Crown Prince launched four special economic zones (SEZs) in Riyadh, Jazan, Ras Al-Khair, and King Abdullah Economic City (KAEC). The new zones aim to open new horizons for investors from all over the world, based on the competitive advantages of every region to support vital and promising sectors, including logistics, industrial, technological and other priority sectors.

 

- Launch of Sports Clubs Investment and Privatization project

 

The Crown Prince launched the investment and privatization project for sports clubs upon completing the implementing procedures of the first stage.

 

- Launch of KAUST new strategy

 

The Crown Prince launched the new strategy of King Abdullah University of Science and Technology (KAUST). The strategy includes the creation of a fund with a budget estimated at SAR 750 million, to deliver unmet investment in local and international firms specializing in high technology.

 

- Launch of masterplan for logistics centers to turn Saudi Arabia into global hub

 

 

The Crown Prince unveiled the masterplan of logistics centers, which aims to develop the infrastructure of the logistics sector, diversify the local economy, and strengthen the Kingdom’s position as a leading investment destination and a global logistics hub.

 

- Establishment of global water organization in Riyadh

 

The Crown Prince announced that Saudi Arabia established a global water organization headquartered in Riyadh. The organization aims to enhance and integrate the efforts of nations and entities in addressing water challenges sustainably.

 

- Saudi Arabia's H1 revenue hits SAR 595.8 bln with SAR 603.9 bln expenditure

 

Saudi Arabia reported revenue of SAR 314.82 billion and expenditure of SAR 320.09 billion in Q2 2023, with a deficit of around SAR 5.27 billion.