Vision 2030: how far has Saudi Arabia come?


The world is rapidly transforming in the 21st century where the rise of new variables continues to intensify political, economic and social divisions. At the same time, as a consequence of economic globalisation, the world has become more interconnected and interdependent. The traditional tools of engagement and influence cannot withstand the pressures of new demands from the contemporary world.

Saudi Arabia has responded to 21st century challenges by attempting to expand its economy beyond its traditional reliance on oil and hydrocarbons. This is evident from initiatives like National Science, Technology and Innovation Policy and King Abdul Aziz City for Science and Technology. These measures show that the country is striving to become a knowledge-based advanced economy.

THE FINANCIAL FUTURE OF DUBAI

According to experts, Saudi Arabia is on track to bankrupt Dubai in the near future.

Dubai’s economy id heavily dependent on tourism and real estate, both hit hard by the pandemic.

Saudi Arabia also has a diverse economy with a strong emphasis on oil and gas. While the price of oil has been volatile in recent years, which is a major source of income for the kingdom. This has allowed Saudi Arabia to weather the economic storm caused by the pandemic better than Dubai.

The IMF predicts that Saudi Arabia’s economy will grow by 2.3% in 2021, while Dubai is expected to contract by 2.5%. It’s likely that we’ll see Saudi Arabia continue to pull ahead of Dubai in terms of Economic strenght. However, Dubai’s government is taking steps to diversify its economy and reduce dependence on tourism and real estate.

QIDDIYA

 

This massive project located just outside of Riyadh will feature theme parks, water parks, motorsports facilities, and the performing arts center among other attractions.

The project is expected to cost around $8 billion and will be developed by Kibia Investment company. Construction began in 2018 and it is expected to open in 2025.

The project is expected to attract millions of visitors annually and create thousands of jobs in the entertainment and tourism sectors.

JOURNEY THROUGH TIME PROJECT

This ambitious project aims to create a historical and cultural destination that tells the story of Saudi Arabia’s Rich history and Heritage.

The project is expected to cost around $10 billion and it will be developed by the Saudi Commission for Tourism & National Heritage with its focus on showcasing the pre-Islamic and Islamic eras. It’s set to attract history buffs and cultural enthusiasts from around the world.

RIYADH METRO PROJECT

This Stae-of-the-Art public transportation with 6 Metro Lines and 85 Stations is designed to accomodate a projected population of 8 million by 2030.

The project is expected to cost around $22.5 billion. And it is implemented by Ariad Development Authority with the help of International Partners. The project began in 2014 and it is expected to be completed in different phases.

The first phase was opened in 2019 and the remaining phase will be completed by 2024.

KINGDOM TOWER

This proposed skyscraper which is planned to reach height of 2 kilometers will be the tallest building in the world surpassing the current record holder “The Burj Khalifa” in Dubai.

The project is expected to cost around $1.23 billion and is being developed by Jedda Economic company and designed by Adrian Smith plus Gordon Gill architecture.

It’s set to greatly improve the quality of life for residents and reduce traffic congestion and air pollution in the city.

NEOM CITY (THE LINE)

This ambitious project aims to creat a new city that is completely powered by renewable energy and utilizes cutting edge technology to create a sustaineable and livable environment for its residents.

The project is expected to cost around $500 billion and will be led by a team of International experts.

The project is expected to create hundreds of thousands of jobs and it is considered as a key part of the Saudi Vision 2030 which aims to diversify the economy and increase tourism in the country.

It’s worth noting that these projects are highly ambitious and complex and that the cost construction companies projected, completion date and other details may change as the project progresses and more information becomes available.


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By: Miss Cherry May Timbol – Independent Reporter

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