Saudi Arabia's Vision 2030: The Ambitious Project That Will Transform The Kingdom (image/vision2030.gov.sa)
When you think of Saudi Arabia, you think of oil. After all, the Kingdom is known for being the world’s top oil exporter. However, under Crown Prince Mohammed bin Salman, Saudi Arabia is undergoing a transformative journey in regards to its tourism sector. Launched in 2016, the Kingdom aims to diversify its economy away from oil and towards developing its tourism and industry to expand the private sector, and create more jobs through a plan called ‘Vision 2030.’
Having achieved the sweet milestone of 100 million tourists ahead of schedule, the Kingdom has set a new record for itself: 150 million tourists by the year 2030. The tourism revenue hit $36 billion last year, with net tourism income witnessing a sharp hike of 38 percent.
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According to a report published by the International Monetary Fund (IMF) this year, the sector’s direct and indirect contribution to GDP touched 11.5 percent in 2023. The Kingdom expects the number to rise to 16 percent by 2034.
The report attributes the surge in numbers to a variety of reasons, such as increasing domestic demand and rising international tourists. International events such as Formula One, the 2027 Asian Cup, and the 2030 World Expo are also expected to keep the numbers up in the coming years.
Recently, the Finance Minister of Saudi Arabia, Mohammed Al Jadaan, said that the Kingdom will adjust its Vision 2030 plan and scale back some projects while accelerating others. To reach 150 million tourists by 2030, the Vision needs to tackle the challenge of infrastructure expansion.
But What Are The Projects Under Vision 2030?
Launched in 2017, NEOM is an urban area being built in the Tabuk Province, at the tip of the Red Sea. Described as a hub for innovation and vision for the future, Neom comprises multiple regions, including a floating industrial complex (Oxagon), a year-round mountain destination (Trojena), tourist resorts and islands, and a linear city (The Line), among others. Powered by clean energy, the NEOM project is expected to finish by 2039.
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With a series of tourism projects and energy and sustainability plants also lined up, Saudi Arabia’s Vision 2030 is an ambitious and futuristic project.
