The Saudi Vision 2030 initiative

The Saudi Vision 2030 initiative, first unveiled in 2016 represents Saudi Arabia's commitment to the diversification of its economy.

Several proposed multi-trillion-dollar projects are under development, redefining the country as a tourism haven. 

Vision 2030 sets out its targets for planned diversification and to improve its competitiveness. The three key themes are:

• To create a vibrant society
• To build a thriving economy
• To become an ambitious nation

The strategic framework aims to reduce Saudi’s dependence on oil and to develop key public sector services. This includes health, education, infrastructure, and tourism.

Several projects have been launched as part of Saudi Vision 2030, including The Red Sea Project, AlUla Vision, Neom, Mall of Saudi and the Renewable Energy Project.

The multi-trillion-dollar project allows for businesses from all sectors to invest and stand out on the world stage, with hundreds of investors worldwide currently flocking to Saudi Arabia. 

The value of the Vision 2030 initiative is estimated to be around $1 trillion U.S. dollars. 

Saudi Arabia's Public Investment Fund is valued at $700bn, whilst its tourism drive is valued at $800bn.