Sunrise Expected in Saudi Arabia Greater Vision 2030 Plan for Implementation
SaudiPrincehasassured thathis countrywilllose oil exporting dependencysteadilythrough the process of business diversification. Saudi Arab is the powerful oil rich country which is also a topper in GCC community. It has large share in OPEC. So, Riyadh is a key player as an oil exporter. However, recent downturn in the oil industry forces Saudi Arab to find alternative routes for energizing economic structure of the country. Salman’s 2030 vision plan is a first step to the economic development getting out of the oil exporting business.
By 2030 Saudi Arab will have massive success story with a fast escalation of revenues in non-crude oil industry. It will be a great transition period for Riyadh to outperform global big bosses in corporate sectors.
New Impetus to Implement 2030 Vision
Mohammed bin Salman has impetus with optimism about his futuristic vision 2030. He has stated dynamically thatGulf nations mustemulateobjectives of Vision 2030 to become less oil exporting dependantwith a compactbusiness diversification plan to go for theall round development. 2030 vision has the new economic reform package for people in Saudi Arab. He revealed that Riyadh kingdom will collect fund by restructuring and selling state owned assets to reinvest in other non-oil sectors.
For instance, Prince Salman emphatically prioritizes the tourism industry which will be a massive foreign revenue spinning machine by 2030.
He wants to deplete the oil addiction and instead there will be better options to make the investment in commercial world. Saudi Arabia is rich in cultural heritage with one being, prosperous Jewish settlement, comprised of magnificent buildings and plenty of wells and other sources of water. In the 7th century BC, Tayma in Saudi Arabia had been a very prominent place and we have its name mentioned in the Old Testament in the book of Jeremiah.
Pilgrims number will increase from 8 Million to 30 Million a year, which is a blessing for many people will not have to wait for their turn to visit for religious reasons.
Compact Economic, Social and Educational Reform in Vision 2030- Assessment
Vision 2030 will enable Riyadh to garner 600 billion riyals or $1260 billion by 2020 from non-oil based organizations.
One trillion riyals in the form of around $267 billion will be raised by upcoming 2030. In this connection, energetic prince has appealed that young educated class should be proactive to join his much brighter social reform campaign.
His vision 2030 must be unique and competitive to start a new epoch of technological advancement, innovation, advanced economic and social reforms. The country will have solid infrastructure to expand the business. There will be cost effective, and less rigid free trading packages for real investors.
GCC countries will be integrated to form a long lasting powerful Gulf entrepreneurial consortium.
Sale of fraction of Saudi Aramco
King Salman will restructure the PIF or public investment fund. Therefore, few shares of Aramco will be sold for fund raising to continue uninterrupted development.
About 2 trillion dollars will be gathered through the sale of shares of Aramco Company. Besides, prince reminds his neighbors of Saudi Arab about the stored security bonds, and financial assets in America.
Other financial assets will be piled up to add another trillion to the total $2 trillion package to boost up the economy.
Fund raised by the government will be allotted in various non-oil sectors covering energy, biodegradable gasoline, tourism and other profitable areas.
Foreign Direct Investment
The policiesabout FDI or foreign direct investment will beupgraded toadminister boosterstointernationalfinancers totry theirbestinbeginning newventures in thisGCC nation. Through the privatization of Aramco, the government will have adequate fund to reconstruct non-oil based companies. It is expected FDI to grow to 5.7% of GDP to current 3.8% almost 2% increase by 2030.
The sale of portions of Aramco will bring chunk of currencies for the growth of biodegradable energy recycling, and tourism.
The oil dependency will be slowly tackled by opening other routes for expanding business. This diversification will be strong to make Saudi Arab much self reliant with financial resilience.
Modern and forward Thinking
Vision 2030 will be achieved by Saudi Arab overtaking obstacles. The reform will also be brought in education, sports and technology. People should not be restricted to religious rites and preaching. They should be modern with innovative concepts.
Schools, colleges andtrainingcenters inthe country will undergo achangeforinnovation, developmentandmore competitivenesstocope with theWestern countries.
In tourism industry, more opulent multistoried infrastructures will be constructed to entice foreign tourists. The flow of international visitors to Riyadh must significantly escalate. The GDP growth rate will overwhelmingly accelerate comparing to previous decades.
Mining and renewable energy
Their is going to be focus on mining and renewable energy increase to $25.9 Billion and 9.5 GW respectfully. The plan includes local manufacturing. This initiative alone with create 90,000 jobs by 2020. Overall employment from all initiative will bring unemployment rate down to7% from 11%.
More Freedom for Women to Be Self-employed
Vision 2030 is also giving a new horizon to women to prove their talent. They must be trained to work competently with men. They should have liberty to take decision. They must have good sportiveness and enthusiasm to hold Riyadh in high stature with honor and high esteem. Participation of women in industry, sports, culture and social events should be enhanced. Vision 2030 doesn’t suppress the young generation. There will be new opening for them to create another mini world removing gender inequality, racial profiling, and subversion. The sunrise in Saudi Arab will take place to enlighten the Islamic society for greater achievement. They will be good orators, scientists, researchers, social reformers, and marketing executives with razor sharp leadership expertise.
Green Cards for Expariates
Government plans to start issuing green cards for expatiates so that they can live and work in the country longer.
State Subsidies will be closely monitored for more needy and desiring citizens than the rich. This includes housing subsidies.
Finally there will be new transformation in the economy of Saudi Arab. Instead ofgivingpriority to the power centralizationto controlcommercialorganizations , prince is desirousof privatizingthe businessempowering youths, and educated women tobecomecorporate bosses to giveemployment/jobs to others. In this way, the unemployment will be minimized to zero. Therecession inupstreamanddownstream of oil industryhelped Salman to have new inspiration withhigher ambition todothe workout on Vision2030 projectto add million horsepower to economyof Saudi Arab.