Saudi economy heading for new stage to cope with global changes

Following Custodian of the Two Holy Mosques King Salman bin Abdulaziz’s announcement of the start of the second phase of the Kingdom’s Vision 2030, experts told Asharq Al-Awsat that the coming period will see great leaps development in all sectors.

Saudi Arabia’s economy has proven its strength during the coronavirus pandemic, which has cast a shadow over all developed countries, experts say.

They noted in this regard that the Kingdom continues to provide initiatives to alleviate the burdens on the national economy and the private sector in particular.

On Wednesday, King Salman inaugurated the work of the second year of the eighth session of the Saudi Shura Council, signaling the start of the second phase of the Saudi Vision 2030, which aims to create a strong and diversified economy in the face of global changes. .

King Salman stressed that the national investment strategy launched by Crown Prince Mohammed bin Salman on October 11 is one of the important tributaries to achieve the goals of the Kingdom Vision. He added that investments exceeding 12 trillion riyals ($3.2 trillion) would be injected into the local economy until 2030.

In this regard, the Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail, said that King Salman’s speech before the Shura Council reflected his concern for the welfare and interests of citizens and residents of the Kingdom. .

Chairman of the General Authority of Civil Aviation, Abdulaziz Al-Duailej, said King Salman’s speech underlined the “determination to realize the interests of citizens and residents, and to enhance security, stability and prosperity in the Kingdom”.

In remarks to Asharq Al-Awsat, economic expert Abdul Rahman Al-Jubeiry said King Salman’s remarks “embodied Saudi Arabia’s central role regionally and internationally in all political, economic and development…”.

Head of the Saudi Center for Governance Nasser Al-Sahli told Asharq Al-Awsat that the Custodian of the Two Holy Mosques announced the completion of the first phase of Vision 2030 and the launch of the next stage to create a diversified and strong national economy. which is in tune with global changes.

The Saudi private sector is experiencing a qualitative leap in terms of regulations and legislation that contribute to investment growth and attract foreign capital, Al-Sahli said, adding that this would have a positive impact on gross domestic product and the realization of the Vision 2030 goals.