Saudi Vision 2030

Saudi Arabia Vision 2030 is a plan to reduce the country’s dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation and tourism. In an exclusive interview with Samir Assaf, CEO of HSBC Global Banking and Markets, he explains why Vision 2030 is such an important opportunity, both for Saudi Arabia and the international financial community.

Saudi Arabia is ranked 30th by World Economic Forum and ranked 3rd Regionally in World Bank in Doing Business Report. It has a vision to be 15th largest economy in the world by 2030.The kingdom has announced massive budgets, largest in its history in terms of spending on Infrastructure & Transportation to develop roads, ports, railways, airports, housing, communications, information technology, postal services and its industrial cities.

It is an excellent opportunity for the country to position itself as the carrefour for global trade routes. The geographic situation is perfect and the rebalancing is happening. The diversification of trade will be matched by the diversification of capital and Saudi Arabia is already and will continue to be a major exporter of capital, as demonstrated by strategies outlined by the Public Investment Fund, but Vision 2030 will also allow it to become a major importer of capital. Efforts are now also focused on improving the legal system and streamlining business licensing and regulations. Public procurement law is being updated and it also recently approved privatization/PPP program.Country has made it easier to pay taxes by improving its online platforms used by taxpayers. Mega infrastructure projects like NEOM and Grand holy mosque expansion has aleady gathered global view and interest.