Saudi Arabia observes its 92nd National Day on the first day of the Libra sign, which falls on Sept. 23 every year. The occasion commemorates the unification of the Kingdom on Sept. 23, 1932, under the leadership of the founder, King Abdulaziz bin Abdul Rahman Al Saud.
King Abdulaziz bin Abdul Rahman Al Saud
Reign: (Sept. 23, 1932 – Nov. 9, 1953)
King Saud bin Abdulaziz Al Saud
Reign: (Nov. 9, 1953 – Nov. 2, 1964)
King Faisal bin Abdulaziz Al Saud
Reign: (Nov. 2, 1964 – March 25, 1975)
King Khalid bin Abdulaziz Al Saud
Reign: (March 25, 1975 – June 13, 1982)
King Fahd bin Abdulaziz Al Saud
Reign: (June 13, 1982 – Aug. 1, 2005)
King Abdullah bin Abdulaziz Al Saud
Reign: (Aug. 1, 2005 – Jan. 23, 2015)
King Salman bin Abdulaziz Al Saud
Reign: (Jan. 23, 2015 to date)
Saudi Arabia’s new identity for the Kingdom’s 92nd National Day was launched under the slogan “This is Our Home” for the second straight year. The identity of the Saudi National Day was mainly inspired by the culture of “humanization” that is clearly reflected in the mega projects that the Kingdom has bet on in its ambitious Vision 2030, foremost of which are the Red Sea Project, NEOM and The Line, Amaala and TROJENA, in addition to the Green Saudi Initiative, the Riyadh Metro, the National Renewable Energy Project, Qiddiya, the ShaheenSat satellite, and the Historic Addir’iyah Development Program.
The verbal slogan of the National Day Identity is “Hia Lana Dar” (It is our home), which reflects sincere and deep connotations and touches the conscience of Saudis who describe the Kingdom as “Dar (home)” in many popular songs and poems.
On the occasion of the 92nd National Day, Argaam, in this report, provides the latest developments witnessed by the Kingdom through the giga projects undertaken in different sectors. These projects aim to boost economic growth, raise the standard of living, achieve balanced development across the Kingdom’s regions, develop human resources, and diversify the state’s economic base in terms of production and income sources, as well as support for the private sector.
On April 25, 2016, the Saudi Cabinet, headed by King Salman, approved Vision 2030, which was presented by the Council of Economic and Development Affairs.
At that time, King Salman said: “My primary goal is to be an exemplary and leading nation in all aspects, and I will work with you in achieving this endeavour."
Crown Prince Mohammed bin Salman revealed the key features of the Kingdom’s Vision 2030, which included several plans and objectives, such as building a diversified solid economy away from oil, promoting various sectors, transforming the Public Investment Fund (PIF) to an investment institution with SAR 7 trillion assets, and transforming Aramco from an oil producer to an industrial giant that operates across the globe.
The Vision is based on three pillars to execute sustainable development programs and a more robust economy. Several action plans were designed to turn the Vision 2030 into reality, such as the National Transformation Program (NTP), the PIF Program, the Housing Program, the Pilgrim Experience Program, the Fiscal Sustainability Program, the Financial Sector Development Program (FSDP), the Human Capability Development Program, the Heath Sector Transformation Program, the Privatization Program and the National Industrial Development and Logistics Program (NIDLP).
Major Breakthroughs since Vision 2030 Rollout:
- The PIF’s assets under management (AUMs) rose nearly three times from SAR 570 billion by the end of 2015 to about SAR 1.5 trillion by the end of 2020.
- The Kingdom launched mega projects, such as NEOM, Qiddiya, The Red Sea and ROSHN Co.
- More than 30 firms were founded in over 10 sectors locally, such as entertainment, tourism, military industries, renewable energy and refinancing.
- Saudi Aramco went public. In 2019, shares amounting to 1.5% of Aramco's value began trading on the Saudi market.
- Home ownership percentage among Saudis increased from 47% in 2016 to 60% in 2020, beating the target by 8%.
- The Kingdom established the OPEC+ group.
- Saudi Arabia launched an anticorruption campaign, recouping SAR 247 billion in the last three years, or 20% of total non-oil revenue.
Saudi Arabia also launched the PIF Strategy 2021-2025, and transferred 4% of Saudi Aramco’s shares to the sovereign wealth fund. Boutique Group was launched to develop historical palaces into luxury boutique hotels, and TROJENA. Moreover, the strategies of the National Development Fund (NDF) and the Saudi King's Scholarship Program.
Here’re the major developments witnessed by Saudi Arabia since Vision 2030 rollout:
- Saudi Cabinet greenlit NTP 2020
In June 2016, the Saudi Cabinet greenlit the NTP 2020. Among its major goals is to generate 450,000 jobs, accelerate privatization and reduce government spending on initiatives by 40%. It also aims to maximize local content through investing over SAR 270 billion in localization.
- Launch of Sakani Program
The program’s first phase started in January 2017. The total number of beneficiary households reached 1.33 million by 2021. The program targets enabling 180,000 new households in 2022 and providing more than 100,000 subsidized home loans.
The Kingdom targets to increase home ownership percentage to 70% by 2030.
- Qiddiya project
In April 2017, the Crown Prince launched the Kingdom’s largest qualitative cultural, sports and entertainment city project in the Qiddiya area, southwest of Riyadh. This first-of-its- kind city spans 334 square kilometers. The project aims to make Qiddiya an entertainment destination and a complex of activities, discovery and participation in the Kingdom. It also aims to change the concept of entertainment in the Kingdom and take advantage of the promising opportunities offered by the local market.
- Launch of National Renewable Energy Program (NREP)
NREP was launched in April 2017, as a strategic initiative under Vision 2030. It aims to increase Saudi Arabia's renewable energy production to the maximum. The investments in the program's projects are expected to reach approximately SAR 60 billion.
- The Red Sea Project
In August 2017, the Crown Prince launched a global tourism project “Red Sea” in the Kingdom. With the completion of the project, 22 out of more than 90 islands will be developed, and more than 70,000 job opportunities will be created. The project will accelerate the economic diversification in the Kingdom, through the attraction of nearly one million investors annually. Thus, it contributes SAR 22 billion to the Kingdom’s GDP.
- NEOM
In October 2017, the Crown Prince announced the launch of the NEOM project. It is supported by more than $500 billion by the Saudi government and the PIF, in addition to local and international investors.
- Amaala Project
The Amaala project was launched in September 2018 as a luxury tourist destination on the Red Sea coast. The Crown Prince will undertake the initial financing and development of the project, to become a distinguished tourist destination within Prince Mohammed bin Salman Natural Reserve in the northwest of the Kingdom. The project is expected to be completed by 2028.
- King Salman Park
King Salman launched in March 2019 four major qualitative projects in Riyadh, at a total cost of SAR 86 billion, namely King Salman Park Project, Green Riyadh Project, Sports Boulevard and Riyadh Art.
King Salman Park is the largest park in the world, with an area of more than 13.4 square kilometers. Located at King Salman Air Base, the park is an environmental, recreational, cultural and investment project. It includes gardens, green areas and open squares over an area of more than 9.3 million square meters (sqm).
The park contains residential, office, commercial and hotel facilities. It has residential building complexes comprising 12,000 different housing units, 16 hotels consisting of 2,300 units, as well as commercial spaces for restaurants, cafes and retail sector over an area of more than 500,000 sqm. This also includes office building complexes over an area of 600,000 sqm.
- Sports Boulevard
Sports Boulevard, a 135-kilometre-long project, links the west and east of Riyadh, to encourage and motivate residents to exercise and follow healthy movement patterns.
- Green Riyadh
Green Riyadh aims to reduce temperatures, save energy, improve air quality, achieve economic benefits and improve the quality of life, through planting more than 7.5 million trees throughout Riyadh.
- Riyadh Art
Riyadh Art aims to transform Riyadh into an open art museum through the implementation of more than 1,000 works and art masters.
- Diriyah Gate
In November 2019, King Salman attended the foundation stone laying ceremony for the SAR 64 billion-Diriyah Gate project, which is set to become a global tourist destination. The project spans seven square kilometers, with four squares, an amphitheater open for gathering and exploration, as well as six museums and arts district.
- King Abdulaziz International Airport in Jeddah
King Salman inaugurated, in September 2019, the new King Abdulaziz International Airport in Jeddah "Terminal No. 1", over an area of 105 square kilometers, to be built in three phases.
The first phase aims to accommodate 30 million passengers annually, while the second is to accommodate around 50 million passengers annually by 2025. As for the last phase, it aims to accommodate 80 million passengers annually by 2035.
- The Line
In January 2021, Crown Prince launched The Line, the innovative city of a million residents, in NEOM mega city, with the cost of the project infrastructure ranging between $100-200 billion.
- Crown Prince announces huge investment opportunities across the Kingdom
In January 2021, Crown Prince announced abundant investment opportunities at a total value of $6 trillion over the next 10 years, including $3 trillion worth of investments in new projects. This is in line with Saudi Vision 2030, unlocking the Kingdom’s untapped potential and introducing new and promising growth sectors.
- Approval of PIF’s five-year roadmap strategy
The sovereign wealth fund’s board of directors, chaired by Crown Prince, approved the fund’s 2021-2025 strategy.
- Crown Prince launches Coral Bloom Project
In February, the Crown Prince launched designs of the luxury Red Sea project, “Coral Bloom.”
The Red Sea Development Co. (TRSDC), chaired by the Crown Prince, will develop the main hub island at the destination, Shurayrah, and its 11 resorts, referred to as "Coral Bloom."
- Crown Prince launches Soudah Development
Crown Prince announced the launch of Soudah Development Co. (SDC) in the Asir region to lead the development of a luxury mountain destination and will infuse $3 billion (SAR 11 billion) into infrastructure and tourism projects.
- Announcing Riyadh Comprehensive Strategic Plan
In January 2021, Crown Prince stated that Riyadh comprehensive strategic plans will be issued soon, adding that strategies for Makkah, Eastern Province, Asir and other regions will be mapped out.
Saudi Arabia seeks to render Riyadh as one of the world’s largest economies, he indicated, highlighting that Riyadh will embrace the world’s biggest industrial city.
- Launching Middle East Green Initiative and Saudi Green Initiative
Crown Prince said that these two initiatives will be launched soon and will enable the region to help protect the planet by clearly defining an ambitious road map that significantly contributes to achieving global targets.
- Saudi Arabia launches ‘Shaheen Sat’
In March 2021, King Abdulaziz City for Science and Technology (KACST) announced the launch of the "Shaheen Sat" satellite successfully from Baikonur base in the Republic of Kazakhstan on board Russian rocket "Soyuz 2.”
The satellite is dedicated to photographing Earth and tracking ships from low orbits.
- Crown Prince launches public-private partnership program ‘Shareek’
In March 2021, Crown Prince launched “Shareek” program that aims to facilitate foreign direct investments (FDIs) through government and private sector collaboration. The program will offer incentives and enable private investment of $1.33 trillion (SAR 5 trillion) by the end of 2030.
- Saudi Arabia launches ‘Journey Through Time’ masterplan
In April 2021, Crown Prince announced the “Journey Through Time” masterplan to develop the core historical area of AlUla, a unique cultural landscape located in north-west Arabia. The project comprises three key phases, the first one will likely complete by the end of 2023. Upon finalization in 2035, the development strategy is set to provide 38,000 new job opportunities and will contribute SAR 120 billion to the Kingdom’s GDP.
- Saudi Arabia opens Sakaka Solar Power Plant Project
In April 2021, Crown Prince, who is also Deputy Prime Minister and Chairman of the Supreme Committee for Energy Mix Affairs for Electricity Production and Enabling Renewable Energy Sector, launched Sakaka Solar Power Plant Project and signed seven new project agreements to produce electricity from solar energy across the Kingdom.
- Saudi Arabia launches National Transport and Logistics Strategy
Saudi Arabia’s Crown Prince launched the National Transport and Logistics Strategy, which entails an ambitious package of mega projects, enabling economic and social goals, as well as the adoption of effective governance models to institutionalize efforts in the transport sector. In line with changing the Ministry’s name from the Ministry of Transport to the Ministry of Transport and Logistics Services, the strategy aims to advance the Kingdom’s position to become the fifth global Air Transit Passenger route, increase international destinations to 250 and launch an additional national carrier.
- Saudi Arabia launches ‘Made in Saudi’ program
The Minister of Industry and Mineral Resources, and chairman of the Saudi Export Development Authority (SEDA), Bandar Alkhorayef, announced the launch of “Made in Saudi” program. Coming under the patronage of the Crown Prince, it aims to promote a “culture of loyalty to the national product,” which will contribute to enhancing the localization of industries and fulfilling the self-sufficiency on different levels.
- Approaching the launch of Riyadh Metro operation
The Minister of Transport and Logistic Services Saleh Al-Jasser expected the first lines of the Riyadh Metro to be operational by the end of 2022, with the remaining lines to be up and running before the end of next year.
Commercial operation of the bus project began at the beginning of September 2021.
- Historic Jeddah Revival Project
The Crown Prince launched Historic Jeddah Revival Project as part of the Historic Jeddah Development Program, which aims to develop the living space in the region to be an attractive center for business and cultural projects, and a major destination for aspiring entrepreneurs.
- Crown Prince launches Human Capability Development Program, one of the programs to achieve the Kingdom's Vision 2030
Crown Prince, Deputy Prime Minister and Chairman of the Human Capability Development Program Committee, Prince Mohammed bin Salman, launched the Human Capability Development Program, one of the programs to achieve Saudi Arabia's Vision 2030.
The program’s plan includes 89 initiatives with the aim of achieving 16 strategic goals of the Kingdom's Vision 2030. The program's strategy consists of three main pillars: developing a solid and flexible educational foundation for all, preparing for the future labor market locally and globally, and providing lifelong learning opportunities.
- Launching Aseer Development Strategy to transform it into a global tourist destination
In September 2021, the Crown Prince unveiled a strategy to develop Aseer region into a global tourism destination, under the theme "The Arabian Highland,” through injecting SAR 50 billion in diversified investments.
- Crown Prince launches National Investment Strategy
In October 2021, the Crown Prince launched the National Investment Strategy, which is one of the key promoters to achieve the objectives of the Kingdom's Vision 2030.
- Launching THE RIG project, the world's first tourist destination of its kind on offshore platforms
The PIF launched the new “THE RIG” project, a new tourism project inspired by offshore oil platforms.
- Multinational companies relocate their regional headquarters to Riyadh
On October 27, 2021, the Royal Commission for Riyadh City announced that 44 multinational companies have chosen Riyadh as their regional headquarters. This comes in response to Riyadh's position as the region’s largest city economy.
- Saudi Arabia submits official bid to host Expo 2030 in Riyadh
On October 29, 2021, Saudi Arabia submitted an official bid to the Bureau International des Expositions (BIE) to host Expo 2030, under the theme “The era of change: Leading the planet to a foresighted tomorrow,” from Oct. 1, 2030 to April 1, 2031.
- Granting Saudi citizenship to people with special competencies and specializations
King Salman issued a royal approval on granting Saudi citizenship to a number of individuals with special competencies, rare expertise and specializations.
-Crown Prince unveils establishment of NEOM’s OXAGON, the world’s largest floating industrial complex
In November 2021, Crown Prince, who is also Chairman of NEOM, announced the establishment of NEOM Industrial City (OXAGON), which represents another step in NEOM’s masterplan. It aims to provide a new model for future manufacturing centers, as part of NEOM’s strategy.
“OXAGON will be the catalyst for economic growth and diversity in NEOM and the Kingdom, further meeting our ambitions under Vision 2030,” the Crown Prince said.
- Ministry of Energy launches gas expansion project
Saudi Arabia's Ministry of Energy announced, on Nov. 29, 2021, the commercial feasibility of major unconventional resources in the Kingdom, as well as the launch of Saudi Aramco's program for the expansion of its gas business, expecting the Jafurah field to provide approximately two billion cft of gas per day by 2030.
- Crown Prince launches Jeddah Central masterplan
Crown Prince launched the master plan and main features of Jeddah Central project (formerly, New Jeddah Downtown), at a total investment value of up to SAR 75 billion.
- Crown Prince launches Boutique Group to focus on ultra-luxury hotels
Crown Prince, who is also Deputy Prime Minister, Chairman of the Council of Economic Affairs and Development and Chairman of PIF, launched, on Jan. 20, 2022, Boutique Group, a new hospitality brand that will manage and convert a collection of iconic historic and cultural palaces in Saudi Arabia into ultra-luxury boutique hotels. The company will revive the vibrant heritage and culture of Saudi Arabia to create a new and unique hospitality experience.
- King Salman declares Feb. 22 as official holiday every year to mark 'Founding Day'
King Salman issued, on Jan. 27, 2022, a royal decree, announcing Feb. 22 of every year as an official holiday, on the occasion of celebrating the establishment of Saudi Arabia.
- Transferring 4% of Saudi Aramco shares to PIF
On Feb. 13, 2022, Crown Prince Mohammed bin Salman said 4% of Saudi Aramco’s shares were transferred to PIF.
The transfer is part of the Kingdom’s long-term strategy that aims to support the restructuring of national economy, in line with Vision 2030. It also contributes to supporting the fund’s plans, which aim to raise assets under management (AUMs) to nearly SAR 4 trillion by the end of 2025.
- Foundation of TROJENA, a world-class mountain destination in NEOM
In March 2022, Crown Prince Mohammed bin Salman, the Chairman of the board of directors of NEOM, announced the foundation of TROJENA, the new world-class mountain destination in NEOM. The project will contribute to redefining the concept of global mountain tourism by providing an environment-friendly tourism system in every dimension, in line with the objectives of the Kingdom's Vision 2030 to raise the quality of living and provide a safe and healthy life for all.
- Crown Prince launches strategy of the Custodian of the Two Holy Mosques Scholarship Program
On March 7, 2022, Crown Prince Mohammed bin Salman launched the strategy of the Custodian of the Two Holy Mosques Scholarship Program, which represents a new phase for scholarships that contributes to increasing the competitiveness of citizens by raising the efficiency of human capital in new and promising sectors.
- Crown Prince launches National Development Fund strategy
Crown Prince Mohammed bin Salman, the Chairman of the board of directors of the National Development Fund, launched, on March 14, the National Development Fund strategy.
This strategy is aimed to make the fund a pivotal enabler for the economic and social objectives of the Kingdom’s Vision 2030, by working to meet the existing development challenges, in line with the best international practices. In addition, the fund will contribute to the Kingdom's real GDP growth by pumping more than SAR 570 billion by 2030.
It also aims to more than triple the share of non-oil GDP to reach SAR 605 billion by 2030, and create many job opportunities in the Kingdom.
- Launch of Saudi Coffee Co.
PIF launched the Saudi Coffee Co., which will invest about SAR 1.2 billion over 10 years in the coffee sector in the Kingdom.
- Establishment of Health Holding Company and organization of National Health Insurance Center
The Cabinet approved in June the establishment of Health Holding Company and the organization of the National Health Insurance Center.
Minister of Health, Fahad Al-Jalajel, stated that this step will raise the effectiveness of the performance of the health system, adding that the ministry will be the organizing and supervising entity for public and private health institutions. Moreover, health complexes will provide integrated health care services to beneficiaries in all regions of the Kingdom according to the updated medical care model in its various levels.
- Crown Prince announces national aspirations and priorities for research, development and innovation in Saudi Arabia for the next two decades
Crown Prince Mohammed bin Salman announced the national aspirations and priorities for research, development and innovation in Saudi Arabia for the next two decades, which are based on four main priorities: human health, environmental sustainability and basic needs, leadership in energy and industry, and future economies.
- Transforming 40 colleges into applied colleges that offer diplomas in line with the labor market needs
The University Affairs Council issued a decision in July to transform 40 theoretical colleges in some governorates into applied colleges (health, technical, and engineering) within the first package, bringing the number of applied colleges in the Kingdom to 75. Furthermore, this will rationalize admission to other theoretical academic programs in those colleges, which are incompatible with the map of the labor market needs.
- PIF launches an aircraft leasing company
PIF launched aircraft leasing company AviLease, which will focus on leasing, selling and fleet management services. It will expand its operations by purchasing and leasing aircraft, in addition to executing direct purchase orders from aircraft manufacturers.
- Crown Prince announces the designs of The Line
Crown Prince Mohammed bin Salman, Chairman of the board of directors of NEOM, announced the designs of The Line project, which is centered around the human being, and represents a pioneering global model that achieves sustainability and ideal living in harmony with nature.
- Crown Prince launches infrastructure works and master plan for Rua Al Madinah project
In August, the Crown Prince launched the infrastructure works and master plan for Rua Al Madinah project, which will be built on a total area of 1.5 million square meters, and targets building 47,000 hospitality units by 2030.
- Crown Prince launches National Strategy for Games and E-Sports
The Crown Prince launched earlier this month the National Strategy for Games and E-Sports, to make the Kingdom a global hub in this sector by 2030. This will contribute to achieving the goals of Vision 2030 in diversifying the economy, providing job opportunities in various sectors, and providing high-level entertainment for citizens, residents and visitors alike.
- Launch of National Real Estate Registration Services Co.
The Public Investment Fund launched, in September, the National Real Estate Registration Services Co., which aims to contribute to the regulation and development of the local real estate sector. This will be done through an integrated digital platform, and in cooperation with the Real Estate General Authority and a number of other government agencies, to create a comprehensive registry for real estate units information, and to provide real estate registration services, in accordance with the best practices in this sector.
- Establishment of free markets at air, sea and land ports
In September, the Council of Ministers approved the establishment of free markets - as needed - at air, sea and land ports, and to allow sales in them for travelers coming to and departing from the Kingdom.
- Cabinet passes Tourism Law
Saudi Arabia’s cabinet approved a new tourism law to boost the competitiveness of the tourism sector and improve its regulatory environment.
- Tourist e-Visas allowed for GCC residents, visa holders from US, UK, Schengen countries
The Ministry of Tourism announced new regulations to provide GCC residents with the option to apply for an e-visa online and allows residents of the UK, US and the European Union (EU) to apply for a visa on arrival.
- Kingdom’s actual budget posts surplus of SAR 135.4 bln in H1 2022
Revenue reached SAR 370.4 billion in H1 2022, while expenditures stood at SAR 292.5 billion, showing a surplus of SAR 135.4 billion.
- Saudi Arabia’s growth forecasts raised twice by IMF for 2022
Saudi Arabia was the only G20 member, whose growth forecasts were upgraded twice for 2022 by the International Monetary Fund (IMF).
The Economist Intelligence said, in a report, that Saudi Arabia is set to be the world’s fastest-growing major economy in 2022, expecting real GDP growth to reach 7.5% this year.
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