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Vision 2030 propelling Saudi Arabia’s global reputation

Launched in 2016, Vision 2030 is a comprehensive guide to position Saudi Arabia as a powerhouse of business, tourism and non-oil activities, both regionally and globally. (SPA)
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Updated 13 December 2025
Nirmal Narayanan
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Vision 2030 propelling Saudi Arabia’s global reputation

  • Bold initiatives are positioning the Kingdom as a regional trailblazer in sustainability
Updated 13 December 2025
Nirmal Narayanan

RIYADH: Saudi Arabia’s Vision 2030 program, aimed at revolutionizing the Kingdom’s economic and social landscape, has propelled the nation’s global reputation on a large scale, experts told Arab News. 

Launched in 2016, the program is a comprehensive guide to position Saudi Arabia as a powerhouse of business, tourism and non-oil activities, both regionally and globally. 

Speaking to Arab News, Thomas Kuruvilla, managing partner of Arthur D. Little Middle East & India, said that Saudi Arabia’s Vision 2030 is the cornerstone of the Kingdom’s transformation driving diversification, investment in non-oil sectors, and reshaping its global reputation. 

“Vision 2030 is not an end point but a launchpad. The foundations being laid today from renewable energy, automotive, and tourism to digital infrastructure and advanced industries are designed to endure and evolve well beyond 2030. The Kingdom’s leadership has already signaled that future frameworks will build on this momentum, ensuring that transformation continues into the decades ahead,” said Kuruvilla. 

He added: “Vision 2030 has firmly established Saudi Arabia as a reforming nation on the world stage. Saudi Arabia is creating an economic and social model that looks past 2030, one that aims to deliver sustainable growth, global competitiveness, and opportunity for generations to come.” 

Elie Farhat, chief of external affairs for Georgetown University’s McDonough School of Business espoused similar views and said Saudi Arabia has actively courted foreign investment, tourism, and partnerships with global universities and businesses. 

“Saudi Arabia has become a market and society that is perceived as both investable and engaging. International organizations are setting up regional headquarters in Riyadh, universities are establishing partnerships, and businesses now openly discuss Saudi Arabia as a gateway to the future of the Middle East,” said Farhat. 

In October, Saudi Arabia’s Investment Minister Khalid Al-Falih, while speaking at the Fortune Global Forum Conference in Riyadh, said the Vision 2030 program is progressing steadily, with 85 percent of the targets outlined in the initiative completed or on track by the end of 2024. 

Al-Falih also added that the number of international firms licensed to establish their regional headquarters in Riyadh has reached 675.

The regional HQ program offers a 30-year corporate tax exemption, withholding tax relief, and regulatory support, reflecting efforts to position the Kingdom as a regional business hub and attract multinational corporations to the capital.

Some of the noted firms that have established regional bases in Riyadh include Northern Trust, IHG Hotels & Resorts, PwC, and Deloitte. Laura Hernandez Gonzalez, managing director of Globant for the Middle East and North Africa, said Vision 2030 has turned diversification from an aspiration into a reality, adding that programs like the regional HQ initiative and the transformation of Riyadh into a true financial hub are convincing multinationals to set up real operations, not just representative offices.

“From the technology side, the Kingdom’s commitment to AI, cloud, and sovereign digital infrastructure is equally important. It signals not only ambition, but the capacity to build future-ready capabilities at scale,” said Gonzalez. 

She added: “This is how the Kingdom is changing global perceptions: from an energy powerhouse to a hub of innovation, capital and talent.” 

Earlier in December, Rachid Boulaouine, Middle East and Saudi Arabia director at Business France, told Al-Eqtisadiah that French companies operating in Saudi Arabia are expected to increase by 30 percent to 40 percent as more small and medium-sized enterprises move to establish a presence in the Kingdom. 

The changing global image

Kuruvilla said that Saudi Arabia’s pivot toward renewable energy and sustainability is not just symbolic, but it represents a decisive strategic shift in the Kingdom’s development model. 

Bolstering renewable energy capacity is critical for Saudi Arabia as it aims to generate 130 gigawatts of clean energy by 2030 and achieve net-zero emissions by 2060.

Kuruvilla said that flagship projects such as Neom — a futuristic city designed to run entirely on renewable energy — and the world’s largest green hydrogen plant highlight Saudi Arabia’s determination to lead in climate innovation. 

This is how the Kingdom is changing global perceptions: from an energy powerhouse to a hub of innovation, capital and talent.

Laura Hernandez Gonzalez, managing director of Globant for the Middle East and North Africa

“These initiatives are positioning the Kingdom as a regional trailblazer in sustainability and earning recognition as a nation “at the forefront of the clean-energy revolution,” with few global peers matching its scale and ambition,” said the Arthur D. Little official. 

He added: “Such bold moves are strengthening Saudi Arabia’s standing among international partners that prioritize climate action, demonstrating alignment with global sustainability imperatives rather than resistance.” 

According to Farhat, it is the young generation in Saudi Arabia guided by Vision who are playing a crucial role in elevating the Kingdom’s global reputation. 

“Saudis — particularly younger generations — have opened up to the world with a readiness to learn, build, and lead for 2030. The world, in turn, has opened up to Saudi Arabia, seeing it as a dynamic partner to invest in,” said Farhat. 

Saudi Arabia’s tourism growth

Gonzalez said that the global narrative about Saudi Arabia has shifted decisively, with international travelers increasingly considering the Kingdom as a favorite destination. 

She added that the growth in tourism numbers is one of the clearest proof points that Vision 2030 is delivering, also indicating the Kingdom’s growing appeal among the international public. 

“Ranking among the top three globally for growth in international tourist arrivals, surpassing 100 million visits in 2023, and contributing over 10 percent of the gross domestic product in 2025 are extraordinary achievements in such a short period,” said Gonzalez. 

She added: “Today, when I speak with investors, partners, or peers, Saudi Arabia is framed around opportunity, innovation, and delivery.” 

Kuruvilla said that the growth in tourism has signaled to the world that Saudi Arabia is no longer just an oil-rich nation, but a fast-emerging must-visit destination. 

HIGHLIGHT

The regional HQ program offers a 30-year corporate tax exemption, withholding tax relief, and regulatory support, reflecting efforts to position the Kingdom as a regional business hub and attract multinational corporations to the capital.

The Arthur D. Little official added that media coverage has reinforced this narrative, with tourism and entertainment mentions up 60 percent in 2024, underscoring the Kingdom’s growing appeal to global travelers. 

“International surveys echo this sentiment: a recent multi-country poll found 59 percent of respondents were interested in visiting Saudi Arabia — a figure unimaginable only a decade ago,” said Kuruvilla. 

Saudi Arabia passed its 2030 target of 100 million visitors in 2023, and the following year it welcomed 115.9 million tourists.

Having already reached its goal, the Kingdom raised its target to 150 million annual visitors by 2030.

In November, the Saudi Conventions and Exhibitions General Authority announced record growth in the Kingdom’s business events infrastructure, reporting a 32 percent year-on-year increase in capacity across 923 accredited venues.

The authority added that this expansion reflects significant investment aligned with Vision 2030’s tourism and event sector priorities, driving a 320 percent increase in exhibition space since 2018 to a total of 300,520 sq. meters.

Sports and technology

According to Kuruvilla, Saudi Arabia is cultivating an image as a global hub for business, technology, and innovation by hosting high-profile international events like the Future Investment Initiative, the LEAP tech conference, and the World Defense Show. 

He said that these events draw thousands of investors, entrepreneurs, and industry leaders to the Kingdom, showcasing opportunities beyond oil. 

“The cumulative effect of these marquee gatherings and the establishment of such innovation-driving entities is a narrative that Saudi Arabia is open for business and eager to lead in future industries – a notable departure from its old image of insularity,” said Kuruvilla. 

He added: “These gatherings are translating into tangible partnerships and long-term investment opportunities, solidifying Saudi Arabia’s reputation as a hub for innovation and global business exchange.” 

According to Gonzalez, events like FII and LEAP in Saudi Arabia prove the Kingdom’s execution capacity, as well as showing the nation’s capability to “convene the world, compress partnership cycles, and set the agenda on innovation, defense, and finance.” 

Highlighting the importance of sporting events, Kuruvilla told Arab News that sports have become a cornerstone of Saudi Arabia’s effort to bolster its global reputation. 

“From hosting Formula 1 races and high-profile boxing matches to purchasing stakes in English Premier League football clubs, the Kingdom has invested heavily in sports as an avenue for soft power. The pinnacle of this strategy is Saudi Arabia securing the rights to host the 2034 FIFA World Cup — a coup that instantly thrusts the country into the international spotlight,” said Kuruvilla. 

Adding to this momentum, Saudi Arabia has also positioned itself at the forefront of digital sports by hosting the Esports World Cup in Riyadh in 2024 and 2025, with record-breaking prize pools and participation from the world’s top gaming titles. 

“By associating with beloved sports and athletes, Saudi Arabia is effectively rebranding itself, especially to younger global audiences, as a vibrant and welcoming destination. Superstars like Cristiano Ronaldo playing for Saudi clubs – and posting about life in the Kingdom – further humanize Saudi Arabia’s image abroad,” added the Arthur D. Little official.

Topics: Saud Vision 2030 Saudi Arabia Vision 2030

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World must prioritize resilience over disruption, economic experts warn

Saudi Arabia’s Finance Minister Mohammed Al-Jadaan urged policymakers and investors to “mute the noise” and focus on resilience.
Updated 23 January 2026
Nadia Al Faour
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World must prioritize resilience over disruption, economic experts warn

  • Al-Jadaan said that much of the anxiety dominating markets reflected a world that had already been shifting for years
  • Pointing to Asia and the Gulf, Al-Jadaan said that some countries had already built models based on diversification and resilience
Updated 23 January 2026
Dalal Awienat Nadia Al Faour

DAVOS: Saudi Arabia’s Finance Minister Mohammed Al-Jadaan urged policymakers and investors to “mute the noise” and focus on resilience, as global leaders gathered in Davos on Friday against a backdrop of trade tensions, geopolitical uncertainty and rapid technological change.

Speaking on the final day of the World Economic Forum in Davos, Al-Jadaan said that much of the anxiety dominating markets reflected a world that had already been shifting for years.

“We need to define who ‘we’ are in this so-called new world order,” he said, arguing that many emerging economies had been adapting to a more fragmented global system for decades.

Pointing to Asia and the Gulf, Al-Jadaan said that some countries had already built models based on diversification and resilience. In energy markets, he pointed out that the focus should remain on balancing supply and demand in a way that incentivized investment without harming the global economy.

“Our role in OPEC is to stabilize the market,” he said.

His remarks were echoed by Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim, who said that uncertainty had weighed heavily on growth, investment and geopolitical risk, but that reality had proven more resilient.

“The economy has adjusted and continues to move forward,” Alibrahim said.

Alibrahim warned that pragmatism had become scarce, trust increasingly transactional, and collaboration more fragile. “Stability cannot be quickly built or bought,” he said.

Alibrahim called for a shift away from preserving the status quo towards the practical ingredients that made cooperation work, stressing discipline and long-term thinking even when views diverged.

Quoting Saudi Arabia’s founding King Abdulaziz Al-Saud, he added: “Facing challenges requires strength and confidence, there is no virtue in weakness. We cannot sit idle.”

President of the European Central Bank Christine Lagarde stressed the importance of distinguishing meaningful data from headline noise, saying: “Our duty as central bankers is to separate the signal from the noise. The real numbers are growth numbers not nominal ones.”

Managing Director of the IMF Kristalina Georgieva echoed Lagarde’s sentiments, saying that the world had entered a more “shock prone” environment shaped by technology and geopolitics.

Director General of the World Trade Organization Ngozi Okonjo-Iweala said that the global trade systems currently in place were remarkably resilient, pointing out that 72 percent of global trade continued despite disruptions.

She urged governments and businesses, however, to avoid overreacting.

Okonjo Iweala said that a return to the old order was unlikely, but trade would remain essential. Georgieva agreed, saying global trade would continue, albeit in a different form.

Georgieva warned that AI would accelerate economic transformation at an unprecedented speed. The IMF expects 60 percent of jobs to be affected by AI, either enhanced or displaced, with entry-level roles and middle-class workers facing the greatest pressure.

Lagarde warned that without cooperation, capital and data flows would suffer, undermining productivity and growth.

Al-Jadaan said that power dynamics had always shaped global relations, but dialogue remained essential. “The fact that thousands of leaders came here says something,” he said. “Some things cannot be done alone.”

In another session titled Geopolitical Risks Outlook for 2026, former US Democratic representative Jane Harman said that because of AI, the world was safer in some ways but worse off in others.

“I think AI can make the world riskier if it gets in the wrong hands and is used without guardrails to kill all of us. But AI also has enormous promise. AI may be a development tool that moves the third world ahead faster than our world, which has pretty messy politics,” she said.

American economist Eswar Prasad said that currently the world was in a “doom loop.”

Prasad said that the global economy was stuck in a negative-feedback loop and economics, domestic politics and geopolitics were only bringing out the worst in each other.

“Technology could lead to shared prosperity but what we are seeing is much more concentration of economic and financial power within and between countries, potentially making it a destabilizing force,” he said.

Prasad predicted that AI and tech development would impact growing economies the most. But he said that there was uncertainty about whether these developments would create job opportunities and growth in developing countries.

Professor of international political economy at the University of New South Wales in Australia, Elizabeth Thurbon, said that China was driving a Green Energy transition in a way that should be modeled by the rest of the world.

“The Chinese government is using the Green Energy Transition to boost energy security and is manufacturing its own energy to reduce reliance on fossil fuel imports,” she explained.

Thurbon said that China was using this transition to boost economic security, social security and geostrategic security. She viewed this as a huge security-enhancing opportunity and every country had the ability to use the energy transition as a national security multiplier. 

“We are seeing an enormous dynamism across emerging market economies driven by China. This boom loop is being driven by enormous investments in green energy. Two-thirds of global investment flowing into renewable energy is driven largely by China,” she said.

Thurbon said that China was taking an interesting approach to building relationships with countries by putting economic engagement on the forefront of what they had to offer.

“China is doing all it can to ensure economic partnership with emerging economies are productive. It’s important to approach alliances as not just political alliances but investment in economy, future and the flourishment of a state,” she said.

The panel criticized global economic treaties and laws, and expressed the need for immediate reforms in economic governing bodies.

“If you are a developing economy, the rules of the WTO, for example, are not helpful for you to develop. A lot of the rules make it difficult to pursue an economic development agenda. These regulations are not allowing the economies to grow,” Thurbon said.

“Serious reform must be made in international trade agreements, economic bodies and rules and guidelines,” she added.

Prasad echoed this sentiment and said there was a need for national and international reform in global economic institutions.

“These institutions are not working very well so we can reconfigure them or rebuild them from scratch. But unfortunately the task of rebuilding falls into the hands of those who are shredding them,” he said.

WEF attendees were invited to join the Global Collaboration and Growth meeting to be held in Saudi Arabia in April 2026 to continue addressing the complex global challenges and engage in dialogue.

Topics: WEF 2026

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