Saudi Arabia: A Kingdom on the verge of global ascent

National day celebrations mark another turning point
Saudi Arabia: A Kingdom on the verge of global ascent
Saudi Arabia's continued progress makes it one of the leading economies in the world

It is befitting that this year’s celebration of Saudi Arabia’s National Day has adopted the theme, “We Dream and We Achieve.”

For a nation on the threshold of becoming a major player in world affairs, not just in the economic landscape where it is already emerging as a powerhouse, the Kingdom of Saudi Arabia continues to dream. It is determined to achieve its visionary ambitions to create a vibrant society and a thriving economy.

As the birthplace of Islam, Saudi Arabia holds a special place in both the Arab and Islamic worlds. However, recent reforms are paving the way for a more inclusive society. Saudi is embracing diversity while remaining rooted in its cultural identity.

Long-term strategic vision

Since the launch of its Vision 2030 strategy, Saudi Arabia’s leaders have strategically laid the foundations for its ascent. Challenges are inherent in this growth journey. But Saudi will succeed because of its adaptability and newfound confidence to confront these challenges on its own terms.

The Kingdom’s aggressive pursuit of growth has unlocked opportunities for investments and partnerships. Saudi Arabia recognizes that it cannot achieve its goals in isolation. Thus, it is actively engaging with the global community, while bringing its unique Saudi perspective forged by its experience as a nation.

Read: Saudi on 93rd National Day: Greatest success story of 21st Century

Undoubtedly, Saudi Arabia owes much of its current wealth to its vast oil reserves. However, in charting its future, it has wisely turned to diversification as the cornerstone of its success. In recent months, the Public Investment Fund has made significant investments across various sectors. These include retail, renewable energy, sports, and entertainment.

Strategically, the kingdom is leveraging its geographic location to position itself as a pivotal driver of international trade, connecting three continents: Africa, Asia, and Europe.

Developing human capital

Domestically, the government is implementing initiatives that empower its citizens and businesses to reach their full potential. The country heavily relies on new technologies to support its transformation journey, establishing a government entity dedicated to investing in and adopting advances in Artificial Intelligence (AI), machine learning, and big data.

Ongoing projects like Neom and The Red Sea are opening the world’s eyes to a new Saudi Arabia, one that is cosmopolitan, modern and sustainable all at the same time. These projects are not only making headlines but also attracting investments and global interest.

Undoubtedly, obstacles will arise, but Saudi Arabia has displayed foresight in preparing for a future beyond oil. Its investments and initiatives are well-aligned with its vision.

A recent KPMG survey, part of its CEO Outlook series, underscores the importance for chief executives in Saudi Arabia to focus on ESG commitments. These are essential not only to address challenges related to the environment, sustainability, and governance but also to ensure sustainable growth in the future.

Saudi Arabia must continue to develop its human capital to ensure that its citizens become the driving force behind turning its dreams into reality.

For more stories on the economy, click here.

Disclaimer: Opinions conveyed in this article are solely those of the author. The information presented in this article is intended for informational purposes only. It does not constitute advice on tax and legal matters; neither are they financial or investment recommendations. Refer to our full disclaimer policy here.