Saudi Arabia's Vision 2030: NEOM project and sports investments fuel economic growth

News Bulletin Reports
2023-09-21 | 11:45
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Saudi Arabia's Vision 2030: NEOM project and sports investments fuel economic growth
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3min
Saudi Arabia's Vision 2030: NEOM project and sports investments fuel economic growth

In a recent interview with Fox News, Saudi Arabia's Crown Prince, Mohammed bin Salman, showcased the scenic beauty of an island within the "NEOM" project, one of the kingdom's significant initiatives in diversifying its economy away from oil dependency.

While the island he stood on was indeed beautiful and part of the developments within the "NEOM" project, the choice of location also served as a marketing tool for this ambitious endeavor, situated in the northwestern region of the Kingdom of Saudi Arabia in the Red Sea. 

This project is a cornerstone of Saudi Arabia's Vision 2030, a comprehensive plan to diversify the nation's income sources beyond its heavy reliance on oil revenues.

Saudi Arabia's diversification efforts have already yielded significant results. 

In 2022, the country emerged as the fastest-growing economy among the G20 nations, which includes major players like China, Russia, the United States, and Canada. Saudi Arabia now ranks 15th among G20 nations in terms of GDP, significantly improving from its 20th-place ranking in 2016.

One main aspect of Saudi Arabia's economic diversification strategy is its investment in the sports sector. Despite representing only 0.4 percent of the GDP in the past, sports now account for 1.5 percent. 

However, critics have accused Crown Prince Mohammed bin Salman of using sports investments to improve his image. Still, he argues that it is an economic decision rather than a political one. 

"If sports washing will increase my GDP by one percent, then I will continue doing sports washing," he stated.

Sports and tourism go hand in hand in the kingdom's efforts to boost its economy. 

Crown Prince Mohammed bin Salman highlighted the success of Saudi Arabia in attracting international visitors, saying, "In 2022, we ranked 10th in global visits, and we are aiming to reach one million visits by 2030."

These numbers underline the significant transformations occurring across various facets of the Kingdom of Saudi Arabia. 

To those concerned about Saudi Arabia's past, Crown Prince Mohammed bin Salman conveyed a message: "The greatest story in the 21st century is Saudi Arabia. Do you want to miss it or not? That is your call."

News Bulletin Reports

Middle East News

Saudi Arabia

Vision 2030

NEOM

Project

Sports

Investments

Fuel

Economic

Growth

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