Why Saudi Arabia?
Saudi Arabia is the largest economy in the Middle East, the economy grew one of the world’s fastest-growing economies in 2022 owing to comprehensive pro-business reforms, rise in oil prices and production recovery from a Covid-19 pandemic induced recession in 2020. As per IMF the GDP grew at a whopping 8.3% in 2022 due to higher crude oil price which reaches over USD 100 per barrel and surge in non-oil activities. Government budget surplus owing to higher oil prices has boosted government revenues eventually increasing reserves which government is using for massive development projects to transform Saudi economy from oil based to non-oil based.
The government is developing private sector to transform and diversify economy from oil-based economy to non-oil based in order to have a more sustainable economy growth under the Vision 2030. Under the vision 2030 the government has successfully implemented many initiatives and structural reform to push this economic transformation. Under this transformation the government put efforts to enhance local content, to develop local industries, and increasing the role for private sectors.
Public Investment Fund (PIF) a Saudi Arabian government investment arm has launched its strategy for the next five years, the plan is to work on multiple goals but one of the major goal is to Inject around 150 billion SAR annually into the local economy and local companies until 2025, with an aim to increase its assets to 4 trillion SAR and create 1.8 million jobs, directly and indirectly, and focus on 13 vital and strategic sectors by the end of 2025. Under Vision 2030 the government has been assisting financing for small and medium businesses and creating bold capital funds for companies who wants to launch or enter into Saudi market.