Friday, December 9, 2022
HomeSaudi ArabiaSaudi Arabia Vision 2030 Starts the New Year with a Bang

Saudi Arabia Vision 2030 Starts the New Year with a Bang

Saudi Arabia Vision 2030—The Saudi Arabian Ministry of Investment will organize it in conjunction with the Kingdom’s pavilion at Expo 2020 Dubai to promote investors to prospective investment opportunities.

The “Invest in Saudi Arabia Forum,” which will take place on Monday, will promote investment prospects in the Kingdom across various sectors, including education, culture, tourism, sports, entertainment, and communications and information technology (I.T.).

The Digital Government Authority, the General Entertainment Authority, and the Royal Commission for Alula will all be represented at the event, as will representatives from many other government agencies, such as the culture, education, human resources, and sports.

Also in attendance are the Royal Commission for Riyadh, National Center for Academic Accreditation and Assessment (NCAA), King Abdullah University of Science and Technology (KAUST), PIF, and HRF, and several Saudi pioneering firms.

Presentations and discussions about investment opportunities will be part of the event, as will a workshop examining the journey of the investor and the services and incentives offered to investors.

There will be an effort to develop bridges between investors and strategic partners to promote awareness of structural reforms in the Kingdom and the significance of a national investment plan in promoting local and foreign investments at this meeting.

On Monday, a Saudi government official spoke at an investment event at Dubai’s Expo 2020, saying that Saudi Arabia is “open to the world.”

Faisal Hamza, the deputy minister for investment development, stated, “Our country provides a world of opportunities throughout education, entertainment, culture, sport, tourism, and ICT industries. He said the Kingdom’s relationship with the private sector had grown stronger “worldwide” over the years.

In light of the ongoing World Expo in Dubai, the Saudi Ministry of Investment is holding a symposium to highlight investment prospects in various industries.

Saudi Arabia Vision 2030 is Setting Milestones

Saudi Arabia has been investing in future technologies, including new technology, software, cybersecurity, and infrastructure, to diversify its economy. There is also a developing local market for gaming products and eSports in the Kingdom.

Vision 2030 aims to make Saudi Arabia a regional hub for all things technological. LEAP, a future tech event, hosted its inaugural event in the Kingdom earlier this month, bringing together prominent speakers and exhibitors from around the world. Minister of Communications and Information Technology of Saudi Arabia Eng. Abdullah Al-Swaha announced that Saudi Arabia would invest $6.4 billion in the future of information and communication technology (ICT).

The following are the recipients of the funds:

  • NEOM Tech & Digital Holding Company will invest $1 billion in future tech and launch M3LD and XVRS.
  • Ignite will invest $1 billion in digital content.
  • STC will invest $1 billion in the Kingdom’s digital infrastructure.
  • J&T Express and eWTP Arabia Capital will invest $2 billion in the Kingdom’s innovative logistics sector.

Venture capital and other forms of assistance for digital entrepreneurs will be provided with the remaining cash.

The Kingdom is implementing a Tourism Digital Strategy as part of its overall effort to achieve its Vision 2030 objectives. Ahmed Bin Aqeel Al-Khateeb, Saudi Arabia’s Minister of Tourism, announced LEAP. The Tourism Digital Strategy is expected to be completed by 2025 and will include nine programs. Today, the World Tourism Organization, World Bank, and tech giants like Cisco and Microsoft are all on board with the initiative.

In terms of gaming, the local market in Saudi Arabia is estimated to be worth $1 billion, with $2.5 billion by 2030. Live-service games and massively multiplayer online role-playing games (MMORPGs) are among Saudi youngsters’ most popular gaming genres, who use them as a good source of amusement. New research from Boston Consulting Group estimates that gaming consumption will reach $6.8 billion in 2030.

To that end, the public investment fund (PIF) Savvy Gaming Group has made a foray into the eSports and live streaming markets in the Kingdom (SGG). A strategy extending SGG’s eSports services domestically and globally includes the recent $1.05 billion acquisition of ESL and FACEIT to form the ESL FACEIT Group.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments