The year 2023 was one of the books in Saudi Arabia. In his address to the Shoura Council, Crown Prince Mohammed bin Salman highlighted key developments in various sectors that have propelled Saudi for an upward trajectory of growth.
Saudi looks to stars
2023 Marked a transformation of the Saudi Space Authority with a commitment to the space industry and innovation.
The country sent two astronauts to the International Space Station. Crown Prince Mohammed bin Salman (MBS) said, “This scientific mission contributed to enhancing the Kingdom’s global position in space exploration and serving humanity.”
Youth and Women
The Kingdom’s commitment to youth empowerment is evident in leadership roles locally and internationally. “Our youth are cared for, being the hands that build the present and future of the Kingdom, and the basis for building and implementing any developmental plan; and what made us very happy was seeing many of them assuming leadership positions in various sectors, not only at the local level but also at the international level,” said MBS.
Moreover, Saudi women have become crucial contributors to the nation’s developmental renaissance, holding leadership positions across government, private sectors, and international organisations.
“The economic transformation under Vision 2030 continues, achieving positive results and ensuring financial sustainability,” said the Prince.
Efforts to enhance social protection for citizens, including pension increases and the continuation of the Citizen Account program, demonstrate a commitment to improving living conditions amidst economic changes.
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Development and economy
Saudi has initiated numerous strategies, plans, projects, and prominent enterprises. These include the National Intellectual Property Strategy, the revised strategy for King Abdullah University of Science and Technology (KAUST), master plans for King Salman International Airport and the new Abha International Airport, the Warifah project, Marafi project, Soudah Peaks project, Leyja development project in NEOM, Saudi Entertainment Ventures (SEVEN), and Riyadh Air Company.
Launching special economic zones aims to diversify the economy and strengthen Saudi Arabia’s global investment position.
Unemployment rates among Saudis have dropped to their lowest historical level, down to 8%. At the same time, the Kingdom made efforts to contain inflation through local support and by setting price caps on several products. The average consumer price index stood at 2.5% in 2022.
Saudi joins G20
G20 membership highlights the Kingdom’s influential role in the global economy, with the International Monetary Fund recognising it as the fastest-growing economy among G20 nations in 2022.
Moody’s positive rating reflects the success of comprehensive reforms, emphasising the Kingdom’s economic resilience and stability.
“The Kingdom’s various initiatives have played a prominent and influential role in many sectors and activities aimed at achieving the goals and aspirations of the member states and the welfare of their peoples,” said MBS.
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Saudi sport grows leaps and bounds
The sports industry underwent a significant transformation, marked by a substantial leap and radical changes, thanks to the investment and privatisation initiative for sports clubs.
This initiative aligns with the goals of Saudi Vision 2030, aiming to cultivate a dynamic sports sector by encouraging private sector involvement and fostering contributions to the sector’s development.
The comprehensive support for Saudi Arabia’s bid to host the 2034 World Cup, endorsed unanimously by regional and international federations, further bolstered the Kingdom’s candidacy.
This backing and the nation’s well-prepared infrastructure and capabilities have enabled Saudi Arabia to successfully host prestigious global tournaments, including Formula 1 and the Dakar Rally.
