In less than a year, the Kingdom witnessed a number of important economic events that were monitored by Al-Watan, on a monthly basis, since the beginning of 2023, as the wheel of projects does not stop growing.
January 2023: Establishment of the Public Authority for Food Security
In January of this year, the Council of Ministers issued a decision to transform the “General Grains Corporation” into a body called the “General Authority for Food Security,” whose work is based on achieving economic development and providing citizens’ needs with the most important food commodities in the Kingdom of Saudi Arabia.
The institution was established before its recent transformation by royal decree on Rabi’ al-Awwal 25, 1392 AH, and it was planned to form an integrated industry for storing grains, producing flour, manufacturing animal feed, and introducing other related food industries. The establishment of the Authority was a continuation of this role, as it aims to regulate, develop and enhance food security, in a way that ensures the protection of the state’s vital interests and national security, and monitors compliance with the regulations and plans issued regarding it, in addition to reviewing and developing the food security strategy, and working to provide an appropriate investment environment for the food sector, including It enhances food security, designs an early warning system for food security, develops plans to respond to and recover from emergencies related to the food security system, and develops strategic storage plans related to the food security system in coordination with the concerned authorities, so that the Kingdom is protected on all sides from food crises that threaten the world.
February 2023: Launch of the largest “Downtown” in the city of Riyadh
In February of this year, Crown Prince Mohammed bin Salman announced the launch of the “New Murabba Development Company” project, with the aim of developing the largest downtown in the city of Riyadh, which contributes to developing the future of the capital. The new square project relies in its designs on applying sustainability standards and raising the quality of life, including green spaces, providing walking paths, and promoting health and sports concepts and community activities. The project also includes an innovative museum, a university specializing in technology and design, an integrated multi-use theatre, and more than 80 areas for live performances and entertainment.
The project will also provide 104,000 residential units, 9,000 hospitality units, and commercial spaces extending to more than 980,000 square meters, in addition to 1.4 million square meters of office space, in addition to about 620,000 square meters for entertainment facilities, and about 1.8 million square meters for community facilities. . The new Al Murabba project will also offer a unique experience for living, working, and entertaining within a vicinity of no more than a 15-minute walk, in addition to internal means of transportation, as it is 20 minutes away by car from the airport.
March 2023: Establishment of Riyadh Airlines
In March of this year, Crown Prince Mohammed bin Salman officially declared Riyadh Airlines to be the largest airline by revenue across the Middle East, with the aim of creating a more financially sustainable aviation industry in the country.
It is expected that “Riyadh Air” will add more than 76 billion to the country’s non-oil GDP, and provide more than 200,000 jobs directly and indirectly.
Its main operations center is located in the city, where the company will lead an advanced model of the aviation concept by adopting the latest digital technologies, and working with the highest international standards in the field of travel and safety, alongside the best expertise and personnel from the Kingdom and around the world.
“Riyadh Air” will contribute to shaping the future of the aviation sector in the Kingdom and highlighting the Kingdom as a global tourist destination. The new air carrier will be among the best airlines around the world based on the unique strategic location of the Kingdom of Saudi Arabia, as it is a hub for trade and a gateway to the world. This comes in line with the National Aviation Strategy, which works to consolidate the Kingdom’s position in the field of air transport by contributing to achieving the goals of the aviation sector, by transporting 330 million passengers by 2030.
April 2023: Launch of 4 special economic zones
In April, Crown Prince Mohammed bin Salman launched 4 special economic zones in strategic locations: Riyadh, Jazan, Ras Al-Khair, and King Abdullah Economic City, north of Jeddah, relying on the competitive advantages of each region, to support vital and promising sectors, including logistics, industrial, technical, and other sectors. Priority for the Kingdom. Economic zones have legislative systems and special regulations for economic activities that would make these zones among the most competitive in the world, attract the most important qualitative investments, and provide tremendous opportunities for developing the local economy, creating jobs, transferring technology, and localizing industries.
The special economic zones constitute integrated logistical and industrial platforms centered around the investor, to provide an exceptional investment experience, and to consolidate the Kingdom’s position as a transit gateway to the Middle East and Africa region, and a link between the markets of the East and West.
These special economic zones, whose activities are organized by the Special Economic Cities and Zones Authority, represent the first stage of a long-term program aimed at attracting international companies, encouraging foreign direct investment, and promoting the growth of future qualitative sectors by creating world-class infrastructure to support local and international investors.
May 2023: Launch of the investment and privatization project for sports clubs
In May, the Crown Prince launched the investment and privatization project for sports clubs, in the largest investment step witnessed by sports clubs in the Kingdom. In its first and current phase, the new investment project includes two basic tracks: the first is approving the entry of major companies and development agencies within the scope of the investment plan for sports clubs in the Kingdom, provided that ownership of these clubs is granted. The second is to offer a group of sports clubs for allocation by the last quarter of this year.
The strategic objectives of the project are to create unprecedented opportunities and an attractive environment for investment in the sports sector, with the aim of achieving a sustainable sports economy, and to work to develop and upgrade the level of professionalism, administrative and financial governance within sports clubs, in addition to raising the level of clubs, and working to develop their infrastructure, in order to provide Better services for the masses, which in turn will reflect positively on improving the audience’s experience.
June 2023: The Kingdom submits its bid to host Expo 2030
During June in Paris, the Kingdom of Saudi Arabia submitted the official bid to host Expo 2030 as the first country to officially submit its bid, announcing that the budget allocated to host it was 29.3 billion riyals.
In March 2022, the Kingdom began its promotional campaign aimed at hosting the “International Expo 2030” exhibition in the city of Riyadh, during the closing ceremony held at the headquarters of the Kingdom’s pavilion at the “Expo 2020 – Dubai” exhibition. This campaign comes after Crown Prince Mohammed bin Salman bin Abdulaziz announced, in October 2021, that Riyadh had submitted an official request to host the “International Expo 2030” exhibition under the slogan “The Era of Change: Moving our planet towards anticipating the future.”
In his speech, His Highness the Crown Prince stressed that this nomination is an important and symbolic challenge for the Kingdom, expressing his confidence in the Kingdom’s ability and commitment to hold a historic version of the World Expo with the highest levels of innovation, and to provide an unprecedented global experience in the history of organizing this global forum.
July 2023: Issuing a license for the first Saudi brand to manufacture electric cars
In July of this year, the Ministry of Industry and Mineral Resources in the Kingdom issued an industrial license, the first, to the “Sir” company, to establish an electric car manufacturing facility.
The Ministry of Industry stated that the factory’s area is more than one million square metres, and it is located in the Industrial Valley in King Abdullah Economic City. It will contribute to attracting direct foreign investments amounting to 562 million riyals, and will provide 30,000 direct and indirect job opportunities.
“Sir” will contribute 30 billion riyals to the gross domestic product by 2034, and it employs more than 400 male and female employees who have begun developing and designing cars.
August 2023: The Kingdom joins the BRICS group
It was announced during August of this year, during the BRICS meeting, that starting next year, six new countries would join the club of major emerging economies that include the largest population blocs and seek to reshape the global system.
The BRICS countries (Brazil, Russia, India, China and South Africa) agreed, at the group’s annual summit in Johannesburg, to grant Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates full membership.
September 2023: Launch of the general plan for Al Soudah Peaks
In September, Crown Prince Mohammed bin Salman launched the general plan for the development project of Al Soudah and parts of Rijal Almaa under the name “Peaks of Al Soudah,” which aims to develop a luxury mountainous tourist destination.
Al-Souda is located on top of the highest peak in the Kingdom, at an altitude of 3,015 meters above sea level, in the Asir region, southwest of the Kingdom.
Qimam Al Soudah will provide luxury hospitality services to two million visitors throughout the year. Its general plan will also depend in its designs on the local urban identity, as it includes 6 main areas located in distinctive locations, namely: Tahlal, Sahab, Sabra, Green, Rijal, and Al-Sakhrah Al-Hamra, and its facilities vary between hotels and luxury mountain resorts, palaces and residential units with captivating views and luxury stores, in addition to Recreational, sports and cultural attractions, where 2,700 hotel rooms, 1,336 residential units, and 80,000 square meters of commercial space will be developed by 2033.
“Qimam Al Soudah” is located on a large area of forests and mountains that extend to more than 627 km², with a building area not exceeding 1% of it, which reflects the commitment of Al Soudah Development Company to protect the environment, apply sustainability standards, and preserve and develop natural resources in the project area, which includes Al-Souda and parts of Rijal Almaa, which supports the efforts of the “Green Saudi Arabia” initiative.
October 2023: Establishment of the Imam Faisal bin Turki Royal Reserve
During October, a noble royal order was issued to establish a royal reserve in the name of Imam Faisal bin Turki, extending over 3 administrative regions: Asir, Jazan, and Mecca, all the way into the Kingdom’s territorial waters in the Red Sea, to be the eighth Saudi royal reserve, and it comes within the framework of the leadership’s interest in preserving… Environmental and biological diversity, to achieve sustainability of ecosystems, improve plant productivity, and protect endangered species, under the supervision of the Royal Reserves Council.
The total area of the reserve extends over 30,152.7 km², and includes three administrative regions and a part in the territorial waters of the Kingdom, which makes it contain the sea, the coast, peaks, plains, desert, and valleys, making it the third largest reserve in the Kingdom, and among the most protected reserves characterized by its topographical and geographical diversity, which adds distinction. Environmentally unique and charming.
