Press release
Saudi Arabia Infrastructure Market - Vision 2030 to Increase GDP Contribution from 5.3% to 10% by 2030
Riyadh, June 18, 2024 - Saudi Arabia is experiencing an extraordinary growth trajectory in its infrastructure market, driven by the ambitious Vision 2030 initiative. This strategic roadmap, crafted to diversify the Kingdom's economy and enhance the quality of life for its citizens, is setting the stage for Saudi Arabia to become a global investment hub. The infrastructure sector's contribution to GDP is projected to rise from 5.3% in 2020 to 10% by 2030, alongside an increase in tourism, with a target of 45 million domestic and 55 million international visitors by the end of the decade.Get Access To Sample Report:-
Saudi Arabia Vision 2030 Infrastructure Market Report - Transport, Energy, Residential and Commercial Projects
https://www.makreo.com/report/saudi-arabia-vision-2030-infrastructure-market-report-transport-energy-residential-commercial-projects
► Mega Projects and Strategic Goals
Under Vision 2030, Saudi Arabia has embarked on numerous mega infrastructure projects that are reshaping the nation's economic and physical landscape. In 2022 alone, the volume of goods managed at Saudi ports exceeded 359 million tons. Liquid bulk commodities comprised 49.36% of this volume, while containers accounted for 31.94%. Notably, King Abdulaziz International Airport in Jeddah handled over 470,000 metric tons of air freight, highlighting the rapid expansion and modernization of the Kingdom's logistics capabilities.
These developments are not merely about handling higher volumes but also about achieving strategic goals that align with Vision 2030. By focusing on enhancing port capacities, air freight efficiency, and overall logistics infrastructure, Saudi Arabia is positioning itself as a crucial node in global trade networks.
► Transforming Transport and Infrastructure
Central to the Vision 2030 initiative is the National Transport and Logistics Strategy, designed to transform Saudi Arabia into a leading global logistics hub. This strategy entails a comprehensive upgrade and expansion of critical infrastructure, focusing on innovation, efficiency, and sustainable growth. The Kingdom aims to increase container handling capacity to 40 million units and triple annual passenger traffic to 330 million by 2030.
In addition, Saudi Arabia aims to elevate its global Logistics Performance Index ranking from 49 to 10. This ambitious target underscores the Kingdom's commitment to becoming a world leader in logistics efficiency and competitiveness. Achieving this goal involves significant investments in technology, infrastructure, and human capital, ensuring that the logistics sector can meet the demands of a rapidly changing global market.
► Enhancing Maritime Connectivity
Saudi Arabia's advancements in maritime trade are reflected in its improved standings on the Port Liner Shipping Connectivity Index (LSCI). This index, which measures a country's integration into global shipping networks, highlights the Kingdom's burgeoning maritime prowess. Enhanced port facilities and better connectivity are crucial for facilitating economic growth and global trade. By investing in state-of-the-art port infrastructure and streamlined operations, Saudi Arabia is strengthening its position as a vital link in the global supply chain.
► Reimagining Urban Landscapes
Vision 2030 extends beyond economic metrics to reimagine urban landscapes and enhance the quality of life for Saudi citizens. One of the most significant projects is the transformation of Diriyah, a historical site poised to attract 27 million visitors annually. This development blends cultural heritage with modern amenities, creating a unique destination that reflects Saudi Arabia's rich history and its forward-looking aspirations.
Similarly, King Salman Park in Riyadh is set to become the world's largest urban oasis, providing residents and visitors with a vast green space for recreation and relaxation. The park will include sports facilities, cultural venues, and numerous leisure attractions, contributing to the Kingdom's goal of improving living standards and fostering a vibrant community life.
The Red Sea Project is another landmark initiative, spanning 30,000 square kilometers of pristine landscapes. This sustainable tourism project aims to offer an unparalleled blend of luxury, nature, and heritage. By preserving the natural environment and promoting eco-friendly tourism practices, the Red Sea Project embodies the principles of sustainability that are central to Vision 2030.
► Innovating Retail and Leisure
The Mall of Saudi, set to become a crown jewel in the Kingdom's retail landscape, exemplifies innovation and luxury. This flagship destination promises to redefine the retail experience, featuring a mix of the finest stores and cutting-edge brands. The mall is designed to offer a comprehensive experience, combining shopping with leisure and entertainment, thus setting a new standard for consumer engagement in Saudi Arabia.
Pioneering Energy and Digital Transformation
Saudi Arabia is also at the forefront of an energy and digital transformation that is set to redefine its economic landscape. The NEOM project, with its emphasis on sustainability and a $500 billion investment, is a testament to the Kingdom's commitment to renewable energy and digital advancements. NEOM's "The LINE," a futuristic city that dedicates 95% of its land to nature preservation, represents a harmonious blend of technology and environmental stewardship.
Vision 2030 aims to diversify Saudi Arabia's energy mix significantly, with a strong focus on renewable sources. The Public Investment Fund (PIF) is channeling substantial investments into renewable energy projects, positioning Saudi Arabia as a leader in the global energy transition. These efforts are complemented by strategic partnerships and international collaborations, ensuring that the Kingdom leverages global expertise and innovation.
► Strategic Global Partnerships
Saudi Arabia's infrastructure evolution is also being propelled by strategic global partnerships. Collaborations with international giants such as Korea and Sinopec underscore the Kingdom's dedication to comprehensive infrastructure development. The Korea-Saudi Infrastructure Cooperation Centre fosters public-private partnerships (PPPs), facilitating collaborative ventures that bring together the best of both nations' capabilities.
One notable example is the Sinopec-Aramco partnership, which is spearheading a monumental petrochemical venture in Yanbu, valued at $8 billion. This partnership not only enhances Saudi Arabia's industrial capacity but also strengthens its position in the global petrochemical market. Such collaborations are crucial for knowledge transfer, technological advancement, and achieving Vision 2030's ambitious goals.
► Advancing the Aviation Sector
Vision 2030 also strongly emphasizes transforming Saudi Arabia's aviation sector. The Kingdom aims to accommodate 300 million passengers and handle 2.5 million tons of air cargo by 2030. Key goals include transforming Saudi Arabia into a premier transit hub, targeting 30 million passengers, and establishing the Kingdom as a global air cargo hub with a target of 2 million tons in transit.
Network expansion is another critical objective, with plans to extend connectivity to over 250 destinations via 29 airports. Riyadh's King Khalid International Airport (RUH) and Jeddah's King Abdulaziz International Airport (JED) are set to become premier global passenger and cargo hubs, further integrating Saudi Arabia into the global aviation network.
► Recent Milestones
Several recent milestones underscore the progress being made toward Vision 2030:
• Riyadh Infrastructure Projects Center (RIPC): The RIPC issued its first license for utility connection excavations, marking a significant step towards sustainable urban development. This milestone reflects the Kingdom's commitment to modernizing its urban infrastructure while adhering to sustainable practices.
• ACCIONA's Al Khobar 2 Desalination Plant: This plant has achieved full production capacity, delivering 630,000 cubic meters of potable water per day and serving 3 million people. This project underscores Saudi Arabia's advancements in water infrastructure, ensuring a reliable water supply for its growing population.
• Indian Infrastructure Firms: Vision 2030 has significantly boosted the presence of Indian companies in Saudi Arabia. Larsen & Toubro, for example, now secures 80-90% of its overseas orders from the Kingdom. This trend highlights the expanding opportunities for international firms in Saudi Arabia's infrastructure sector.
► Future Outlook
With continued government spending and robust public-private partnerships, Saudi Arabia's infrastructure market is poised for sustained growth. The Kingdom's strategic investments in energy, urban development, and sustainable projects are setting it up as a global leader in infrastructure development. The focus on creating a diversified and resilient economy is central to Vision 2030's success, ensuring that Saudi Arabia can adapt to and thrive in a rapidly changing global environment.
The "Saudi Arabia Vision 2030 Infrastructure Market Report - Transport, Energy, Residential and Commercial Projects" provides an in-depth exploration of the Kingdom's infrastructure dynamics and future outlook. This comprehensive report covers key sectors such as transportation, energy, water, and social infrastructure, offering valuable insights into the promising projects and investment avenues. It also navigates the regulatory landscapes, providing stakeholders with the knowledge needed to seize opportunities in Saudi Arabia's rapidly evolving infrastructure market.
In conclusion, Saudi Arabia's vibrant infrastructure market, propelled by Vision 2030's ambitious vision, is set to enhance connectivity, promote sustainability, and elevate living standards. Through strategic investments across various sectors, the Kingdom aims to secure its place as a global investment destination, fostering economic growth and ensuring a prosperous future for its citizens.
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