KSA offers a 'blueprint' for global competitiveness

For investors seeking to be part of a dynamic and forward-thinking economy, Saudi Arabia offers a compelling proposition, one that promises growth, innovation, and unparalleled potential

- By ABDULAZIZ KHATTAK

IN an era defined by rapid technological advancements and shifting global economic dynamics, Saudi Arabia has emerged as a trailblazer in economic transformation and business excellence.

Under the ambitious Vision 2030 framework, the Kingdom has embarked on a journey to diversify its economy, reduce its reliance on oil, and position itself as a global hub for investment and innovation.

These thoughts were expressed by Dr Eiman Al-Mutairi, Vice Minister of Commerce, CEO of the National Competitiveness Center, and CEO of the Saudi Business Center, at the third summit of the Future Investment Initiative (FII) held in Miami, the US in February 2025.

She spoke about 'Saudi Arabia's competitiveness model: How is the Kingdom pioneering economic transformation and global business excellence?'

Saudi Arabia's Vision 2030, launched in 2016 under the leadership of His Royal Highness Crown Prince Mohammed bin Salman, serves as the blueprint for the Kingdom's economic transformation.

The vision aims to diversify the economy across 18 sectors, moving away from traditional oil and gas reliance.

"We wanted to wean the economy away from oil and gas into a diversified economy in different sectors," Dr Al-Mutairi explained.

This ambitious plan has set harsh targets and milestones, which have been met with scepticism by some in the global business community. However, the Kingdom has demonstrated remarkable progress, achieving over 900 reforms since 2016.

Central to this success is the creation of a unique reform model that brings together government agencies, the private sector, and international organisations.

Dr Al-Mutairi highlighted the importance of collaboration: "We have put all the government agencies in one place - actually, in one room - alongside the private sector. This process is critical to achieving our goals."