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

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."

The National Competitiveness Center, under Dr Al-Mutairi’s leadership, has established a system of weekly meetings involving 65 government entities and private sector representatives.

This collaborative approach has streamlined regulations, slashed bureaucratic hurdles, and created a business-friendly environment that attracts global investors.

EMPOWERING WOMEN & DRIVING SOCIAL CHANGE

One of the most striking examples of Saudi Arabia’s reform efforts is its commitment to women’s empowerment.

In 2019, the Kingdom was ranked at the bottom of the World Bank’s Women, Business, and the Law report.

However, within a year, Saudi Arabia implemented sweeping changes to eliminate gender-based discrimination in laws and policies.

"We moved from a score of 25 out of 100 to 70 in one year," Dr Al-Mutairi noted. By 2021, the score had risen to 80, reflecting the Kingdom’s rapid progress.

Despite these achievements, Dr Al-Mutairi acknowledged that changing global perceptions remains a challenge.

"Although we’re doing all of this, the perception is still there. It will take time," she said. Nevertheless, Saudi Arabia has set ambitious targets for women’s participation in the labour market, aiming for 40 per cent by 2030 – a goal that has already been surpassed, with the current rate standing at 36 per cent.

A ONE-STOP SHOP FOR GLOBAL INVESTORS

To further enhance its appeal to international investors, Saudi Arabia has introduced a groundbreaking One-Stop Shop initiative. This mega centre consolidates services from over 60 government entities under one roof, offering streamlined licensing and permit processes for businesses.

"We wanted to do 10 times better than other countries," Dr Al-Mutairi stated. The initiative has been recognised by six international organisations, including the World Bank and the World Trade Organisation, as a new global benchmark for investor services.

The One-Stop Shop is just one example of Saudi Arabia’s commitment to creating a seamless business environment.

The Kingdom has also reduced customs clearance times from two weeks to just two hours, with plans to further cut this to 30 minutes.

Additionally, the introduction of a premium residency program has attracted over 1,200 international investors and 2,600 healthcare professionals, ensuring that talent remains in the country to support its growing economy.

UNLOCKING OPPORTUNITIES IN KEY SECTORS

Saudi Arabia’s economic transformation has unlocked vast opportunities across multiple sectors.

From sustainable energy and tourism to healthcare and technology, the Kingdom is positioning itself as a global leader in innovation and investment.

Dr Al-Mutairi highlighted several key areas of growth, including the $450 billion expected in construction contracts by 2030 and the $35 billion projected to be added to the non-oil GDP through healthcare and life sciences by 2040.

The Kingdom is also investing heavily in green energy, with plans to build a $5 billion green hydrogen plant by 2026. Major events such as Expo 2030 and the FIFA World Cup 2034 are expected to drive significant infrastructure development, creating further opportunities for investors.

"The opportunities are endless," Dr Al-Mutairi emphasised, particularly in technology and AI, where Saudi Arabia aims to train a new generation of data analysts and AI experts.

A MODEL FOR THE WORLD

Saudi Arabia’s competitiveness model has not only transformed its economy but also set a new standard for global business excellence.

The Kingdom’s ability to achieve rapid and impactful reforms has earned it recognition as a knowledge hub by the World Bank. "Other countries are now benchmarking to Saudi Arabia," Dr Al-Mutairi proudly stated.

As the Kingdom continues to innovate and diversify, its commitment to collaboration, inclusivity, and sustainability serves as a powerful example for nations worldwide.

With Vision 2030 as its guiding star, Saudi Arabia is not only pioneering economic transformation but also shaping the future of global business.

In the words of Dr Al-Mutairi: "It’s very easy to invest in Saudi Arabia. The opportunities are huge, and we are here to support you every step of the way."

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