A project to transform a large area of the Red Sea coast into a luxury tourism destination has been announced as part of the Kingdom’s plans to diversify its tourism offerings, attract investment and expand the sector’s role in the economy.
Saudi Arabia
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The government is stepping up investment in transport infrastructure in Saudi Arabia, fast-tracking key projects and creating new opportunities for service providers.
Moves to privatise utilities assets in Saudi Arabia and expand the reach of its networks through increased investment should create new opportunities for private operators and service providers.
Increased investment in Saudi Arabia’s mining sector looks set to lift its GDP contribution significantly in the coming years, as part of an accelerating push to diversify the economy under the Vision 2030 development plan.
Economic view | Paddy Padmanathan, President & CEO, ACWA Power, on the Saudi private sector and development of the renewable energy industry
19 Jun 2017
What greater role do you think the Saudi private sector can take with the launch of Vision 2030?
Coinciding with a visit from US President Donald Trump, the inaugural Saudi-US CEO Forum on May 20 in Riyadh saw a series of deals signed between numerous companies in both the oil and non-oil sectors, with Saudi Arabia looking to enhance private sector involvement in its economy and increase foreign investment as part of its Vision 2030 economic blueprint.