11 May 2022
Saudi Vision 2030 and the
Evolution of Hospitality Industry
Saudi Arabia’s Crown Prince Mohammed bin Salman has supervised a series of social and economic reforms known as “Saudi Vision 2030”.
Saudi Vision 2030 is a strategic framework that aims to reduce Saudi Arabia’s dependency on oil and expand its economy by developing public service sectors such as health, education, infrastructure, tourism, and
recreation.
Why Saudi Vision 2030 can transform the economy of Saudi Arabia?
The three foundational pillars upon which the plan has been created lies below.
Kingdom of Saudi Arabia is the Land of Two Mosques and is positioned as the heart of the Arab and Islamic World. Thus, the country must grow in this according to this thought.
The plan focuses on increasing the Kingdom of Saudi Arabia’s substantial financial resources to turn into a global investment powerhouse. Its policies are framed to stimulate the economy and in expanding revenue through different trade routes.
The vision lays more emphasis on using the Kingdom of Saudi Arabia’s strategic location to grow into a global hub that connects Europe, Asia, and Africa.
Saudi Vision 2030 Is the Vision of Progress
The key goals of this mission are to boost economic and investment activities, it also plans to expand non-international oil trade aim and the hospitality sector.
The main focus for Saudi Vision 2030 lies in creating an environment that opens business opportunities, widens the economic base, and creates jobs for all Saudis.
Beneficial Plans for the Long-Term Growth of the Kingdom The plan included in the vision lies in allocating prime areas within cities for retail and entertainment sectors, educational centers, and industrial projects. It plans to boost tourism projects too.
Progressive Development
The holistic vision 2030 of Saudi Arabia plans to enforce internationally approved commercial regulations to set a business environment that will be beneficial for long-term investment. Many attractive sectors for investment consist of hospitality, construction, and transportation sectors.
The Vision 2030’s main focus lies in ‘Red Sea Development’. This project is predicted to be a large tourist destination that will consist of luxurious hotel complexes and great travel connections. It aims to create more than 30,000 jobs for residents as well as non-residents workers in the region.
Rewarding Opportunities
It is a strategic economic policy that aims to uplift the economy of Saudi Arabia. It may decrease the unemployment rate from 11.6% to 7%. It is expected that new reforms may increase the contribution of SMEs to GDP from 20% to 35%.
It is a highly ambitious plan which aims to diversify the Kingdom of Saudi Arabia by reducing its dependency upon hydrocarbons. The Kingdom’s prime focus is on boosting the private sector as a powerful key engine in increasing economic growth.
How can the hospitality industry evolve in the Saudi Vision 2030?
The Saudi Vision 2030 plans to enhance the KSA’s hospitality industry by attracting more than 1.5 million tourists annually.
The vision plans to create an Islamic museum and increase the Saudi heritage sites that are registered with UNESCO.
The Vision 2030 aims to foster the hospitality sector by allowing international brands to collaborate with Kingdom’s leading hospitality companies through strategic partnership programs.
The hospitality industry carries many growth opportunities and is capable of bringing many new investors into the industry.
According to the reports of Delliote Middle East, Saudi Arabia’s hospitality sector will grow by 10% annually. This can be counted as the fruitful outcome of diversification efforts and social reforms led by the government.
How is Yakoon becoming a part of Saudi Arabia’s transformative journey?
Yakoon carries the vision to work for the growing nation by becoming a leading company that brings world-class excellence in the hospitality sector.
The leading hospitality company renders end-to-end hospitality management services to clients. This feature of Yakoon highlights its strength to become a part of Saudi Vision 2030.
