Saudi panel discussion,
Vision 2030 is an ambitious long-term plan, but one that is already bringing positive change to Saudi Arabia, a panel on the kingdom’s future economy says.
The discussion included Princess Reema bint Bandar Al Saud, Vice-President for Development and Planning at Saudi Arabian General Sports Authority; Mohammed Al Jadaan, Saudi Minister of Finance; Majid Al Kasabi, Saudi Minister of Commerce and Investment; Stephen Schwarzman, the chief executive and co-founder of Blackstone; and Mohammad Al Tuwaijri, Saudi Minister of Economy and Planning.
Mr Al Jadaan said that Vision 2030 will reform and diversify the economy away from oil and generate income from areas such as entertainment and tourism. It also is a means of social, legal and cultural reform, he said.
Princess Reema said developments in sport and culture would have a positive impact on the quality of people’s lives as well as lifting the economy.
“Creative industries [will] thrive, add economic impact, job creation, training, so much value that’s not just for women,” she said, referring to liberalisation policies.
Mr Al Kasabi explained that Saudi Arabia was creating a better “investment ecosystem”. Moves to make doing business easier by cutting down on government bureaucracy are in place and 2018’s budget is the highest yet, with a hefty allocation set aside for the private sector.
Creating a level playing field and fighting corruption is also a key part of Vision 2030.
Mr Al Kasabi said: “It’s true we could make mistakes here and mistakes there. Saudi Arabia is not a perfect country. Saudi Arabia is like any other country but the road to success is always under construction.”
In response to a question from Sultan Al Mansouri, the UAE Minister of Economy, about how the UAE and Saudi Arabia could coordinate further to grow their economies, Mr Al Jadaan said the kingdom is working closely with the UAE and other Gulf states to ensure the developments were “a win for all”.
Vision 2030’s reforms meant women have more prominent roles in Saudi life, changes that Mr Schwarzman described as “extraordinary”.
Princess Reema said: “What I represent is the change in this community that is the integration of the man and the woman, the husband, the father and the daughter.
“The social impact that we are changing is that the family is now actively engaging collectively in their lifestyle, in the way they behave, and that translates to how they spend their money, how they socialise with each other and that’s what I’m here to represent, not just the woman’s voice, even though I’m honoured to be a woman from Saudi Arabia here today.”