British businesses alerted to benefits of Riyadh’s Vision 2030

Current and former British ambassadors to Saudi Arabia have urged UK businesses to seize the chance to benefit from the kingdom’s Vision 2030 ambitions.

Sir Alan Munro, who served as ambassador from 1989 to 1993, and the current ambassador Simon Collis, said rapid change, both on business and social fronts, was under way and cited Saudi Arabia’s young population, its “inspiring” Crown Prince Mohammed bin Salman and the kingdom’s wealth as main reasons the vision ought to succeed.

“It’s a key market but also a kingdom on the verge of initiating a very bold, expensive but extensive programme of development, infrastructure growth and industrial and business encouragement. This can be seen in particular in the dynamic private sector,” said Mr Munro.

“It feels like one of those key moments that people will look back on in history as a moment of change. I’ve never worked anywhere where there’s been such a gap in the perception of a place and the reality,” said Mr Collis.

He said the change the kingdom was heading for was on a completely different scale to elsewhere, given its population and country size and the high number of younger people.

Saudi Arabia, the world’s biggest oil exporter and Opec’s top crude producer, is trying to reduce its dependence on hydrocarbon revenues, which still account for a major chunk of its income. State asset sales and the development of local industrial and non-oil private sector are at the heart of Vision 2030, the overarching blueprint of the kingdom’s economic overhaul ambitions.

Increased participation of women in the workforce and allowing them to drive have been acknowledged as the major social changes in Saudi Arabia.

“Vision 2030 is so wide-ranging,” said Mr Collis. “Senior Saudi Arabians sometimes describe it as a social revolution disguised as economic reform. Take a step back and it is clear the vision is being delivered. The greatest risk of all would have been if there had not been this kind of change.”

“I think it certainly is the case that those initial headlines about economic changes and people questioning whether the leadership understood the social consequences of these reforms. It’s become pretty clear that yes they understood the social consequences but also they intended to have them.”

Mr Collis and Mr Munro spoke at a conference in London attended by British businessmen interested in Saudi Arabian opportunities. Organised by Pathfinder Trade and Invest, the title could not have been more indicative of Vision 2030 and its intentions: How change in the kingdom of Saudi Arabia unlocks new opportunities.

Professional services, consultancies, project management, financial services, technology, education and health care were areas where the UK’s knowledge could be particularly well utilised, Mr Collis said. “There is and indeed there ought to be a renewed level of interest and sense of engagement with Saudi Arabia at this very important time.” said Mr Munro.

“It is being unleashed under the bold programme of the youthful and very inspiring crown prince.”

With cinemas opening and women being allowed to drive, Saudi Arabia has already undertaken significant steps.

“Young Saudis all the time are looking for the job opportunities and the transfer of technology. This includes women. It is extraordinary how many young women are starting up small businesses,” said Baroness Symons of Vernham Dean, a member of the House of Lords and co-chair of the Saudi British Joint Business Council.