Saudi Arabia News
Saudi Arabia Expectations for Vision 2030
Government of Saudi Arabia is very keen on improving their economy and its very clear for it Vision 2030. They have faced many economic and social challenges in the country.
Deputy Crown Prince Muhammad Bin Salman is making aggresive plans for Vision 2030 with which the Kingdom will not only transform into a better state but will also prosper in future years.
KSA wants to move its focus from Oil-Only Profits but is also considering its socio-economic growth from various sectors. The Kingdom sustained deficit and were riding on reserves earned till now.
International Monetary Agency (IMA) said in one of its report that Saudi Arabia which was one of the most powerful economies in the world, could be bankrupt by 2020 due to it economical situation.
But Vision 2030 is clearing its way on fasttrack towards success. Though the Oil prices are weak and there has been a huge loss in construction companies the expectations for the vision 2030 are here
- Increasing Non-Oil Revenuw upto 1 Trillion SAR
- Increasing revenue from Private sector upto 65% contribution towards economy.
- Increasing the share of exports from Non-Oil upto 50%
- Improving FDI (Foreign direct Invesment)
- Increase in Local sectors of Oil and Gas
- Promoting Public-Private partnerships
- Promoting Religious Tourism (Umrah & Hajj)
- Opening doors for all nationals for Tourism
- Making Kingdom less dependent on Oil Revenues
Vision 2030 for Expatriates
- Most important is that Vision 2030 is also targeting Expatriates living in Saudi Arabia for opening ways for Investment and also giving residency status by issuing Green Cards as permanent residence status and generating $10 Billion SAR revenue from it.
- Eliminating existing sponsor System (Kafeel) and also implementing taxes.
- In Future Years, Expats will be able to buy properties too
- All these expectations would depends on when and how it gets implemented.