Saudi Arabia’s pre-budget 2023 statement reviewed the most important initiatives and programs in the medium term. Zawya Projects has compiled a list from a statement issued by the Ministry of Finance.
National Tourism Development Strategy
Launched in 2019, the strategy aims to develop the tourism sector in the Kingdom. One of the most prominent achievements in 2021 was the attraction of 64 million tourist visits, as the total volume of spending reached 81 billion Saudi riyals.
National Transport and Logistics Strategy
The National Transport and Logistics Strategy was launched in 2021. It aims to localize the vehicle routing/steering sector by 10 percent and the entry of three ports into the top 100 ports in the world.
The project is a future global centre for trade, innovation and knowledge to enable leading companies to change the future of sectors such as energy, transportation and other future sectors. The Line within the giga project will redefine the concept of urban development. It will be 200 metres wide, 170 kilometres long and 500 metres above sea level.
The Red Sea Project
It is one of the mega projects of which the Public Investment Fund (PIF) has full ownership. It will introduce new standards in renewable tourism and sustainable development. The project extends over an area of 28,000 square kilometres (sq km) and includes several historical, cultural and heritage monuments.
The project is the future capital of entertainment, sports, culture and arts. It extends over 367 sq km and is designed around five components: parks, attractions, sports, transportation and movement, culture and arts, and nature and the environment.
It is one of the largest urban afforestation projects in the world. The project aims to plant more than 7.5 million trees to raise the per capita share of green space in the city of Riyadh from 1.7 sqm to 28 sqm, an increase that is equivalent to 16 times.
King Salman Park
The project is located in Riyadh, with the park’s area exceeding 16 kilometres, making it the largest city park in the world. It will include extended green areas; more than one million trees; open squares with an area of more than 11.6 sq km; in addition to the Royal Art Complex; the National Theatre; a 7.2 kilometre pedestrian circular path; Wadi area in the middle of the park; and a group of water elements, landmarks, and artistic icons.
The project was launched in 2019 and is one of the four mega projects developed by the Royal Commission for Riyadh City to transform the capital into an environmentally-friendly and sustainable city. The project aims to attract more than two million tourists annually, in addition to providing 24 thousand job opportunities.
Financial Technology Strategy
The Financial Technology Strategy was launched in 2022, representing one of the pillars of the Financial Sector Development Program. Among the most prominent objectives is to increase the number of financial technology companies to 250 by 2025 and 525 by 2030. It also aims to increase the digital transaction percentage to 70 percent in 2025 and 80 percent in 2030.
Gaming and Electronic Sports Sector
The Gaming and Electronic Sports sector strategy was launched as a new step towards prominence and making the Kingdom a global center in this sector by 2030. It aims to achieve economic impact by contributing around 50 billion riyals to the GDP directly and indirectly and creating more than 39,000 direct and indirect new job opportunities by 2030.
(Writing by D Madhura; Editing by Anoop Menon)