How Saudi Arabia Is transforming to a cultural and economic hub in the new era

Saudi Arabia has ushered in an entrepreneurial era with new opportunities for foreign investors and SMEs. A set of new regulations accompanied the Saudization and Vision 2030 reforms, allowing for the private sector to boom and for the economy to shift radically as a result. As the Kingdom further embraces entrepreneurial opportunities, its vision for diversification from an oil-dependent economy becomes a reality.

Among many new regulatory trends that shaped the age of Saudization was the Kingdom’s facilitation of foreign investment; the permission for UK, Schengen and US visa holders to enter the Kingdom with a visa on arrival was a step towards opening Saudi Arabia up for the global market.

Foreign investors can now visit the Kingdom and see the great entrepreneurial potential its market offers. The Kingdom’s variety of visas is a key point in its monitoring of business potential; a visa for each purpose is granted for those visitors who meet the criteria set in place. Business visas are on an all time high since the Vision 2030 revelation and the subsequent changes the Kingdom implemented to serve that historic long term plan.

Over the past 18 months, Saudi Arabia has shown a great commitment to entrepreneurship as a new foundation to its economy. In 2020, the Kingdom will host over 50 conferences and forums, tallying up to an estimated 250,000 visitors in the next 10 months. T

his further contributes to the new image of Saudi Arabia, and more importantly brings in potential investors whose businesses ultimately take part in ending unemployment of Saudi nationals in light of Saudization regulations. Recent reports have revealed that over 400,000 visas were granted since the fourth quarter of 2019. Those included the ever-growing Haj and Umrah visas, tourist visas and business visas.

Along the same lines is the entertainment aspect of the Vision 2030 plan; the Kingdom began its new era by providing the medium for art and music to be more easily accessible. Big stars from music, art, sports and television have visited Saudi Arabia since the Vision 2030 started its execution phase, and the number of festivals and concerts grew larger as the plans advanced.

The move comes as a sign for Saudi Arabia’s readiness to receive various business opportunities and cater to those businesses’ market needs. It also caters to the young Saudi population, most of which is under the age of 35. Young Saudis have always been eager for arts and are known for traveling the world to see their favorite festivals and artists in concert.

In the sports arena, Saudi Arabia hosts big events in wrestling, football and car races; and the audience of those events is enjoying the Saudi Vision’s inclusion of plans to expand on these lanes of entertainment. Saudi universities have also opened up new opportunities for students to study and work, releasing a generation of photographers, designers and artists.

The fashion design aspect of Saudi culture has been subject of international attention and has shown an image of Saudi Arabia that aligns with the Vision 2030 goals, especially with the Vision’s emphasis on women's ability and right to work as well as have a family.

Recent numbers and statistics have shown that Riyadh offers a wide pool of jobs and businesses. Today, other cities are on the same trajectory as well. In recent news, Jeddah was revealed to expect a massive growth by 2024. The city is adding up to 40,000 square meters to its leasable areas, as its local businesses show growth and global brands begin to set up locations in Jeddah.

Soon, more locations around Saudi Arabia will become tourist attractions, as the government plans to increase the number of heritage sites in the Kingdom. This was in fact one of the many subdivision key points upon its announcement and is set to increase global interest in Saudi Arabia as a tourist attraction point in the GCC region. It is a unique case considering the mystery surrounding these heritage sites as the Kingdom is most known for its religious sites mainly.

The launch of this new era enforces the plans to make Saudi Arabia a cultural hub, diversify its economy with tourism and business and provide a culture that nurtures entrepreneurship. The Vision 2030 continues to tick off items from its initial list and is well underway with unemployment rates lowering and the non-oil sector seeing its biggest rise in five years.

— The writer is director and deputy CEO, Proven