Do you know what (Vision) means in Arabic? It denotes insight in the heart and mind, confidence and conviction, effectiveness in planning, and contemplation and reflection! From its inception and with steadfast steps towards the future, emerged ‘Saudi Vision 2030,’ which aims to build a vibrant society, a thriving economy, and an ambitious nation.
Saudi Vision 2030:
“My primary goal is for our country to be a successful and pioneering model globally across all sectors, and I will work with you to achieve that.”
Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud
The first announcement of Saudi Vision 2030 occurred in 2016, aiming to catalyze a radical and comprehensive transformation across all aspects of life in the Kingdom. This includes economic, social, cultural, and more.
The primary goals of Saudi Vision 2030 encompass:
- Diversification of National Income Sources: This involves reducing economic reliance solely on oil by enhancing and developing diverse sectors such as tourism, technology, and agriculture. This strategy aims to increase economic growth opportunities and sustainability.
- Human Resources Development: Saudi Vision aims to intensify efforts in developing Saudi labor skills and empowering Saudi youth through:
- Education and Training
- Talent management
- Workforce qualification
- Performance management
- Fostering productive work environments.
- Infrastructure Development: Infrastructure plays a pivotal role in achieving economic development, attracting investments, ensuring security and stability, and supporting sustainable structures. This includes transportation (land, sea, air), energy, water, and network infrastructures.
- Support for the Private Sector: Enhancing the economic competitiveness of the private sector is crucial for Saudi Arabia to compete strongly in the global economy. The private sector serves as a key driver for economic growth, job creation, and investment.
- Improvement of Public Services: Saudi Vision 2030 aims to enhance public services such as healthcare, housing, and entertainment, thereby improving cultural and social life for citizens.
- Building Strategic International Partnerships: Strategic international partnerships aim to:
- Exchange knowledge and technology
- Enhance economic cooperation
- Promote trade and investment
- Cultural exchange
- Foster mutual understanding between Saudi Arabia and other nations
- Achieving sustainable development.
In addition to these main objectives, Saudi Vision 2030 includes several programs aimed at achieving its vision, such as:
- Financial Sector Development Program
- Fiscal Sustainability Program
- Housing Program
- Hajj and Umrah Guest Service Program
- National Transformation Program
- Healthcare Transformation Program.
In summary, Saudi Vision 2030 is a comprehensive framework aimed at propelling Saudi Arabia towards a brighter and more advanced future. Achieving this vision requires coordinated efforts between the government, private sector, and civil society to ensure the fulfillment of set objectives and sustainable development in all sectors. How can we develop our businesses in line with this vision? And how can we leverage Saudi Vision 2030 for business growth?
What is meant by business development?
Business development is defined as a continuous strategy aimed at developing all business and economic activities with the goal of achieving sustainable growth and profitability. It encompasses several dimensions:
- Expansion of Economic Base: Business development seeks to increase productivity and support, thereby enhancing the added value for companies. This includes expanding markets, increasing market share, diversifying products, offering diverse services, creating job opportunities, and increasing investments.
- Innovation and Technology: Business development encourages technological development and innovation in processes and products. Corporate investment in modern technology and application of innovations can enhance competitiveness and achieve sustainable competitive advantages.
- Investment and Expansion: Business development includes expanding business scope, investing in infrastructure, geographical expansion, and investing in human resources. This can contribute to increased productivity and open new opportunities for growth and development.
- Sustainability and Social Responsibility: Business development also involves consideration of environmental and social sustainability, and commitment to responsible business practices that preserve the environment and contribute to improving business and local communities.
- Integration and Collaboration: Business development encourages building strategic partnerships with other companies and institutions, and collaborating with governmental and academic entities to enhance innovation and achieve common goals.
In general, business development aims to achieve sustainable growth and increase value for both institutions and communities, focusing on innovation, investment, sustainability, and integration in business operations.
How to leverage Saudi Arabia’s Vision 2030 for business development:
Saudi Arabia’s Vision 2030 presents a significant opportunity for business development on multiple fronts. Here are several aspects that make Vision 2030 a real opportunity for companies and entrepreneurs:
- Study and Understand Vision 2030: Begin by thoroughly studying and understanding the goals and principles of Saudi Arabia’s Vision through official documents and related reports. This will help grasp the targeted sectors and specific initiatives.
- Explore Major Investment Projects: Vision 2030 encompasses numerous large-scale projects across various sectors such as education, energy, tourism, technology, healthcare, and others. Entrepreneurs should analyze these golden opportunities and leave their mark by contributing to these national initiatives through activities, programs, and diverse projects.
- Build Strategic Partnerships: Enhance your business environment by forging partnerships with local and international companies listed under Vision 2030. This strengthens your market presence and allows you to benefit from the expertise and scale of larger corporations.
- Explore Growth Opportunities in Emerging Markets: Look for growth opportunities in innovative and emerging markets supported and encouraged by Vision 2030, such as digital economy, healthcare innovations, and clean technology.
- Participate in Government Tenders: Follow government tenders and opportunities available within Vision 2030 projects. These projects often serve as significant opportunities for companies to participate in executing major projects.
- Be a Supportive Entrepreneur: From a social responsibility standpoint, position yourself as a supportive entrepreneur by backing innovation centers, providing innovative solutions to economic and social challenges outlined in Vision 2030. This enhances your company’s positive image in both local and potentially international markets.
- Invest in Your Employees: Develop the capabilities and skills of your employees to meet the evolving market needs and requirements driven by Vision 2030. Training your team on new technologies and best practices can enhance your company’s ability to compete and grow.
- Digital Presence: Invest in digital marketing and online presence to expand your reach to a broader customer base and increase sales. This is particularly crucial during this transformative period in Saudi Arabia, where digital marketing is pivotal to business growth.
In conclusion, Saudi Arabia’s Vision 2030 serves as a guiding light for those prepared to seize opportunities. It is a promising investment opportunity for business development, providing a conducive environment for investment, encouraging economic diversification and innovation, and fostering economic integration and international partnerships. Leveraging these opportunities can significantly contribute to the growth and prosperity of companies and the national economy as a whole.
