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Saudi Arabia Vision 2030: Setting the Stage for Greater Economic Fortune & Away from Oil
2016-05-27 17:09:58
With almost three-quarters of the government’s budget originating from oil revenues, the slump in prices poses a threat to the Saudi monarchy. Saudi Deputy Crown Prince Mohammed Bin Salman deserves applause for his efforts in introducing sweeping reforms through the Saudi Vision 2030 and The National Transformation Plan (NTP) 2020 at the right opportune time. The NTP will majorly focus on restructuring various government agencies to deliver on the Vision 2030 and other national priorities.
The IMF called the Saudi plan an “ambitious, far-reaching effort” but has warned that the implementation of the Vision 2030 would be a challenge. Only time will tell if Vision 2030 will help make Saudi Arabia a global economic powerhouse and lead the kingdom to greater fortune, which will no longer be dependent on oil.
The table below lists some of the major projects in Saudi Arabia, which are in the tender for construction stage and construction expected to commence during the second half of 2016.
Sl Project Name Value in US$
1 Fadhili Power Plant 4,700
2 Taibah Integrated Solar Combined Cycle (ISCC) Power Plant 3,500
3 Ras Tanura – Clean Fuel Project – Package 1 2,040
4 Manaret Makkah Tower 1,330
5 Yanbu Petrochemicals Project 1,000
6 Asir – Jizan New Road – Jizan Part 956
7 Jeddah Jizan Coastal Highway – Mecca & Asir Part 881
8 Qasim – Makkah Direct Highway – Qassim Part 853
9 Asir Jizan New Road – Asir Part 794
10 King Faisal Specialist Hospital & Research Centre (KFSH&RC) in Jeddah – Residential Compound 658
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