Shaping the Future Business Landscape

In its bold journey toward Vision 2030, Saudi Arabia is preparing for a series of transformative events and projects that promise to redefine its economy and private sector. The Kingdom is not only set to host major global events like Expo 2030 and FIFA 2034 but is also advancing colossal developments such as NEOM and the Red Sea Project. Saudi Arabia's economy has seen steady and significant growth trajectory since the inception of the Saudi Vision 2030 initiative.

The following is a closer look at these key projects and events, their progress and the potential they hold for investment.

NEOM – Saudi Arabia’s Futuristic Mega-City

This $500 billion mega-city, encapsulates the vision of a futuristic society, integrating smart city technologies and functioning as a hub for innovation. Set to cover a total area of over 26,500 square kilometres, extending into Jordan and Egypt, it is one of the largest planned cities in the world in terms of total area and among the most ambitious construction projects ever conceived.

The latest updates reveal that rapid progress is being made with over 140,000 construction workers developing key sites including the industrial city Oxagon, a mountain destination Trojena, luxury island Sindalah and Gulf of Aqaba destinations.

With the city set to be powered entirely by renewable energy sources and an equally future focused approach to the development of other important sectors including food manufacturing, entertainment, design and construction, financial services, health and well-being, education, mobility and media, the opportunities for private sector involvement are vast.

Progress is also being made outside the Kingdom’s borders, with new offices in London and New York designed to source global partners and business opportunities.

Saudi Arabian FIFA World Cup 2034

Saudi Arabia's successful bid to host the FIFA World Cup 2034 represents a huge opportunity for the country, not just in terms of boosting its global profile but also in driving economic growth. With the slogan "Growing Together", the event is set to build on the successes of Qatar 2022, leveraging the global appeal of the World Cup to bring substantial benefits to its economy and people. The event will involve the construction of 15 state-of-the-art stadiums across strategic cities as well as the development of additional facilities and services to accommodate the influx of international visitors. These include new transportation networks, improved public transit systems and enhanced airport facilities. The hospitality and entertainment sectors will also see significant involvement with the construction of new hotels, restaurants, and leisure facilities as well as entertainment hubs, cultural venues and tourist attractions.

These developments will create huge scope for private sector involvement across diverse sectors from event management, hospitality and tourism to F&B, security and sustainability.

Saudi Expo 2030

After the delayed but hugely successful Expo 2020 in the UAE, Saudi Arabia is set to follow suit with its own version under the captivating theme, “The Era of Change. The event will shine a light on some of our future’s most pressing issues and looking at how innovations in science and technology can make a difference.

With an expected 40 million site visits and 246 international participants, the event will be a unique opportunity to for networking, showcasing new technologies, and forging international business relationships, particularly for companies specialising in green technology, renewable energy, and sustainable living.

The significant infrastructure improvements required to host an event of this magnitude will also create opportunities for private sector involvement in areas like transportation systems, utilities, and telecommunications. The event will also likely give a huge boost to the tourism and hospitality sector, both in the short term and beyond.

The Red Sea Project

This ambitious development along the shores of the Red Sea aims to take 28,000 sq.km of untouched coastline and transform it into a pioneering regenerative tourism destination with 50 luxury hotels and more than 1,000 residential properties spread across 22 islands and six inland sites.

Across the two phases of development, opportunities for business to be involved are plentiful. The developer, Red Sea Global is looking to partner with industry-leading companies from around the globe that can offer solutions for anything from construction components and project management to power generation, transportation, and other hard infrastructure elements.

The Long-term Effect on Saudi’s Economic Outlook

As these mega projects and events take shape, the economic and social impacts are set to redefine the Kingdom’s landscape, both in the short term and long. Saudi Arabia's GDP growth in recent years is a clear indicator of this positive trend. The country's GDP growth and private sector growth in recent years is a clear indicator of this positive trend.

As well as the obvious diversification benefits and uptick in the nation’s GDP and employment rates, these initiatives will likely spur a new wave of business opportunities across various sectors. From construction and technology to tourism and services, companies positioned to engage with these projects can expect enhanced market access and the potential for substantial growth. Also, as the infrastructure expands and modernises, smaller businesses and startups will also find plenty of opportunities to grow. As the infrastructure modernises, these smaller businesses and startups can tap into better technologies and more efficient networks, helping them expand their reach and impact more easily.

How can Sovereign PPG Help?

Sovereign PPG has in-depth knowledge of the Saudi Arabian and wider GCC market and close connections with government departments and freezone authorities. We can streamline the company incorporation process, managing all aspects from licensing to visa, labour and immigration approvals.

If you’re interested in learning more about how to engage with these projects, events and initiatives, or with any other related company setup, restructuring, local partner or PRO support matter in Abu Dhabi, Dubai, the wider UAE, Saudi Arabia, Bahrain, Oman or Qatar, then please do get in touch with us today on +966 (0)535 377 578 for Saudi Arabia or +971 (0)4 456 1761 for Dubai, email us at ksa@sovereigngroup.com or complete the contact form below and we will be delighted to assist you.