The ambitious “Vision 2030” put forth by the Saudi Arabian government stands out as an important opportunity for Turkish firms and businesspeople as the projects within the program can open new investment windows.
With the plan, Saudi Arabia is preparing to transform the country socially, culturally and economically and make it a center of attraction for the region.
The Vision 2030 initiative, which was announced by the Saudi government on April 25, 2016, includes megacity projects such as Neom, infrastructure work, the construction of projects arising from global events such as the World Cup and the 2029 Asian Winter Games to be held in Saudi Arabia, as well as the construction of health, education and public services.
The economic development plan, worth between $500 billion and $1 trillion, aims to transform the country in many fields.
The National Center for Privatization (NCP), which was established in 2017, continues its activities to attract local and international private sector potential to Saudi Arabia to improve public infrastructure and services and contribute to sustainable development.
Turkish companies also visited the capital Riyadh on Tuesday to get a share of these large investments.
Within the scope of the visit, in cooperation with the NCP, Turkish companies aim to make contacts to become partners in the investment potential in the region.
Turkish companies will hold meetings organized through the NCP with senior officials from Saudi Arabia’s Ministries of Investment, Transportation, Health, and Environment, Water and Agriculture.
Senior officials of the ministries will explain the projects to be realized in these areas to Turkish companies and mutual evaluations and bilateral meetings will be held.
Turkish companies will also hold contacts with Saudi banks regarding the financing of the investments to be realized.
At the same time, bilateral meetings and exchanges of ideas will be organized with global companies from Canada, the U.S. and the U.K., which have done business in the country, to create the basis for future partnerships with Turkish companies.
Vision 2030
Many projects will be implemented in 13 regions under the Vision 2030 plan in Saudi Arabia.
Investors and companies will be encouraged to set up businesses and create jobs in various fields to improve the quality of life and accelerate economic development in 12 cities in Saudi Arabia.
Wind farms and solar panels in the northern city of al-Jawf are part of a plan to convert 50% of the country’s overall energy sources to renewable energy by 2030.
The Low Power Research Reactor Project, which will contribute to the development of the nuclear energy industry in Saudi Arabia, will enable the development of nuclear sciences.
The King Salman Energy Park in the east of the country will provide a major breakthrough in the energy sector and encourage the use of clean energy technologies.
The AlKhafji Desalination Plant is known as the world’s largest solar-powered desalination project that meets the region’s water needs in an innovative and sustainable way. The plant has the capacity to produce up to 90,000 cubic meters of fresh water per day.
Five special economic zones are planned to be established in the country to attract investors to Saudi Arabia.
The project, which will support the country’s competitiveness, will provide employment by strengthening industrial development and economic growth.
The Qiddiya City project aims to transform the region into a global entertainment, sports and cultural center. It will include international sports venues, concert and entertainment venues, and sports and arts academies.
The city of Diriyah, located northwest of the capital Riyadh, will become a unique center for sightseeing, living, business and shopping with a development project worth around $62 billion.
The Mohammed Bin Salman Non-Profit City is designed as an unprecedented city. The city, also called “Misk City,” will include offices, educational institutions, and arts and sports facilities as well as residential areas and hotels.
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