Saudi Arabia: Transformation

Saudi Arabia, the largest economy in the Middle East is going through an unprecedented transformation, driven by the Saudi Vision 2030 which aims at putting Saudi at the forefront of nations globally. The kingdom has seen major progress over the last few years, laying a solid foundation for success by implementing unprecedented reforms in the public sector, the economy, and society as a whole.  

A thriving economy 

The GDP of Saudi Arabia is expected to reach 1,110 billion USD, in the wake of an 8.7% growth rate in 2022. The Public Investment Fund has invested in numerous giga-projects, including NEOM, Diriyah, The Red Sea Project, Saudi Green Initiative, and many more. The public’s sentiment towards the economy is positive, the majority (82%) expecting the economy to be strong in the future. 

Sport matters

The kingdom is making major investments in the sports scene, propelling it to the global stage. In football, Saudi Arabia has made headlines by acquiring the Premier League club, Newcastle United, as well as signing contracts with major football stars to play for Saudi clubs (including Cristiano Ronaldo, Neymar Júnior and Karim Benzema). Saudi Arabia is also on the scene when it comes to other sports, hosting the Formula 1 Grand Prix and Formula- E prix. It will also host the Asian Winter Games in 2029 in Trojena, a region in NEOM that will begin accepting visitors by 2027.  

A tourist destination 

Amongst Saudi Arabia’s ambitions is its goals in growing its tourism sector beyond religious tourism. In 2023, Saudi Arabia is projected to welcome 28 million tourists, up from 16.6 million in 2022. This was made possible due to major reforms in the accessibility of Saudi Arabia, through the introduction of e-visa policies for numerous countries around the world, as well as major investments in the marketing of Saudi Arabia as a leisure destination by the Saudi Tourism Authority. In fact, according to the Ipsos-Anholt Nation Brand Index, fascination with Saudi Arabia has been on the rise over the last three years. 

Empowerment of women 

Saudi Arabia has made strides in empowering women and making them increasingly more involved in both the social and economic landscapes. In fact, today 53% of females are enrolled in higher education, and 36% of women participate in the workforce, a figure that has doubled in the last 5 years.  

Saif Nimry

Country Manager, Ipsos in Saudi Arabia