Saudi Arabia’s Vision 2030 and NEOM Project

Sub: IR

Sec: Places in news

Tags: NEOM Project

Vision 2030 of Saudi Arabia:

Launched in 2016, it aims to develop various sectors and introduce large-scale projects, known as giga-projects, to prepare for a post-oil future.
It is built around three main themes which set out specific objectives that are to be achieved by 2030:

A vibrant society – urbanism, culture and entertainment, sports, Umrah, UNESCO heritage sites, life expectancy
A thriving economy – employment, women in the workforce, international competitiveness, Public Investment Fund, foreign direct investment, non-oil exports
An ambitious nation – non-oil revenues, government effectiveness, e-government, household savings and income, non-profits, and volunteering.

Progress: The program is more than halfway through its timeline, with multiple giga-projects in the planning and execution stages.
Challenges: The initiative has faced challenges such as the COVID-19 pandemic, geopolitical tensions, inflation, and supply chain disruptions.

NEOM: A Flagship Giga-Project:

It is an urban area being built by Saudi Arabia in Tabuk.
NEOM is planned as a mega-city, featuring futuristic elements like a ski resort and twin skyscrapers extending 170 kilometres, known as The Line.
- The first three letters come from the Ancient Greek prefix neo – meaning ‘new’. The ‘M’ is the first from ‘Mustaqbal’, an Arabic word meaning ‘future’. The M is also the first letter of the Crown Prince, Mohammed bin Salman.
The site is at the northern tip of the Red Sea, due east of Egypt across the Gulf of Aqaba and south of Jordan.
Population Goals: Initially projected to house over one million residents by 2030, with ambitions to grow to nine million by 2045. However, recent reports suggest a scaled-back target of 300,000 residents by 2030, with 2.4 kilometres of The Line completed.
Despite revised projections, NEOM’s leadership remains committed to achieving the long-term population goals.