Solid National Economy
The Kingdom continues to implement Vision 2030 programs, and is witnessing an economic and investment mobility, which resulted in several national initiatives aimed at changing the concept of dependence on oil, diversifying the local economy, providing incentives for the private sector, integrating stronger with global markets, and formulating a new structure for a strong and solid national economy of multiple resources.
This continuous mobility is reflected in many economic activities, and some of them also coincide with the Kingdom's assumption of the presidency of the Group of Twenty summit. This week, the Kingdom has been announced in the sixth rank globally in annual logistics index, according to the 2019 Agility Emerging Markets Logistics Index, thanks to the remarkable improvement in its business environment, the national economic strategy and transformative plans covered by Vision 2030, the, the Kingdom's continued economic reforms, opening sectors that were previously restricted, making steady progress in simplifying laws and regulations, and developing its digital capabilities.
In conjunction with the Kingdom's ranking seventh in the world in retail trade according to the index of the global retail development index for 2019, which rates the 30 most important emerging countries in terms of investment in the retail sector worldwide, the Retail Leaders Circle Summit for the Middle East and North Africa kicked off this week in Riyadh.
During the two-day event, participants shed light on the Kingdom's plans to top the business, investment and retail destinations, in line with the goals of Vision 2030, which are to diversify the economy and facilitate business as a priority, in addition to attracting foreign direct investment to the most efficient and value added activities.
Reports talking about the Saudi economy confirm that the Kingdom's Vision 2030, revealed by Crown Prince Mohammed bin Salman in 2016, remains the focus of the Kingdom's openness to the global market, increased interest in the Saudi market, its dominance over a larger area in the global scene of the most attractive environments for investment, and its success in achieving important reforms that made it an attractive environment for doing business and starting commercial activities.
Observer of the Saudi economic scene sees its rapid and deliberate movement towards achieving the goals of a diversified, productive and competitive economy in light of the investment opportunities created by the Vision's programs.