Saudi Arabia’s Vision 2030 offers new options for Turkish firms

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.

Strong partnerships

Cüneyt Sarıçimen, Saudi Arabia advisor at Türkiye’s Investment Office, told Anadolu Agency (AA) that Türkiye is strong in the construction sector and has around 10 resident companies in Saudi Arabia.

Emphasizing that Türkiye has a strong presence in Saudi Arabia in the defense industry, he noted that Turkish defense giant Aselsan is already present there, and defense firms Roketsan and Baykar and IT firm CTech continue their initiatives in the region.

He said they encourage Turkish firms to work in the private sector by establishing partnerships with Saudi Arabian companies and asked large and maneuverable Turkish companies to continue their strong partnerships in Saudi Arabia.

Sarıçimen said that Turkish medicine producer Abdi Ibrahim established a partnership in the field of pharmaceuticals in the country a couple of months ago, adding that the company will have initiatives in Jeddah.

Automotive, construction sectors

Sarıçimen also said there are opportunities at various levels in many sectors in Saudi Arabia and that Türkiye can use its experience in the automotive industry in the country.

He said that Türkiye aims to increase its presence in the Saudi Arabian market by enabling Turkish companies to establish partnerships in the country, adding that the Saudi government has very strong incentives in this direction and is trying to ensure equality between local and foreign companies in competition.

He emphasized that there is a “very big cake” for investments in the country and noted that Saudi Arabia aims to attract approximately $3 trillion worth of investment within the framework of Vision 2030.

“We see in every way that they prioritize their desire to work with Türkiye, both in the state and the private sector,” he said.

Saying that Turkish companies received approximately $3 billion worth of tenders from Saudi Arabia in 2023 and this is expected to increase, he underlined that Turkish companies can be involved in mass housing, airport, hospital and school construction projects.

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.

Culture and art

The Riyadh Art initiative aims to transform Saudi Arabia’s capital into an art gallery without walls, contributing to city life and boosting the economy.

As part of the New Murabba project, a new district of Riyadh city will be built on 19 square kilometers (7.33 square miles). The architectural structure called Mukaab, located in the center of the city, will become a cultural and tourist attraction.

The King Salman Park Project, launched in 2019, will build the world’s largest urban park with gardens to be organized in Islamic style, including an area with birds and butterflies.

The Green Riyadh project aims to transform Riyadh into a “green oasis” and one of the top 100 livable cities in the world by 2030. The city will have 7.5 million trees.

Within the scope of the project called NEOM, sustainable life will be encouraged by prioritizing the meeting of humans and nature.

The futuristic city called “The Line,” which will be built on an area of approximately 30 square kilometers (11.5 square miles) will be designed in accordance with the smart city concept based on renewable energy.

The Trojena Mountains in the same region will revitalize sustainable mountaineering tourism and Sindalah Island, which serves as a gateway to the Red Sea, is designed as a luxury destination for tourists.

Oxagon, which is planned to be a floating port city on the shores of the Red Sea, will have an integrated logistics center and advanced manufacturing facilities.

The city project, dubbed Rua Al Madinah, will transform Medina into a modern cultural destination. The project aims to increase the city’s capacity to host pilgrims to 30 million by 2030.

The Masjid Quba project will include the expansion of the existing mosque as well as the development and restoration of 57 historical sites.

The Al-Ula project, Saudi Arabia’s first UNESCO World Heritage Site, will include initiatives in the fields of archaeology, tourism, culture, education and the arts to help open up this remarkable region to the world and preserve its outstanding natural and historical character.

Sustainable living

The Rabigh Desalination Plant, the construction of which started in 2017, contributes to the consumption of tap water and leads the fight against water scarcity.

The country’s first electric vehicle brand Ceer is preparing to bring a new industry to the country that will attract international and local investments, create local job opportunities and contribute to Saudi Arabia’s economic growth.

The housing project ROSHN was launched in 2020 with the aim of 70% of the country becoming homeowners by 2030. The project is expected to contribute positively to the real estate and infrastructure sectors.

The project for the Jeddah Historic District, a UNESCO World Heritage Site, aims to renovate the historic center of Jeddah and turn it into a cultural and artistic center.

Created for the development of Soudah, a mountainous area in the Asir region of Saudi Arabia, the project aims to preserve the region’s unique cultural heritage, integrate adventure and cultural tourism, and contribute economically to the local community.

The Soudah Hills project is designed to reflect local traditional architectural styles and promote both the cultural and landscape heritage of the region.

The project will offer 2,700 accommodation facilities, 1,336 residential units and 80,000 square meters (861,112 square feet) of commercial space by 2033.