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Five Key Areas Drive Social, Economic Growth in Saudi Arabia

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Five Key Areas Drive Social, Economic Growth in Saudi Arabia

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As Saudi Arabia’s public and private sectors strive to exceed expectations set by “Vision 2030,” an international report highlighted five key areas crucial for social and economic growth in the kingdom.
The recent report stressed the importance of developing regions outside the main urban centers to achieve the ambitious goal of making Saudi Arabia one of the world’s top 15 economies.
Published by Arthur D. Little, the report estimated a potential economic contribution of 27 billion riyals ($7.2 billion). The growth focused on five main areas: strategy, governance, human capital, infrastructure, and investment.
The report outlined success factors that can strengthen regional economies and boost national growth to meet Vision 2030 targets.
Saudi regions have significant potential to support GDP growth, especially major urban centers like Riyadh, Dammam, and Jeddah, which have a per capita GDP of around 107 riyals ($28.5).
Dr. Abdul Rahman Baashen, head of the Al Shorouk Center for Economic Studies in Jazan, highlighted that Saudi Arabia’s strategic approach is crucial for the kingdom’s development in various fields, including civilization, sports, culture, and economy.
Speaking to Asharq Al-Awsat, Baashen emphasized the successful collaboration between Saudi Arabia’s public and private sectors, which has greatly advanced the goals of “Vision 2030.”
He pointed out that achievements in economic growth, investment attraction, and innovation have been significant.
Baashen noted the impressive performance of the Saudi Public Investment Fund, which doubled its revenues to $88.5 billion in 2023, thanks to the growth in its portfolio’s market value and the strong performance of the National Industrial Development Program, which increased by 87%.
He also mentioned that rapid growth in key sectors like energy, industry, mining, and logistics has driven comprehensive development. Foreign direct investment (FDI) into Saudi Arabia increased by 5.6%, reaching 9.5 billion riyals ($2.5 billion) in the first quarter of this year.

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Ukraine Downs a Russian Warplane and Russia Claims Gains in the East

Ukrainian service members inspect parts of a Russian aerial vehicle, which local authorities assume to be a newest heavy unmanned aerial vehicle S-70 Okhotnik (Hunter) or variation of Sukhoi fighting jet, is seen in residential area of the town of Kostiantynivka after it was shot down, amid Russia's attack on Ukraine, in Donetsk region, Ukraine October 5, 2024. (Radio Free Europe/Radio Liberty/Serhii Nuzhnenko via Reuters)
Ukrainian service members inspect parts of a Russian aerial vehicle, which local authorities assume to be a newest heavy unmanned aerial vehicle S-70 Okhotnik (Hunter) or variation of Sukhoi fighting jet, is seen in residential area of the town of Kostiantynivka after it was shot down, amid Russia's attack on Ukraine, in Donetsk region, Ukraine October 5, 2024. (Radio Free Europe/Radio Liberty/Serhii Nuzhnenko via Reuters)
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Ukraine Downs a Russian Warplane and Russia Claims Gains in the East

Ukrainian service members inspect parts of a Russian aerial vehicle, which local authorities assume to be a newest heavy unmanned aerial vehicle S-70 Okhotnik (Hunter) or variation of Sukhoi fighting jet, is seen in residential area of the town of Kostiantynivka after it was shot down, amid Russia's attack on Ukraine, in Donetsk region, Ukraine October 5, 2024. (Radio Free Europe/Radio Liberty/Serhii Nuzhnenko via Reuters)
Ukrainian service members inspect parts of a Russian aerial vehicle, which local authorities assume to be a newest heavy unmanned aerial vehicle S-70 Okhotnik (Hunter) or variation of Sukhoi fighting jet, is seen in residential area of the town of Kostiantynivka after it was shot down, amid Russia's attack on Ukraine, in Donetsk region, Ukraine October 5, 2024. (Radio Free Europe/Radio Liberty/Serhii Nuzhnenko via Reuters)

Ukrainian forces said they shot down a Russian fighter plane on Saturday while Russia claimed it made gains in Ukraine’s east.

The Russian bomber was shot down near the city of Kostiantynivka in the Donetsk province, head of the Kostiantynivka Military Administration Serhiy Horbunov was quoted as saying by Ukraine’s public broadcaster, Suspilne. Photos showed charred remains of an aircraft after it landed on a house that caught fire.

Also in the partially occupied Donetsk province, Russia’s Defense Ministry claimed Saturday that it had taken control of the village of Zhelanne Druhe.

If confirmed, the capture would come three days after Ukrainian forces said they were withdrawing from the front-line town of Vuhledar, some 33 kilometers (21 miles) from Zhelanne Druhe, following a hard-fought two-year defense.

Although unlikely to change the course of the war, the loss of Vuhledar is indicative of Kyiv’s worsening position, in part the result of Washington's refusal to grant Ukraine permission to strike targets deep inside Russian territory and preventing Kyiv from degrading Moscow’s capabilities.

Meanwhile, two people died in Russian shelling in Ukraine’s southern Zaporizhzhia region, regional Gov. Ivan Fedorov said.

Ukraine’s air force said that Russia had launched three guided missiles and 13 attack drones at Ukraine overnight into Saturday. It said the missiles were intercepted, three drones were shot down over the Odesa region and 10 others were lost.

Nine people were wounded when a Ukrainian drone struck a passenger bus in the city of Horlivka in the partially occupied Donetsk region, the city’s Russian-installed Mayor Ivan Prikhodko said.

Russia’s Defense Ministry said Saturday that air defenses shot down 10 Ukrainian drones overnight in three border regions, including seven over the Belgorod region, two over the Kursk region, and one over the Voronezh region.