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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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‘Impossible’ for People’s Republic of China to Be Our Motherland, Taiwan President Says

Taiwanese President Lai Ching-te visits Republic of China Military Academy, an officer training academy, for its 100th anniversary celebrations in Kaohsiung, Taiwan June 16, 2024. (Reuters)
Taiwanese President Lai Ching-te visits Republic of China Military Academy, an officer training academy, for its 100th anniversary celebrations in Kaohsiung, Taiwan June 16, 2024. (Reuters)
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‘Impossible’ for People’s Republic of China to Be Our Motherland, Taiwan President Says

Taiwanese President Lai Ching-te visits Republic of China Military Academy, an officer training academy, for its 100th anniversary celebrations in Kaohsiung, Taiwan June 16, 2024. (Reuters)
Taiwanese President Lai Ching-te visits Republic of China Military Academy, an officer training academy, for its 100th anniversary celebrations in Kaohsiung, Taiwan June 16, 2024. (Reuters)

It is "impossible" for the People's Republic of China to become Taiwan's motherland because Taiwan has older political roots, the island's President Lai Ching-te said on Saturday.

Lai, who took office in May, is condemned by Beijing as a "separatist". He rejects Beijing's sovereignty claims, saying that the island is a country called the Republic of China, which traces its origins back to the 1911 revolution that overthrew the last imperial dynasty.

The republican government fled to Taiwan in 1949 after losing a civil war with Mao Zedong's communists who set up the People's Republic of China, which continues to claim the island as its "sacred" territory.

Speaking at a concert ahead of Taiwan's national day celebrations on Oct. 10, Lai noted that the People's Republic had celebrated its 75th anniversary on Oct. 1, and in a few days it would be the Republic of China's 113th birthday.

"Therefore, in terms of age, it is absolutely impossible for the People's Republic of China to become the 'motherland' of the Republic of China's people. On the contrary, the Republic of China may be the motherland of the people of the People's Republic of China who are over 75 years old," Lai added, to applause.

"One of the most important meanings of these celebrations is that we must remember that we are a sovereign and independent country," he said.

China's Taiwan Affairs Office did not answer calls seeking comment outside of office hours.

Chinese President Xi Jinping, in a speech on the eve of his country's national day, reiterated his government's view that Taiwan was its territory.

Lai, who will give his own keynote national day address on Oct. 10, has needled Beijing before with historical references.

Last month, Lai said that if China's claims on Taiwan were about territorial integrity, then it should also take back land from Russia signed over by the last Chinese dynasty in the 19th century.