Saudi Arabia’s Review of Vision 2030 Proves its Awareness of Global Changes

Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) Dr. Jihad Azour. (Photo: Daniel Acker/Bloomberg)
Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) Dr. Jihad Azour. (Photo: Daniel Acker/Bloomberg)
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Saudi Arabia’s Review of Vision 2030 Proves its Awareness of Global Changes

Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) Dr. Jihad Azour. (Photo: Daniel Acker/Bloomberg)
Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) Dr. Jihad Azour. (Photo: Daniel Acker/Bloomberg)

Saudi Finance Minister Mohammed Al-Jadaan said the Kingdom will adapt to the current economic and geopolitical challenges and will work to review Vision 2030 to transform its economy based on the current circumstances by reducing the size of some projects and accelerating the pace of others.

Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) Dr. Jihad Azour praised this direction, saying Saudi Arabia was aware of the rapid global changes and must keep pace with them by reviewing its vision.

He underlined the importance of structural reforms that constitute the largest part of the economic transformation process, pointing out that a number of required reforms would facilitate the integration of the entire Gulf Cooperation Council countries.

The annual report of Vision 2030, issued on the anniversary of its launch on April 25, 2016, showed that 87 percent of the goals of this ambitious plan were completed, or on the right track. However, the growing challenges necessitate some adjustments, as announced by Al-Jadaan during the special meeting of the World Economic Forum, which was held in Riyadh.

Azour participated on Tuesday in a panel discussion, “Expectations for the Economies of the Middle East and North Africa... Policies to Overcome Challenges and Harness Opportunities,” organized by the Think Research and Advisory, which is affiliated with the Saudi Research and Media Group.

He said the transformation journey in Saudi Arabia went through three stages: formulating the vision, ensuring the success of implementation, and adapting the strategy to changes and priorities.

“This is what is happening today. Saudi Arabia is aware that there are global changes taking place rapidly, and it must keep pace with them by amending its vision... In addition, Saudi Arabia is focusing on addressing weak points, identifying successful elements, and ensuring the ability to withstand in the face of economic shocks... Moving quickly is an element of success,” the IMF regional director stated.

The IMF had reduced its expectations for the growth of the Saudi economy to 2.6 percent this year from its previous forecast in January of 2.7 percent. In return, it raised its expectations for growth in 2025 to 6 percent, compared to 5.5 percent in the January forecast.

Azour noted that over the past years, the Saudi economy has become more internationally connected, as its membership in the G20 has allowed it to come under the spotlight, and for reforms to be accelerated to make the economy more productive and competitive, through diversification of revenues.

“There is no doubt that there are a number of required reforms that would encourage the entire Gulf Cooperation Council countries to better integrate... It is possible to accelerate this integration by thinking again about the single market, so that the entire GCC countries become more competitive, in a world where competition is now more difficult due to geopolitical developments,” according to Azour.

He went on to say that structural reforms enabled the GCC countries to manage shocks effectively, which demonstrated their strength during the Covid-19 pandemic.

On a different note, Azour said foreign direct investment has witnessed a decline in the past decade in the region, including within the GCC, adding that negative risks affected countries with high levels of debt.

“It is important for countries in the Middle East and North Africa region to reduce their debts to alleviate the effects of inflation,” he underlined.

Azour explained: “The shipping crisis through the Red Sea constitutes a shock, but if measured, the cost of shipping across the MENA region is still relatively low... What is more difficult to measure is the possibility of predicting what will happen to the Suez Canal, through which a third of the world’s shopping containers pass, which reflects its importance at the global level.”



FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.