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Boeing Plans to Increase Investment in Saudi Arabia

An aerial photo shows Boeing airplanes parked at the Boeing Factory in Renton, Washington, US March 21, 2019. REUTERS/Lindsey Wasson
An aerial photo shows Boeing airplanes parked at the Boeing Factory in Renton, Washington, US March 21, 2019. REUTERS/Lindsey Wasson
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Boeing Plans to Increase Investment in Saudi Arabia

An aerial photo shows Boeing airplanes parked at the Boeing Factory in Renton, Washington, US March 21, 2019. REUTERS/Lindsey Wasson
An aerial photo shows Boeing airplanes parked at the Boeing Factory in Renton, Washington, US March 21, 2019. REUTERS/Lindsey Wasson

Boeing said it has entrusted all of its defense operations in Saudi Arabia to the head of its Saudi unit Eng. Ahmed Jazzar.

“Saudi Arabia is one of our key partners, which is driving us to make the necessary changes to be able to grow in the future and to strengthen our partnerships with local companies to support the Kingdom's Vision 2030,” said Leanne Caret, CEO of Boeing Defense, Space, and Security.

“Jazzar will continue to build successful partnerships and joint ventures that will strengthen national industrial capabilities in line with the Kingdom's vision and objectives.”

Sir Michael Arthur, President of Boeing International, said: "Saudi Arabia has a promising potential in the aviation industry. Boeing has made significant investments to develop industries and develop local engineering and industrial skills.

"Our strategy will be to continue to harness the Kingdom's potential for growth and development to create a self-sustaining domestic aviation environment," he added.

Jazzar has been President of Boeing in Saudi Arabia since 2005. He oversees all Boeing operations in the Kingdom, including strengthening partnerships with government agencies, developing and implementing Boeing's Saudi strategy, pursuing Boeing's industrial partnerships and investments in the Kingdom, supporting Social responsibility programs, and consolidating company relationships with customers and stakeholders.

In addition to his current position, Jazzar is Chairman of the Boeing Technology and Industry Group, a member of the Board of Trustees of Al Faisal University, a member of the Board of Directors of Salam Aviation Industry, and a board member of the Saudi Helicopter Support Company.

He holds a bachelor's degree in electrical engineering from the University of Wisconsin-Madison and a degree from Columbia University's Graduate School of Business in New York in the Senior Executive Program.

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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)

The Saudi government has directed greater private sector involvement in shaping the content of Vision 2030 communications and reports, according to sources who spoke to Asharq Al-Awsat. The goal is to amplify the impact of the annual Vision 2030 reports by making them more comprehensive and directly relevant to the business community.

The Strategic Management Office in the Saudi Royal Court has invited private sector stakeholders to review the annual Vision 2030 report to raise awareness of governmental achievements. Businesses are encouraged to provide feedback to ensure that future reports are more impactful and valuable for their audience.

The initiative aims to gather feedback on whether the current report format effectively delivers information relevant to the business sector. It also seeks input on the balance between general achievements and sector-specific details, as well as insights on the report’s accessibility and usefulness to business audiences.

According to the sources, the government is also evaluating the level of transparency in the report, particularly in showcasing progress and achievements. Stakeholders are being asked to suggest areas of focus for future editions to make the reports more comprehensive and relevant to their needs.

Additional proposals include enhancing collaboration between the Vision 2030 communications team and Saudi chambers of commerce to better report on progress and achievements to the private sector. Furthermore, the government is exploring the inclusion of practical success stories from businesses that have played a role in achieving Vision 2030 goals.

Since its inception, Vision 2030 has worked to identify and address challenges facing businesses. Significant reforms have been implemented to remove barriers, ensuring the private sector can fulfill its vital role in driving economic growth.

Efforts have included reforms to streamline the business environment, enhance the quality and efficiency of government services, and digitize processes. Additionally, numerous programs, initiatives, funding platforms, and business incubators and accelerators have been launched to support the private sector.

The Vision 2030 annual report for 2023 highlighted strong program performance, with 87% of the year’s 1,064 initiatives either completed or on track. Among the 243 key performance indicators (KPIs) identified, 81% of third-level KPIs met their targets, while 105 exceeded future targets set for 2024–2025.

The report also noted that non-oil gross domestic product (GDP) reached SAR 1.889 trillion, compared to a baseline of SAR 1.519 trillion. The 2023 target was SAR 1.934 trillion, with the ultimate Vision 2030 target set at SAR 4.97 trillion.

Private sector contributions to GDP increased to 45%, meeting the 2023 target and surpassing the baseline of 40.3%. The long-term Vision 2030 target is 65%.