Projects Under ‘Saudi Vision 2030’ Set to Enter Implementation Phase

Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)
Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)
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Projects Under ‘Saudi Vision 2030’ Set to Enter Implementation Phase

Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)
Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)

National development projects launched under “Vision 2030” in Saudi Arabia are witnessing remarkable and steady progress as they move forward from planning to implementation across the Kingdom.

Considered bold, yet achievable, these projects will raise the international bar in terms of quality, environmental friendliness, sustainability, and the use of renewable and alternative energy.

Largescale developments like “The Line”, “Red Sea”, “AlUla”, “AlSouda”, renewable energy programs like The National Renewable Energy Program (NREP), and initiatives like the “Riyadh Strategy” are steadily moving Saudi Arabia towards achieving the goals envisioned by its national transformation plan for the decade.

The Line, for example, offers a never-before-seen approach to urbanization – a 170km-belt of re-imagined urban development with multiple, hyper-connected communities, with natural and walkable spaces.

It is a model of urban design and livability that puts people and the planet in harmony for the 21st century and beyond. Built around nature, rather than over it, large areas of land will be preserved for conservation, supporting NEOM’s environment and rich heritage.

Construction of the smart city will start in the first quarter of 2021 and is set to be a home for more than 1 million people from all over the world and will create a platform for innovation and prosperous businesses.

It will also help in addressing some of the world’s most pressing challenges, like climate change, urban sprawl, traffic congestion, and social disconnection.

Meanwhile, the Riyadh Strategy is on track to generate mega projects, create job opportunities, and expand the Saudi capital’s economic horizons.

It aims to make Riyadh among the top 10 economic cities in the world to drive forward the country’s economic, industrial, and tourism growth in upcoming years.

Moreover, the scheme targets increasing the capital’s population from 7.5 million to around 15 to 20 million in 2030.



Eurasian Development Bank Reveals Partnerships with the Gulf to Develop Energy Projects

Chairman of the Management Board at the Eurasian Development Bank (EDB) Nikolai Podguzov. Asharq Al-Awsat
Chairman of the Management Board at the Eurasian Development Bank (EDB) Nikolai Podguzov. Asharq Al-Awsat
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Eurasian Development Bank Reveals Partnerships with the Gulf to Develop Energy Projects

Chairman of the Management Board at the Eurasian Development Bank (EDB) Nikolai Podguzov. Asharq Al-Awsat
Chairman of the Management Board at the Eurasian Development Bank (EDB) Nikolai Podguzov. Asharq Al-Awsat

Chairman of the Management Board at the Eurasian Development Bank (EDB) Nikolai Podguzov revealed plans to cooperate with GCC countries, including Saudi Arabia, to develop energy infrastructure.

Podguzov told Asharq Al-Awsat that the bank, which is the international financial organization that operates in Central Asia and in Eurasia, works on implementing a working plan based on three strategies.

“Every year we execute around 30-40 new projects and set up agreements,” he said.

“The investments of the bank are growing at least 20% each year,” Podguzov revealed. “We are quite a fast developing bank. Uzbekistan has just joined the bank this year.”

Regarding the size of loans and investments handled by EDB, Podguzov explained that the bank's average investment ranges between $100 million and $400 million. He added however, that the bank is capable of syndicating larger loans that can reach up to $1 billion or more, while the average annual investment volume is around $2.53 billion.

Regarding the bank's work plans for the coming year, Podguzov explained that the Eurasian Development Bank is simultaneously working to strengthen its relations with the GCC countries and the Islamic Development Bank.

“We improve connectivity, transport infrastructure and logistics. We improve access to water for regions in Central Asia. We develop energy infrastructure in our member states,” he told Asharq Al-Awsat.

“We take care of food safety and food safety infrastructure, which provides access to food and provides food security for our member states. And I think in this field we can set up very good economic ties and cooperation between GCC countries and Central Asia.”

“I know that such countries like Saudi Arabia, Emirates, Oman are quite interested in the topics of our strategy,” he said.

“We mainly do non-sovereign finance ... which is very convenient for our potential partners,” he added.

Podguzov said there is a partnership with Masdar which “is a world leader in bringing renewable energy technologies into the world. They are quite active in Central Asia, in Kazakhstan in particular.”

“That is why, for example, we are very much interested in cooperation with Masdar company. This is one of examples. I think logistics and logistics project also could be of interest for Saudi Arabia. A lot of infrastructure could be developed together with the help of Eurasian Development Bank.”

“I believe that it's also very important to build economic bridge between GCC countries and Central Asia. And I think the bank can do a lot in this field and finally we can bring together economic interests of Central Asian and GCC countries.”