Exports of oil and gas have sustained the Saudi economy for decades. But to create a more stable and secure economy for the future, the Kingdom wants to reduce its dependence on hydrocarbons. ‘Saudi Vision 2030’ is the grand plan for restructuring the Saudi economy, fostering entrepreneurial spirit and developing new sources of wealth.
To realise this vision, Saudi Arabia needs to diversify its economy and grow the private sector – and making its capital city, Riyadh, the leading business destination in the region will help to achieve this. Riyadh Chamber asked us to design a strategy to develop the business and innovation ecosystem of the city – everything from physical infrastructure and public services, to links between industry and universities, to financial and legal frameworks. This challenge was a direct fit with our global expertise in developing economies, improving competitiveness and attracting investment.
We carried out in-depth analysis to understand what Riyadh currently offers and compared this with what it will need as a leading business destination. Then we designed 35 ready-to-implement initiatives to achieve the transformation. Our ambitious proposals captured best practice from around the world. Each initiative came with a clear indication of cost, timing, required resources and an assessment of its potential impact.
Riyadh Chamber chose 20 priority initiatives to begin work on immediately. Our client now has a clear route for transforming Riyadh into the region’s leading business destination by 2020, making the city the catalyst for the Kingdom’s bold plan for a more diverse and stable economy.
“We chose PA for their expertise in innovation and their wide experience of driving economic development in other markets. We weren’t disappointed. The team challenged us with new ideas, but always remained focused on the reality of implementation. We now have an exciting and practical roadmap for the future.”
Rakan Aldamegh, Business Development Manager