Saudi Arabia Vision 2030 is a plan to reduce the country’s dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation and tourism. In an exclusive interview with Samir Assaf, CEO of HSBC Global Banking and Markets, he explains why Vision 2030 is such an important opportunity, both for Saudi Arabia and the international financial community.
Saudi Vision 2030
Vision to diversify and develop for economic growth and prosperity
Overview
Our Capabilities and Footprint
- Competitive global network with coverage of over 90% of global trade and capital flows.
- HSBC has a unique and strong position in Saudi Arabia due to its top tier local commercial banking partner, The Saudi British Bank (SABB), and top tier investment banking partner, HSBC Saudi Arabia.
- SABB provides a strong coverage model and complete range of integrated banking products and services to both retail and corporate sectors, via a network of 85 branches.
- HSBC Saudi Arabia enjoys a market-leading position across M&A, Equity Capital Markets, Debt Capital Markets, Syndicated Bank Loans, Project & Export Finance, Securities Services and Institutional Equities.
Vision 2030 is about creating the right economic environment for sustainable economic growth in Saudi Arabia, which will fulfil the population's aspirations
CEO of HSBC Global Banking and Markets
Developments in Saudi Arabia
Saudi Arabia is ranked 30th by World Economic Forum and ranked 3rd Regionally in World Bank in Doing Business Report. It has a vision to be 15th largest economy in the world by 2030.The kingdom has announced massive budgets, largest in its history in terms of spending on Infrastructure & Transportation to develop roads, ports, railways, airports, housing, communications, information technology, postal services and its industrial cities.
It is an excellent opportunity for the country to position itself as the carrefour for global trade routes. The geographic situation is perfect and the rebalancing is happening. The diversification of trade will be matched by the diversification of capital and Saudi Arabia is already and will continue to be a major exporter of capital, as demonstrated by strategies outlined by the Public Investment Fund, but Vision 2030 will also allow it to become a major importer of capital. Efforts are now also focused on improving the legal system and streamlining business licensing and regulations. Public procurement law is being updated and it also recently approved privatization/PPP program.Country has made it easier to pay taxes by improving its online platforms used by taxpayers. Mega infrastructure projects like NEOM and Grand holy mosque expansion has aleady gathered global view and interest.