Untangling Visions 2030
These are not mere visions. They’re a roadmap to a better tomorrow for both nations. Be it the Saudi Arabia Vision 2030 or UAE Vision 2030. They both serve as a clear declaration of commitment of both countries. These visions include mega projects that will turn these nations into economic hubs for the world to invest in since they offer various regulations to ensure a smoother experience for investors. While both visions have a lot of similarities. We will take a closer look, untangling them and finding what makes each vision unique to its nation.
Understanding The Similarities
When you look at these visions from afar. They seem like plans to transform an economy from oil-based to more sustainable. While this is true, these visions aspire to attract investors to create a healthy flow of funds that is not oil-based.
One of the main goals of Vision 2030 is to open up the Kingdom to international tourists, businesses, and investors. The development of Saudi Arabia’s tourism industry has become a significant pillar, and many successes have been achieved in this field. Government officials are also investing in new projects to revitalize the tourist industry and update the nation’s offerings. Mega-projects like the 50-island Red Sea Project and music events with numerous international personalities fall under this category.
The Strategy aims to increase the total output and value-addition of the manufacturing sector. Enhance the depth of knowledge and innovation. Make Dubai a preferred manufacturing platform for global businesses, promote environmentally friendly and energy-efficient manufacturing, and make Dubai a center for the global Islamic products market. The strategy has designated six priority sub-sectors: machinery and equipment, pharmaceuticals and medical equipment, food and beverage, aerospace, maritime, aluminum, fabricated metals, and drugs and fabricated metals. So as mentioned, the similarities exist, but let’s look at where these visions split.
Uncovering The Differences
While dissecting both visions, we can see that they have similarities and two different fundamental goals, among many common ones. Both visions are business oriented, aiming to elevate the economy and make both nations business hubs worldwide, but one thing sticks out.
Moreover, Saudi Arabia still has a high percentage of low to middle-class. A core goal for the 2030 vision is to help uplift these classes and allow them to rise in the social ranks. The vision will create thousands of job opportunities, allowing such families to add incomes and hopefully pull themselves higher towards a better quality of life.
In contrast, UAE has precise numbers showcasing how their city has some of the highest incomes. We are not saying there is no middle class in UAE, but it is not at alarming rates, allowing the nation to focus on attracting investors and tourists. The vision hopes to declare UAE a hub for investors and tourists to invest and spend, allowing the economy to be refreshed.
Summary
Lastly, there is no need to remind you of the sheer impact of both these countries on the region’s economy. Saudi Arabia is a pillar of the middle east, especially as an economy. So the kingdom’s vision will not uplift the country only but the region itself. The Crown Prince created this vision to offer a chance for every young citizen to dream and a tomorrow full of opportunities for everyone equally. The UAE already has its people sold on the vision. So it’s time to ensure investors and tourists share this enthusiasm. These visions will allow both nations to finalize their transition from oil juggernauts to big economic players, sustainably for the nations and the planet.