Saudi Arabia invites Spain to participate in its Vision 2030 transformation
The Vision 2030 agenda promoted for several years by the Saudi Arabian government, headed by Prince Mohammed Bin Salman, foresees investment plans and the transformation of the country with multi-million dollar budgets.
The construction and infrastructure sector is one of the main pillars and relevant collaboration projects will be analyzed at the Real Estate Development Summit Saudi Arabia-Europe on July 4 and 5 in Palma de Mallorca.
The experience, knowledge and quality demonstrated worldwide by Spanish companies from different sectors have influenced the decision of the government of Riyadh to include them in a process that aims to be inclusive at the international level and to overcome any reluctance that some interested sectors are trying to create in the face of Saudi investment movements.
During his stay in Madrid, the Saudi Arabian Minister of Investment, Khalid Al-Falih, has held several meetings with members of the government such as the Minister of Economy, Trade and Enterprise, Carlos Cuerpo, and the Third Vice President and Minister of Ecological Transition and Demographic Challenge, Teresa Ribera.
On the business side, the companies chosen are Iberdrola, Repsol, FCC, Acciona, Airbus, Navantia, Siemens-Gamesa and Urbas.
Several large projects have been placed on the table that could total more than 15,000 million euros. The objective of the Saudi government is to add Spain to the transforming objectives of Vision 2030 in order to work within a framework of understanding and overcome the misgivings and countermeasures that arose on the part of the Executive of Pedro Sánchez in the face of the entry of the Saudi technology company STC in the Spanish Telefónica.
Vision 2030
Saudi Arabia's Vision 2030 is a transformative national initiative aimed at diversifying the economy, reducing dependence on oil and improving the quality of life of its citizens.
The ambitious mega-projects underway, such as NEOM, the Red Sea Project and Qiddiya, are tangible manifestations of this vision.
These projects represent a significant shift in the Saudi Kingdom's development trajectory, and their impact extends far beyond Saudi Arabia's borders.
Recent developments in Saudi Arabia
Some notable developments relevant to potential investments include:
Regulatory reforms: streamlining business procedures and improving the investment climate.
Infrastructure development: Expansion of transportation networks, airports and ports.
Technological innovation: Investing in emerging technologies such as artificial intelligence and renewable energy.
Tourism initiatives: Opening the Kingdom to international tourists and developing world-class destinations.
NEOM Project: NEOM is a futuristic city-state conceived as a center for innovation, sustainability and advanced technology. It is a central pillar of Saudi Arabia's economic diversification strategy and a testament to the Kingdom's commitment to a more sustainable future.
Summit in Palma de Mallorca
The Real Estate Development Saudi Arabia-Europe Summit plays a vital role in connecting international stakeholders with these monumental projects. With over 250 project holders in attendance, the summit serves as a crucial platform to foster partnerships, exchange ideas and drive investment.
The theme "Acquisitions Beyond Borders" is particularly timely. As Saudi Arabia's mega-projects move forward, effective procurement strategies will be essential to ensure their success.
More than 90 Saudi companies are participating in REDS, an exclusive invitation-only event that attracts high-level decision-makers from leading Saudi companies, including those involved in real estate, construction, infrastructure and investment.
Access to these opportunities is provided by the Real Estate Development Summit Saudi Arabia-Europe. Pre-qualified delegates, global suppliers, distinguished speakers, industry associations, strategic networking, influential media, customized business meetings, dedicated account managers, engaging agenda, seamless end-to-end experience, and exclusive platform for decision makers are some of the main arguments that strengthen the thoroughness and professionalism of the event.
The size of the real estate market in Saudi Arabia is estimated to reach $69.51 billion by 2024 and is expected to reach $101.62 billion by 2029. Saudi Arabia has identified housing, tourism and trade as some of the key projects in its Vision 2030 economic diversification program.
As demand in these sectors continues to outstrip supply, owners, developers, operators, contractors, architects, designers and consultants using their strengths to create projects for the future, projects that redefine human boundaries and push the limits of what is possible, need the right partners and products they can rely on.
Mallorca's strategic location, its reputation as a global business center and its attractiveness as a luxury destination probably contributed to its choice as the venue for this summit.
Given Mallorca's thriving tourism industry, its real estate sector and its potential for renewable energy development, Saudi companies could explore investments in these areas.
