The UK-Saudi Sustainable Infrastructure Forum was informed by Saudi Arabia's Minister of Investment, Khalid al-Falih, that the country is "more than halfway" done achieving its Vision 2030 targets.
He declared, "I'm happy to report that we are ahead of schedule on all aspects of implementation—we are more than halfway through the implementation of Vision 2030."
Crown Prince Mohammed bin Salman's economic reform plan seeks to diversify Saudi Arabia's economy and lessen its reliance on oil in order to change the nation.
The minister stated, "We now stand on the cusp of a new economic era that will witness exciting transformations over the coming decades," and that the Kingdom would keep carrying out the goals it set out to accomplish seven years ago.
Al-Falih told the event that Vision 2030 has had a major impact on the Saudi economy and has been utilized as a blueprint to create a sustainable future that goes beyond oil and gas.
"The Kingdom's non-oil economy is larger than its oil economy, and non-oil activities achieved 5.6 percent growth in 2022, the fastest economic growth rate ever recorded," the speaker stated. "Non-oil activities constitute 51 percent of the gross domestic product, and the growth of non-oil activities remains strong even today."
The Kingdom's oil industry was the main driver of the economy from 2005 to 2010, accounting for 45% of GDP, 80% of income, and 75% of exports, according to figures from Century Financial, a Dubai-based brokerage firm.
However, as a result of diversification initiatives supported by Vision 2030, these percentages decreased to 30%, 57%, and 60%, respectively, between 2017 and 2022.
According to the Saudi Press Agency (SPA), Qiddiya Investment Company (QIC) revealed plans on Monday to open a ground-breaking performing arts center that is expected to establish itself as a new cultural landmark in Saudi Arabia.
According to SPA, the addition seeks to improve Qiddiya City's assortment of attractions and enrich Saudi Arabia's cultural environment.
With its innovative technology, beautiful architecture, and dedication to creative innovation, the center is poised to completely transform the cultural experience for both locals and tourists.
It will offer innovative shows that push the limits of conventional theater, utilizing cutting-edge technology like Virtual Reality, Augmented Reality, and Artificial Intelligence.
The theater, which has over 3,000 seats distributed among three distinct theaters, will hold over 260 indoor and outdoor performances and events annually.
It will also act as a breeding ground for emerging Saudi talent, offering resources and educational opportunities to develop the country's future authors, producers, and performers.
It is anticipated that the center would foster pride in Saudi culture and history by establishing itself as a pioneer in immersive storytelling and creative performances.
By generating thousands of job opportunities in the creative and cultural industries across more than 100 job categories, the Performing Arts Center will promote economic growth.
The center will serve as a bustling community hub outside of its performance halls, allowing locals and guests to check out the dining, shopping, and educational entertainment opportunities.
In addition to art galleries, green areas, and a rooftop sky garden, the Center's recognizable architecture will act as a symbol of the city's identity.
Annually, around 800,000 tourists are anticipated, as per SPA.
The building's dramatic setting pays homage to the acts that will take place there.
A covered area beneath the center will provide a platform for viewing the city, and the promenade walk that spans the Tuwaiq cliffs will lead there.
This area will serve as an extension of the center's microclimate, which cools the neighborhood around it and starts with a waterfall in the foyer.
The world’s first multi-use gaming and esports district, the multi-sport Prince Mohammed bin Salman Stadium, the motorsport track, the Dragon Ball theme park, and Aquarabia—the first water theme park of its kind in Saudi Arabia—all made headlines before the Performing Arts Center in Qiddiya City was unveiled.
"Qiddiya City is a pioneer in the preservation and advancement of Saudi culture, not merely the location of entertainment and sports. According to Abdullah Aldawood, Managing Director of Qiddiya Investment Company, "We are delighted to announce the addition of the Qiddiya Performing Arts Centre to Qiddiya City" in a statement obtained by SPA.
It will be a ray of inventiveness and ingenuity that raises the bar for Saudi Arabia's cultural environment. "With its innovative modern architecture, cutting-edge technology, and dedication to developing talent, the center epitomizes Qiddiya City's essence as an unbounded imaginative space," he continued.
