As part of the 2030 vision, Saudi Arabia is redefining its global image and diversifying its economy away from oil. Liberalization, economic reforms and foreign investment are seen as the key to strategic success. The six ambitious landmark projects that Saudi Arabia is developing are designed to help transform the economy while demonstrating to the world and all Saudis the country’s geographic wealth, cultural heritage and hospitality, economic ambitions and desire for environmental protection. "These six projects are: the Red Sea project, the Chidia project, the Aseer development project, the DiriyahGate Development Authority, the Neom project and the AMAALA super luxury project on the Red Sea beach in Saudi Arabia.

Now more than ever, these projects are needed to promote foreign investment and increase economic spending, because the Kingdom of Saudi Arabia is expected to achieve US$7 trillion in investment and government spending by the end of this decade. According to a chief financial officer, an economic adviser, and a former minister of economy, liberalization and economic reforms need to continue to ensure success and continued foreign investment.

Faster and deeper economic diversification is essential for the young population to create sustainable employment opportunities and to meet the challenges of the global energy transition, because fossil fuels are Saudi Arabia’s main source of income and exports. By investing in new areas (tourism, digital economy or renewable energy) and economic development in the western coastal areas, Saudi Arabia is getting rid of its excessive dependence on oil and redefining the country's image. These are long-term projects. This is why liberalization measures, full foreign ownership, promotion of long-term residence, reform of the labor market, permitting competition, protection of property rights, bankruptcy and bankruptcy laws are important to attract foreign direct investment. "Foreign investors can also take comfort from gigaprojects; they will continue to obtain funding from PIF, SCB reserves, use of the debt market, etc. It is worth noting that they will be easier to do when the oil price rises above $80." Keywords: engineering construction, engineering news

Tarek Fadlallah, CEO of Nomura Asset Management in the Middle East, said: “The Saudis have been staying at home and this has promoted tourism-related projects. I saw it firsthand during a recent visit to Riyadh. The entire catering and leisure industry has been transformed by the pandemic. "Projects like AlUla and Qiddiya are more advanced than others. Foreign companies and funds have actually invested in them and brought them closer to results. "The gigaprojects strategy is ambitious, but if they can achieve it, this will make a vital contribution to the 2030 vision. It will require foreign investment to help achieve it.Editor/XingWentao、Design/XiaChangwang