Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince and Prime Minister, has been awarded the title of "the most influential Arab leadership figure in 2023" according to a public opinion poll conducted by "RT Arabic". With this result, the Saudi Crown Prince has maintained his position for the third consecutive year. The news is not just about winning the leadership title; Prince Mohammed, independent of any polls, is an exceptional figure in both the kingdom and the region. He is the giant who has led his country contrary to the skeptics' notions regarding Saudi Arabia's role and capacity to lead the region, being the most capable economically, politically, and even militarily.
He holds a Bachelor’s degree in Law from King Saud University and graduated second in his class from the College of Law and Political Science. Over his ten-year career, which began with freelance work, he has held several positions and has many charitable initiatives and activities, for which he has won numerous awards.
The young prince has made significant accomplishments, including the announcement of the establishment of the company "Alat," which holds a wealth of 2.5 trillion dollars. It is one of the Public Investment Fund's companies, established to become a new national leader contributing to making the Kingdom a global center for sustainable industries, focusing on advanced technology and electronics. "Alat," which is chaired by the Crown Prince himself, aims to "enhance the capabilities of the technical sector in the Kingdom, raise its contribution to local content, benefit from its rapid development pace, and increase its attractiveness and ability to create investment opportunities," in addition to "empowering the private sector through strategic partnerships with leading companies in advanced industries and electronics, which will develop the local economy and the region as a whole."
Recently, the Crown Prince announced giant projects that will undoubtedly support the policy of economic diversification and align with the goals of the Kingdom's Vision in the next phase. It is known that the Kingdom, thanks to the Crown Prince's leadership, has achieved a historic milestone by winning the bid to host Expo 2030, the largest international exhibition, after competing with South Korea and Italy, with Saudi Arabia's bid securing 119 votes from member countries, thus selecting Riyadh as the venue for the international exhibition in 2030.
Moreover, the Kingdom hosted several international economic conferences and forums, including the 10th Arab-Chinese Businessmen Conference, the Saudi-Arab-African Economic Conference, the Saudi-Turkish Investment Forum, and the Saudi-Korean Investment Forum. It also hosted the Saudi-European Investment Forum, Climate Week, World Tourism Day events, and the seventh version of the Future Investment Initiative, which saw a significant attendance from leaders, officials, and executives from major companies worldwide.
The progress and development were not confined to economic projects alone; they were accompanied by a campaign of structural financial and economic reforms, which reflected in the continuous growth of the GDP for non-oil activities. These achievements prompted several credit rating agencies, as well as the IMF and the World Bank, to raise their forecasts for Saudi economic growth. The IMF stated: "The Saudi economy is undergoing a transformation due to ongoing reforms aimed at reducing dependence on oil, diversifying income sources, and enhancing competitiveness." Meanwhile, Fitch raised its credit rating for Saudi Arabia to "A," with a stable outlook reflecting its financial strength and the magnitude of its sovereign assets. S&P Global Ratings projected that Saudi Arabia's real GDP growth would accelerate to 3.5% in 2024, revising its growth forecast for 2023 from 0.2% to 0.4%.
The young Crown Prince, Mohammed bin Salman, on the path of our kings, desires for this land of monotheism only strength, to defend the truth and to champion Islam and Muslims. "May God protect the courageous Crown Prince..."
The general state budget for the fiscal year 2024, recently approved by the Council of Ministers chaired by King Salman bin Abdulaziz, focuses on enhancing non-oil sectors expected to contribute to raising the Kingdom’s GDP growth to 4.4% next year. Revenues were estimated at 1.172 trillion riyals (312.5 billion dollars), expenditures at 1.251 trillion riyals (333.6 billion dollars), with a limited deficit of 79 billion riyals (21 billion dollars).
The Crown Prince revealed the establishment of a large number of companies that serve the economic diversification policy. He announced the establishment of the Public Investment Fund for "Riyadh Airlines" as a new national carrier, contributing to the development of air transport and enhancing the Kingdom's strategic position. He also launched "New Square Development Company" to establish the largest modern downtown in Riyadh, the urban plan for Qiddiya city and its global brand, the master plan for the new Abha International Airport in the southern region, and the development plan for Sauda and parts of Rijal Almaa in southwestern Saudi Arabia under the name "Sauda Peaks."
The establishment of the Public Investment Fund for Riyadh Airlines strengthens the Kingdom's strategic position to become a global hub for transportation and logistics.
Furthermore, Prince Mohammed bin Salman announced the establishment of the Strategic Office for Developing the Northern Borders Region, aimed at enhancing the level of development in the cities and governorates of the region and improving the quality of life for its residents and visitors. The Crown Prince launched the general plan for logistics centers and announced the launch of four special economic zones, reflecting his commitment to develop and diversify the Saudi economy and improve the investment environment.
In a promising step, thanks to the vision of the young prince, Saudi Arabia attracted more than 180 regional headquarters of global companies, surpassing its target of 160 regional headquarters for global companies by the end of the year.
Lucid Motors inaugurated its electric vehicle factory in King Abdullah Economic City in Rabigh (western Saudi Arabia) and plans to produce about 5,000 vehicles, gradually reaching 150,000. The Kingdom also announced new natural gas discoveries in the Eastern Province and the Empty Quarter. It revealed plans to operate the first hydrogen-powered train in the Middle East in the coming months. Additionally, Saudi Arabia launched the second phase of the "Investor Visitor" electronic visa service to include all countries, thus opening the door for all investors to seize available opportunities in the local market.
Saudi Arabia continued to announce a number of major projects throughout the year to achieve its environmental targets, including the roadmap initiative for planting 10 billion trees. The Kingdom has seen rapid progress in this area, through new projects in the energy sector contributing to a more sustainable future, achieving first place in the Arab world and 20th globally in reducing carbon emissions.
The Red Sea destination officially opened its doors to tourists in 2023, beginning to welcome visitors from around the world to experience one of Saudi Arabia's major projects. The number of major projects that have opened or will be opened by the end of 2023 includes the following:
• The Red Sea Airport
• St. Regis Resort
• Southern Dunes Desert Resort
• The Ritz-Carlton Resort
Next year, in 2024, there will be 13 more resorts and 8 resorts in the Amala destination.
Saudi Arabia ranked second globally in the growth of incoming tourists during the first seven months of 2023, recording a growth rate of 58% compared to the same period in 2019.
After all that has been mentioned, it is useful to say that the young prince is not only a prince of the Kingdom, but he is also an Arab giant leading his country with unwavering steps toward economic and financial leadership.
