Saudi weekly digest. XLIII

Saudi weekly digest. XLIII
Photo by mostafa meraji / Unsplash

Posted on 31. Oct 2023

In a week marked by varied advancements, Saudi Arabia has continued to diversify its interests and foster global partnerships. From significant business deals to introducing an Esports World Cup, the Kingdom is steadily making strides in different realms.

Business and Economy

A New Chapter in Saudi-Korean Economic Ties: South Korea's Hyundai Engineering & Construction, along with Hyundai Engineering, inked a $2.4 billion contract with Saudi Aramco for the construction of a gas processing plant, marking 50 years of construction cooperation between the nations. The deal, celebrated in Riyadh by South Korean President Yoon Suk Yeol, propels the first phase of Aramco's Jafurah gas processing facilities project further, promising enhanced cooperation on Saudi's NEOM mega-city and Vision 2030 reform plans​​.

Upward Revision in Tourism Targets: Saudi Arabia's optimistic performance in the tourism sector has led to a revised 2030 target of 150 million visitors, a substantial increase from the initial 100 million. The tourism minister unveiled the new target during the Future Investment Forum, reflecting the Kingdom's accelerated pace towards achieving its Vision 2030 goals​​.

PIF's Stalwart Role in Economic Diversification: Under the aegis of Crown Prince Mohammed bin Salman, the $700 billion Public Investment Fund (PIF) is pivotal to realising the Vision 2030 blueprint. The fund aims to diversify the economy, minimising the Kingdom's oil dependency while fostering innovation and employment​.

Sports and Entertainment

Esports World Cup 2024 Unveiled: The Kingdom has announced an annual Esports World Cup starting in the summer of 2024, boasting the largest prize pool in esports history. The competition, aligned with Vision 2030, not only promotes gaming but also aims to boost tourism, create jobs, and provide unparalleled entertainment for residents and global visitors​.

Cristiano Ronaldo Joins Esports Endeavor: Football icon Cristiano Ronaldo joined hands with Saudi Crown Prince Mohammed bin Salman in Riyadh to endorse the launching of the Esports World Cup in 2024. This collaboration further accentuates Saudi's ambition to become a global hub for sports and esports, with aspirations of hosting the 2034 FIFA World Cup and the 2035 FIFA Women's World Cup​.