On track for 2030? Movers and shakers in KSA look ahead

Kingdom tower in Riyadh, Saudi Arabia. (Shutterstock)
Updated 26 September 2018

On track for 2030? Movers and shakers in KSA look ahead

  • “The comprehensiveness of Vision 2030 and the wider horizons it addresses positively transform the Saudi citizen’s life to become more integrative and enjoy new prosperity," says Dr. Saad Saleh Al-Rwaita.
  • Cybersecurity has a crucial role to play in accomplishing Vision 2030 objectives, explained Dr. Areej Alhogail.

RIYADH: Saudi Vision 2030 kicked off with the aim of boosting non-oil revenues through capitalizing on current assets, utilizing resources, and starting up new industries.

In order to reach the objectives outlined in the plan, government bodies have launched many initiatives, which have proceeded with the support of the private sector as firms have cooperated through developing their strategic plans, and overcome many challenges. 

The 88th Saudi National Day provides an opportunity not only to celebrate unification, but also to look back on the achievements of Vision 2030 and take stock of how it is paving the way to economic reforms while carving out enhanced influence for its citizens on the world stage.

Here both public and private sector leaders who contribute to the economic transition plan share their thoughts on Vision 2030. 

Homam Hashem, Chief Executive Officer at Kafalah Fund, a financing guarantee program for small- and medium-sized enterprises, commented: ”One of the main objectives of Vision 2030 is to increase the contribution of the SME private sector to 35% of GDP. Small and medium enterprises have a significant impact on raising growth rates by raising financing opportunities and providing ways of success for the advancement of the sector. The program has contributed by raising the ceiling of guarantees for regular guarantees and developing specialized programs for the sectors (tourism, working capital support, and emerging enterprises). It has also attracted new sectors such as businesswomen and promising regions by providing additional incentives and developing many incentives that contribute to support raising local lending rates for small and medium enterprises up to 20% by 2030. The focus was on supporting the sectors that are compatible with the Kingdom's vision 2030 and diversifying the means of support.” 

Dr. Fahad Al-Shathri, Deputy Governor of Supervision at the Saudi Arabian Monetary Authority (SAMA), said: “In view of the demographic challenges, Saudi Arabia cannot solely rely on the same economic model as during the past five decades, namely oil. Twelve years from now, I would expect the economy to be more dynamic and to have multiple sectors driving growth and job creation, including tourism and logistics. Entrepreneurship will be the central focus for young people in future, inspired by the great accomplishments of their peers. These will be the new drivers of the economy that Vision 2030 is aiming at, and we hope that everyone will strive to contribute to its success.”

As education will play a crucial role in the development of human capital in the Kingdom, we asked Alfaisal University president Dr. Mohammed Al-Hayaza for his take. The former Shoura Council member said: “The Ministry of Education has taken unprecedented measures to ensure that our institutes of higher education are both the best in the region and top-ranked internationally. Vision 2030 has developed job specifications for each field of education, and by utilizing these specifications Alfaisal University is closing the gap between the learning outcomes of higher education and that of the demands of the job market through continued targeted alignment.”

Dr. Saad Saleh Al-Rwaita, Vice-Rector for administrative and financial affairs at Prince Sultan University in Riyadh, commented: “The comprehensiveness of Vision 2030 and the wider horizons it addresses positively transform the Saudi citizen’s life to become more integrative and enjoy new prosperity. 

The Vision will safeguard the Kingdom against dependence on circumstantial changes of the natural resources market and being influenced by external factors that are beyond our control, while empowering the Kingdom to create change and exert influence that surpass the local reality to direct the international compass and take the initiative, particularly in the economic field, in order to guarantee a bright future for the future generations.”

Looking to the real estate sector, Ehab Al Dabbagh, CEO of real estate development firm Ijmal, said the industry was likely to see big changes in future: “Firstly, the demand for housing products would be met. Technology and industrial progression will play a major role in building a variety of eco-friendly housing products. Houses could be ordered through an online application and fabricated in weeks.”

Another vital contributor in Vision 2030 is the food industry. Engineer Abdul-Mohsen Al-Yahya, who founded the chain of fast food restaurants Kudo, and currently an investor in supply and support at the food sector, said: “From my own experience in food services for more than 30 years in Saudi Arabia, I believe that in future the food service sector will continue to grow with more investments, products diversity and quality will increase, while continuing to become an extension of economic growth in Saudi Arabia and a key industry generating employment opportunities.”

Cybersecurity has a crucial role to play in accomplishing Vision 2030 objectives, explained Dr. Areej Alhogail, assistant professor in the Department of Information Systems at Imam Muhammad bin Saud Islamic University in Riyadh, who sits on the Saudi group of information security, said: “The Kingdom has taken pioneering steps, such as establishing the National Cybersecurity Authority, the Saudi Federation for Cybersecurity, and allocating scholarships in the field of information security. (These initiatives) will enable the Kingdom to be at the forefront of countries in the field of cybersecurity by 2030, and will protect the local economy, perhaps attracting foreign investments in various fields of information to be the ideal environment of trained local professionals and advanced laboratories and legislation protection.”


‘American Sharqawia’: US Consul General Rachna Korhonen bids Saudi Arabia farewell

Updated 09 July 2020

‘American Sharqawia’: US Consul General Rachna Korhonen bids Saudi Arabia farewell

  • "There’s some magic in the water of the desert," says Korhonen

JEDDAH: As she reaches the end of her second mission in the Kingdom of Saudi Arabia, US Consul General Rachna Korhonen will soon be heading home, taking memories to last a lifetime.
Known for her love for culture and the Arabic language and for her vast knowledge of the region, Korhonen became well known as a constant supporter of Saudi women and youth in the region, participating in numerous cultural and social events in the Eastern Province and across the Kingdom.
After two more weeks in the Kingdom, Korhonen will return to the US capital to serve as the executive director of the Bureau of Near East Affairs (NEA) and the Bureau of South Central Asian Affairs (SCA) at the US State Department which supports the posts in the region, including Saudi Arabia, thus continuing her connection with the Kingdom.
With 14 years of experience as a US diplomat, she served 3 years in Riyadh in 2010, and then came back to serve as the consul general in Dhahran in August 2017. “I would say Riyadh was the start of my relationship with Saudi Arabia, and Dhahran and the Eastern Province is the culmination of the relationship,” said Korhonen told Arab News on a video call. She almost feels herself Sharqawia, a resident of the Eastern Province, Sharqia.
“Ana Sharqawia (‘I am a Sharqawia). The measure of any place is the people, it’s not about the place, it’s really about the people.”
As consul general, her role was to build relations and promote the interests of her home in the country where she was posted. Korhonen went the extra mile, she joined in the region’s celebrations and understood its traditions and culture.


Recalling her time in the Eastern Province, she said: “I’ve been getting to know Sharqawis, the people who live and work here, who have made this their home in the years since Aramco started or were born in Al-Ahsa. I think anyone who comes to the Eastern Province falls in love,” she said.
“The biggest reason I’ve gotten to enjoy myself here is (because) it has quite a bit of America here. I think it’s difficult to realize how much America exists in Saudi Arabia until you come to the Eastern Province,” she added.
As the drilling for oil began in 1935 with the help of the California Arabian Standard Oil Company (CASOC), which later became Saudi Aramco, Saudi Arabia’s oil capital has been home to thousands of Americans over the past 85 years, who have had a major influence on the region.
“Aramco is definitely a reminder of home, and you put that in with the people, the hospitality, the normal way of being Saudi which is to welcome your guests no matter who they are. You put those things together, you get the best of the United States and you get the best of Saudi Arabia.”
A native of New Jersey and big baseball fan, her love for the game didn’t stop her from supporting the Al-Ettifaq Football Club in Dammam, attending matches and singing their anthem.
Her trips to Al-Ahsa, a place she calls the most beautiful place in the Kingdom, allowed her to discover the region’s vast experiences.
Her appreciation of Al-Ahsa goes deep. Both the scenery and the hospitality of the people make it her favorite city — she even took Ambassador John Abizaid on a trip there in February.
“As you drive towards Al-Ahsa, you can see the sand changing color, from a bright yellow to a reddish color,” she said. “You start seeing the desert turning green, which is amazing to me. I’m a mountain and forest type of person and I can tell you that I now like the desert too, it’s beautiful.”
The uniqueness of Al-Ahsa called out to Korhonen and she recalls her first visit to the region in 2017. “The history, the people, the food, the culture, is very different from any place I’ve been to in Saudi Arabia, Hasawis (people of Al-Ahsa) are lovely. I think there’s some magic in the water of the desert,” she said.
Korhonen developed an interest in regional cultural events, visiting local markets picking out sheep for Eid, learning about the Saudi love for falconry and participating in the traditional celebratory dance of Al-Arda. She even has a Diwaniya, a parlor where guests are received, at her home.

When she returned to the Kingdom in 2017, Korhonen noticed the transformation of the Kingdom, noting that Vision 2030 has been the instigator for this noticeable change.
“The changes have been tremendous, I think Vision2030 is really going to really bring Saudi Arabia onto the world stage. I think some parts are already there. In the energy sector, Saudi Arabia has always been a leader,” she said. “I’m betting you right now that you’re going to see Saudi women, you’re going to see Saudi men, you’re going to see Saudi kids, Saudi art, culture and music, the traditional Saudi things, all starting to show up on the world stage.”
As the Kingdom heads towards diversifying its economy, Korhonen anticipates that the world will begin seeing more Saudi entrepreneurs with innovative ventures, as education is key. She noted that with the continuous flow of Saudi students on scholarships in the US, their return to the Kingdom will help bring forth a new business-like mindset with partnerships between the two countries that will help the Kingdom’s economy to flourish.
“It’s coming,” she noted. “I’ve seen some of the (US) businesses here, but I haven’t seen enough yet and I’d like to see more of that in the next 2-5 years, because Vision 2030 will be a success if we can get entrepreneurs to start businesses and hire more Saudis,” she added. “That to me is the key and that is what you should be bringing back from the US.”
As the end of her mission draws near, it's safe to say that we'll be seeing Korhonen back in the Kingdom in the near future.
“I’ll honestly come back because of the people, because of the friendships I’ve made here.”