Every Saudi holds the Kingdom’s National Day very dear, as it is a reminder of the epic tale of the unification of the country. King Abdul Aziz laid the foundations of this country by uniting all parts of the Arabian Peninsula, ensuring the safety, security and prosperity of the nation.

The journey that began decades ago has entered yet another phase following the launch of Vision 2030 to further build an ambitious nation, vibrant society and thriving economy.

Historically, the Saudi economy has gone through different phases of transformation. One thing common to each phase is the pivotal role of the country’s leadership. Every phase pushed us ahead of the previous one and contributed to the strengthening of the national economy.

The Kingdom is undergoing rapid developments in all spheres of life, and the economy is fast evolving to meet the demands of changing times under the leadership of King Salman and Crown Prince Mohammed bin Salman. Under the current leadership, the Kingdom has become a hub of mega-projects, and all resources are being utilized to explore and invest in the Kingdom’s untapped potential.

The economic growth of the Kingdom is evident from statistics. The assets of the Public Investment Fund have doubled to SR1.5 trillion ($390 billion) in 2020 compared with SR570 billion in 2015. The fund is playing a crucial role in the socioeconomic transformation of the Kingdom by investing in mega-projects and encouraging foreign investments to reinvigorate the labor market by creating thousands of jobs for citizens.

Among the highlights of the continuing transformation of the Kingdom are NEOM, Qiddiya and the Red Sea projects.

These giga-projects are aimed at diversifying sources of income by reducing the Kingdom’s dependence on oil revenues. Only five years after the launch of Vision 2030, the Kingdom has become one of the most sought-after investment destinations. We are witnessing huge reforms to facilitate foreign businesses and investors. Rapid digital transformation is helping implement Vision 2030 even more effectively. Saudi Arabia is fast rising in global digital rankings.

Being one of the major oil-producing countries has already given the Kingdom a distinguished position in the comity of nations. And being a member state of the G20 group also adds to Saudi Arabia’s influence on and strategic importance to the global economy.

The Saudi private sector has made huge progress at all levels thanks to the generous support of the leadership, especially the exceptional backing during the coronavirus disease (COVID-19) pandemic.

The Kingdom effectively handled the pandemic and took all measures to contain the virus. Due to its management of the outbreak, Saudi Arabia is considered one of the top 10 countries in the G20 group for taking effective measures to mitigate its impact on the economy.

The Saudi government launched stimulus packages, considered among the most effective in the world, in addition to a quick and professional response to the pandemic. These steps helped to limit the pandemic’s effect on the national economy when most countries were hit hard by the resultant shutdowns.

• Ajlan bin Abdul Aziz Al-Ajlan is chairman of the Council of Saudi Chambers.