By Walid Ramadan, GM, MMP Experiences 

How investments in sports, gaming and tourism are paving the way for future growth and development 

When Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud laid out his ambitious plan for huge reforms back in 2016, there was never any question it would become a reality, but could it be achieved in the timeframe? 

Vision 2030 was established as a strategic plan to achieve three connected goals: diversifying the Saudi economy away from oil, modernizing the society in line with cultural traditions, and enhancing the Kingdom’s global profile. 

Seven years in and real progress has been achieved. Most recently, the Kingdom secured the winning bid to host Expo 2030, beating both Italy and South Korea in a ballot organized by the Bureau International des Expositions (BIE), which oversees World Expos. 

It marks another huge milestone for the country, particularly following its 93rd National Day celebrations earlier this year, where the Kingdom entered the Trillion Dollar Club. Saudi Arabia’s Gross Domestic Product (GDP) surpassed SR4.155 trillion for the first time, achieving this milestone ahead of the 2025 target. 

In line with this, the Saudi economy experienced an 8.7% growth rate – the highest among G20 member states, according to a report from the official Saudi Press Agency (SPA). 

Confidence is high in the national economy, but this boom is now being recognized internationally too. Now ranked 17th in the global economic rankings, as well as the 17th most competitive economy worldwide, Saudi’s ambition doesn’t just start and end with its own country; it wants to be a global force to be reckoned with. 

The Battle On The Pitch

Anyone that watched the UK Premier League transfer window play out last summer will already be well aware of this. By the time the top tier closed in early September, the Kingdom had spent a record £767 million recruiting from the world’s top football clubs. The signing of Cristiano Ronaldo in January was only the beginning, with other big names following for record fees. 

Saudi Arabia hasn’t been quiet about their ambitions. It wants the Saudi Pro League to become one of the best in the world. Objectively, this requires signing big players and investing in top coaching talent (they recently appointed Italy’s Roberto Mancini as National Coach) to entice the fans to come and watch.

Even though the country has very deep pockets and a clear mandate to be the best, they have also earned the right to be taken seriously on the world stage, thanks in large, to their outstanding performance at the World Cup last year. 

There is huge potential for the Saudi team to develop and thrive, especially with the weight of a nation behind them. The scenes of fans celebrating is something we’re still not used to seeing, but it is the perfect visual representation for how much has changed in The Kingdom and how much is still to come. 

Beyond talent acquisition, The Kingdom will also need to investigate broadcasting rights and opportunities. As the streaming landscape becomes more fragmented with Amazon, Apple, and Disney+ all providing live sport to subscribers, this could be a key battleground as Saudi Arabia looks to secure valuable airtime, and further down the line, large sponsorship deals too. 

If they continue to recruit the big names to bump up their reputation globally, competition is likely to heat up with the European clubs, particularly if the Saudi Pro League clubs build up a global fan base to lure sponsors away. 

It will be an interesting one to watch play out, that’s for sure. 

Gamers, Get Ready

Football is only one part of Saudi’s ambition to become a global leader in sports. If you watched MBS’ interview with Fox News recently, it was clear that the quieter sound bites of the conversation were the ones to pay attention to. Reading between the lines, key areas for development alongside sports and entertainment? Gaming. 

Revealing himself as an avid gamer during the interview, MBS has already put gaming high on the agenda within Vision 2030. The Kingdom has made significant investments to secure a bigger piece of the $180 billion-a-year video game industry already, including earmarking $40 billion to become the ‘ultimate global hub’ for games and esports by 2030. 

That includes training local talent to develop their own games. Just this month, Riyadh played host to the world’s largest gaming and esports event, known as Gamers8, offering a $45m prize for young people to create their own titles. 

Build It & They Will Come…

Saudi Arabia’s revenue from tourism more than tripled in the first quarter of 2023 to 37 billion Saudi riyals ($9.86 billion). During the first three months of 2023, 7.8 million tourists visited the Kingdom – an increase of 64% compared to the same period, before the pandemic, in 2019.

Earlier this year, Saudi Arabia was named as the second-fastest growing tourism destination during the first quarter of 2023, according to the World Tourism Organisation. Alongside visiting for The Kingdom’s rich history and cultural attractions, there is growth emerging in the leisure travel sector too.

And with the promise of multiple giga-projects (NEOM, The Red Sea Project etc.) to be completed in the run-up to 2030 and beyond, this interest is only likely to increase further. Most recently, The Kingdom announced a masterplan to develop Soudah into Soudah Peaks, a luxury mountain tourism destination set 3,015 meters above sea level on the country’s highest peak. It’s not due to be completed until 2033 but will cater for 2 million tourists annually when open. 

What Next? 

Saudi Arabia’s commitment to diversification ensures that the momentum first seen when Vision 2030 was announced won’t lose steam. It’s in the global interest that The Kingdom’s economy thrives, particularly from an investor standpoint. 

The innovation and ambition, illustrated largely by the many ‘mega’ and ‘giga’ projects currently under construction, promises a very different Saudi landscape to the one the western world remembers. And with Expo the latest ‘event’ on the roadmap, excitement is only going to ramp up further in the buildup. 

There’s a lot more to come from Saudi Arabia, of that I have no doubt.