Vision 2030 – Saudi’s transformation

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Vision 2030 – Saudi’s transformation

This week the Innesco team has been in Saudi Arabia visiting our client Diriyah Gate Development Authority (DGDA), to strategize how to develop the historic Diriyah site into one of the world’s greatest retail destinations – Diriyah Square.

Five years ago, the Saudi Government formed Saudi Vision 2030 – a strategic framework to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors. Crown Prince Mohammed bin Salman hopes the framework will balance development and stability whilst also enabling the state to establish its role as an integral driver of international trade.

To achieve Vision 2030, approximately USD 1 trillion of real estate and infrastructure projects have been announced across Saudi Arabia since 2016, including DGDA’s 7 sq km Diriyah Gate development, a SAR 64 billion global tourism site.

Innesco is working with DGDA to form Saudi’s premier lifestyle retail destination, which will offer more than 500 iconic lifestyle, retail, luxury and dining locations.

Saudi’s retail and hospitality sector has been heavily impacted by COVID-19, emphasised by the industry’s reliance on corporate tourism, which has largely remained subdued due to international travel restrictions. However, the industry is expected to fully rebound in 2022, as customers become accustomed to the post-pandemic ‘new normal’ lifestyle and international borders reopen. The kingdom is also promoting a variety of efforts to aid tourist growth, including the liberalization of immigration regulations and the development of tourism infrastructure.

These reforms promise to drastically benefit the offering of Diriyah Square, which will open its doors in 2024. As well as providing luxury retail and dining, the development will also be a hub for bustling souks showcasing a blend of the best local artisans, traditional hand-crafted goods and local delicacies. Where the past meets the present, global and local brands will have a unique opportunity allowing tenants to express their brands in a creative way that reflects the region and its people.

The project represents a more secular image of the modern Saudi state taking shape under the umbrella of Vision 2030. We’re delighted to be accompanying the DGDA team to MAPIC 2021 in December – we hope to see you all there to discuss the exciting changes happening in the region!

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