Saudi Arabia Vision 2030 is not simply a decarbonisation plan, it’s an economic programme spearheading a complete social, political and cultural overhaul of the Kingdom. It’s already happening. telegraph.co.uk/news/2021/11/0…
Under its millennial Crown Prince Mohammed bin Salman (MbS), Saudi Arabia has seen dramatic cultural, economic and social changes in the last 5 years. Not only women are driving, but the guardianship laws that restricted their movement have been dismantled. 
Women’s participation in the workforce has nearly doubled. The grip of the religious police has been broken. Corruption has been significantly reduced. These may seem small changes, but they enjoy near-universal approval within the Kingdom and they signal the direction of travel.
Five years ago Boris Johnson and I visited the country and MbS explained to us his Vision2030, aimed at re-engineering the economy away from its dependence on oil and to develop a £5 trillion transformation program. It was almost unbelievable. Now, the incredible is deliverable.
Vision2030 is not only a decarbonisation plan but an economic programme spearheading a complete social, political and cultural overhaul of the Kingdom. MbS has the age, the resources and the enormous economic imperative to bring about those changes. And he is determined to do so.
At the launch of the first FII Conference five years ago, he announced that he wished to see Saudi Arabia become home for moderate Islam and not a hotbed for extremism. Saudi Arabia is the dominant leader in the region and essential in maintaining regional security.
The dispute with Qatar has been resolved. Efforts are being made to bring the Yemen war to an end, and the UK is using all its influence to prevent the humanitarian crisis in that country escalate. A fresh engagement with Iran is on the cards.
Saudi is practically synonymous with oil, but the environment is fundamental to MbS’s thinking. He has approved the pathway to be net carbon-neutral by 2060. Saudi Aramco is making impressive strides in its transformation into an energy company with a committed ESG objective.
British firms are supporting the establishment of NEOM, the sustainably-built city which defies imagination in its high tech reach. Newcastle United is Saudi Arabia’s latest investment in the UK. Labelling it as sports-washing misses the point of the opportunity in the NorthEast.
New partnerships will be formed with Saudi backing to create jobs, the key to the PM’s levelling-up objective. The Teesside chemical plant is being recommissioned by Aramco’s subsidiary SABIC’s investment of $250 million in the area. bbc.com/news/business-… More will flow.
There is potential for significant bilateral trade. A commitment to invest $100 billion in the UK in the next decade was agreed with MbS during his visit to the UK three years ago and is beginning to deliver.
The PM has rightly been unwavering in communicating the West’s outrage over the Khashoggi murder. We should remain critical friends, staying vigilant to promote our values of freedom and human rights. But the opportunities for investment into and from the Kingdom are also huge.
The UK should continue its path of constructive engagement to help achieve the ambitious goals on all sides.
Ken Costa
(Prime Minister’s Special Representative for Vision2030 in Saudi Arabia and co-chairman of Alvarium Investments)
Ken Costa
(Prime Minister’s Special Representative for Vision2030 in Saudi Arabia and co-chairman of Alvarium Investments)
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