Vision 2030: Building the Foundation for a Thriving 2034 FIFA World Cup8 min read
- 08.11.2023
- Posted by: Omar Sami
- Categories: Dubai, Tax
Saudi Arabia’s Vision 2030 is the driving force behind the nation’s rapid transformation. Although it doesn’t explicitly mention sports, it focuses on goals such as economic diversification, social harmony, cultural advancement, and global engagement, collectively setting the stage for hosting the 2034 FIFA World Cup. In this article, we will explore how the key goals of Vision 2030 are crucial for hosting a successful World Cup in 2034 and how businesses can capitalize on these goals to drive growth before, during, and after the World Cup in Saudi Arabia.
Key Goals of Vision 2030 and Their Relevance to the 2034 FIFA World Cup
Since 2016, Saudi Arabia has gradually strengthened its global competitiveness and expanded its global presence. It should be emphasized that the goals set out in Vision 2030, some of which have already been achieved, e.g., the privatization process, provide an economic breeding ground for international companies wishing to establish a presence in Saudi Arabia. The following Goals are also crucial:
Economic Diversification:
The diversification of the economy is a central theme of Vision 2030. Economic diversity ensures that the nation is not solely reliant on one revenue source, such as oil. Since 2016, Saudi Arabia has successfully pursued economic diversification through measures like non-oil revenue growth, privatization, and technology sectors. Those efforts and the infrastructure that comes with them ensure that the kingdom is financially capable of organizing and sustaining a major international event like the World Cup.
Infrastructure Development:
The ambitious infrastructure projects initiated under Vision 2030, from transportation networks to cultural centers, serve a dual purpose. They not only enhance the overall quality of life for citizens but also create an ideal backdrop for hosting the World Cup. Modern stadiums, advanced transportation, and cutting-edge technology are critical for a successful tournament.
Social Harmony:
The emphasis on social harmony and a healthy society aligns with the inclusive spirit of the World Cup. It creates an environment that welcomes people from diverse backgrounds, cultures, and walks of life, fostering a sense of unity and celebration essential for the tournament’s success.
Global Engagement:
Vision 2030’s goal of enhancing global engagement and promoting Saudi culture is a significant asset in hosting the World Cup. It provides a platform for Saudi Arabia to engage with the world, strengthen international relationships, and promote its image on the global stage.
Business Opportunities for Growth
The 2034 FIFA World Cup offers a multitude of business opportunities for a wide range of sectors, providing growth before, during, and after the World Cup:
Tourism and Hospitality:
The influx of tourists and visitors creates significant demand for hotels, tour operators, and travel agencies. Accommodation, travel packages, and hospitality services become highly sought after. In line with projects such as NEOM or ongoing sports events in the kingdom which draw attention to the country, Saudi Arabia is establishing a long-term and sustainable environment to open the doors for international tourism.
Food and Beverage:
The World Cup provides a platform for local and global food and beverage companies to showcase their offerings, from stadium concessions to catering services. It boosts brand visibility and sales.
Infrastructure and Construction:
Construction companies and technology providers can participate in the development and maintenance of World Cup facilities, including stadiums, transportation networks, modern hotels and event-related projects.
Media and Broadcasting:
Media companies specializing in event coverage, advertising, and broadcasting play a pivotal role in bringing the World Cup to a global audience. This sector witnessed a surge in demand for services.
Entertainment and Cultural Promotion:
The World Cup hosts various entertainment events and cultural showcases. Artists, performers, and cultural institutions have an exceptional opportunity to participate, promote, and benefit from their involvement in these events.
How TME Services Can Support Your Business
Saudi Arabia’s unwavering commitment to the goals of Vision 2030 has created the ideal backdrop for hosting the 2034 FIFA World Cup. The alignment of economic diversification, infrastructure development, social harmony, cultural progress, and global engagement with the needs of the World Cup creates a synergy that benefits both the nation and businesses. As Saudi Arabia positions itself as a global hub for sports and entertainment, businesses across various sectors can profit, driving growth before, during, and after the World Cup in various business fields.
TME Services is a team of 45 professionals in legal-, tax-, accounting- and compliance. We advise expanding SMEs on all corporate- and commercial, tax-, and labour law issues. We assist in establishing a presence in Saudi Arabia, provide ongoing legal- and tax advice and advise on all public relations-related matters such as labour law, residency, and associated aspects. We support your company to flourish in the best possible way under the general conditions in Saudi Arabia as it expands its global partnership with Germany and beyond.
