UAE Vision 2031 and Saudi Vision 2030

UAE Vision 2031

Context and Objectives

UAE Centennial 2071 is the long-term “North Star” of the UAE’s strategic thinking: by the country’s centenary (2071), to become one of the best countries in the world by all parameters.

UAE Vision 2031 is a mid-term framework in the context of Centennial 2071. Key directions:

Economic diversification:

• Goal: reduce dependence on hydrocarbons
• Increase the share of the non-oil sector in GDP from 70% (2023) to 75%+ by 2031
• Focus: financial services, tourism, technology, aviation, trade

“We don’t just want to be a hub — we want to be a home”:

• Attracting talent through Golden Visa, Freelance Visa, Remote Work Visa
• Creating an ecosystem for startups (Hub71 in Abu Dhabi, Dubai Future Foundation)

Knowledge economy:

• R&D support programs (CERN-UAE partnership, UAE Space Agency)
• World-class universities (NYUAD, Khalifa University)
• UAE AI Strategy (world’s first Minister of AI — Dr. Omar Bin Sultan Al Olama)

Key National Strategies of the UAE

National AI Strategy 2031:

• Goal: 25% of government services operate using AI by 2031
• $300 billion AI contribution to the economy by 2031
• G42 as the flagship of the UAE AI ecosystem (partnership with Microsoft and others)

Abu Dhabi Economic Vision 2030 (renamed Vision 2030):

• Diversification: Khalifa Industrial Zone (KIZAD), Masdar City (renewable energy)
• Tourism: Louvre Abu Dhabi, Guggenheim Abu Dhabi, Formula 1 (Yas Marina Circuit)

Dubai 2040 Urban Master Plan:

• Growth of urban population to 5.8 million by 2040 (from ~3.5 million in 2020)
• 5 “centers” of development: Dubai Creek, Downtown/Business Bay, Dubai Marina/JBR, Expo City, Deira/Bur Dubai

Saudi Vision 2030

Context and Scale

Saudi Vision 2030 was launched in 2016 by Crown Prince MbS—simultaneously with the creation of PIF as the “economic arm” of reforms.

The problem: Oil dependence of the economy (> 70% of government revenues from oil). Demographic challenge: 60% of the population under 30, in 2016 unemployment among Saudi citizens >12%.

Three Key “Pillars” of Vision 2030

Pillar 1: “Vibrant Society”

• Strengthening Islamic identity while opening up the entertainment sector
• Tourism giga-projects: AlUla, Hegra, HEXAGONal cities of NEOM
• Physical activity: by 2030 — 40% of the population engaged in sports weekly (from 13% in 2016)

Pillar 2: “Thriving Economy”

• Diversification: growth of the non-oil sector from 16% to 50% of GDP
• Creation of 1.2 million jobs for citizens
• Growth of tourism revenues from $8 billion to $46 billion
• Privatization of state assets (IPO Saudi Aramco in 2019 — $29.4 billion, the largest in history)

Pillar 3: “Ambitious Nation”

• Localization of defense spending (50% produced in Saudi Arabia)
• PIF as a driver of diversification ($700+ billion AUM in 2023)
• E-government and digital transformation

Saudi Arabia’s Giga-Projects

NEOM: Mega “city of the future” project on the Red Sea coast ($500 billion of announced investments).

• THE LINE: linear city 170 km long without cars and roads
• SINDALAH: yacht island (opening ~2024)
• OXAGON: floating industrial complex
• TROJENA: ski resort (Asian Winter Games 2029)

Diriyah Gate: Historic Diriyah—the first capital of Saudi Arabia, UNESCO heritage site. Development as a cultural and tourist destination ($20 billion).

Red Sea Project: 50 islands and 6 volcanic craters — luxury tourism for 1 million tourists a year.

Comparison of UAE and KSA Visions