Question

Discuss Real estate development fund in saudi arabia and how they implement 2030 vision? Did they acheive any of their target goals of 2030 so far or not? What did they acheive in 2020? And what do they accept to acheive in 2030? What will be the difference between 2020 and 2030?

Answer 1

Real estate development fund is raised inorder to develop a geographical area in such a way that more profit should be received that the existing profits.This fund helps in developing infrastructure and constructing the buildings so that there will be profit maximisation.In Saudi Arabia,its important to develop the real estate sector as the overall infrastructure will be reconstructed automatically. Saudi Arabia found it necessary to improve the quality of lifestyle of people residing over there which can only happen by developing the infrastructure.

Saudi Arabia decided to draw a plan regarding the development of real estate and framed Vision 2030.This not only helps in changing the real sector but also increases demand for foreign trade,MNC's, foreign investments,accelerate economic and social growth.Following are the targets of Vision 2030:

• Its main aim is to increase the rate of employment rate by facilitating jobs and work to the youth,middle age in all the sectors. Inorder to enhance the contribution from people,companies started attracting workers by offering bonus,appreciation,better chances to grow,etc.
• Vision 2030 included to go transnational in the production and service sector.By going transnational,more foreign industries and companies show interest in setting up their branches which in turn increase employment opportunities and helps in usage of modern technology.
• This vision 2030 will concentrate on entire country's infrastructure development.Necessary projects have been taken up to construct the buildings,apartments,malls,factories,etc and these will be used for residing,for setting up manufacturing units,production units.
• To facilitate basic needs like proper drainage system,good roadways,etc
• One of the aim of vision 2030 is to enhance number of visitors from around 10 million to 25 million approximately and this can only be done by developing and by building best infrastructure which attracts visitors from other countries and this even increases the economic GDP of Saudi Arabia.
• Saudi Arabia took a decision of increasing ownership up to around 55% and it even decreased the value of houses so that people of all categories can avail this opportunities.

Yes,few of the targets are achieved by the Saudi Arabia and now its working on the remaining targets.Following are the targets which already achieved by the Saudi Arabia in 2020.They are:

• Saudi Arabia has already been successful in going transnational but it need to be developed more.
• Some part of unemployment has been decreased as going transnational helped the country by providing work and jobs for many people.
• Saudi Arabia's tourism has been developed partly and it has become one of the vacation and tourist spots.
• Developing backward regions by providing good infrastructure and basic facilities.
• Increase in amount of production.As new industries have been  set up the rate of production increased.

Rate of employment rate,production,tourism literacy rate is improved partly in 2020.Till 2030,the country will almost reach the target relating to employment and production.The production and labour rate has been achieved to some extent, the remaining goals will be achieved by the country if it will continue to work on the these sectors.

Hence Saudi Arabia has decided to increase it overall growth relating to manufacturing,service,real estate sectors.