10x10 strategy
This is the challenge facing today’s Saudi and one that has inspired SAGIA to embark on its most ambitious project to date – to position KSA as one of the world’s top 10 most competitive economies by 2010. This is the 10x10 mission.
Introducing the 10x10 strategy
Already ranked as the easiest place to do business in the entire MENA region, Saudi Arabia has set its sights on something even more challenging. The cornerstone of Saudi Arabia’s economic future is its ability to compete with other nations. This means creating a climate in which innovation, excellence and competitiveness are prioritized.
Unveiling the 10x10 mission
Three major initiatives have been implemented to help Saudi achieve its 10x10 target:
1. The National Competitiveness Center (NCC)
The NCC is an independent body, set up to monitor, assess and support competitiveness in KSA. NCC is committed to pushing KSA up to the top tier of economic competitiveness.
2. Economic Cities
To transform the economic landscape in Saudi, SAGIA is building an integrated system of Economic Cities which will be a beacon of best practice across the world. In these enterprising new metropolises, businesses will have everything they need to develop rapidly and profitably.
3. Sector opportunities
SAGIA is actively pursuing investment in the sectors where Saudi has a current or potential competitive advantage. These include energy, transport and knowledge-based industries.
The story so far…
The drive for 10x10 has motivated reforms in many of the areas crucial to global competitiveness.
Judicial reform
In 2007, King Abdullah, Custodian of the Two Holy Mosques, approved new regulations allowing the establishment of a supreme court, an appellate court and specialized labor and commercial tribunals along with a SAR 7 billion plan to upgrade judicial facilities.
Infrastructure
Extensive improvements to Saudi’s transport system are in progress including construction and upgrades of multiple new seaports, airports, road links and rail developments including the Medina-Mekkah monorail, the Land Bridge and the
north-south Mineral Line.
Energy
The Electricity and Cogeneration Regulatory Authority of Saudi Arabia launched its Electricity Industry Restructuring Plan in 2006 with the intention of moving toward a competitive wholesale electricity market in Saudi Arabia.
Education
Saudi Arabia is already enjoying significant success in its new education strategy with a further SAR 12 billion being distributed over the next five years. An increase in school funding coupled with school building and teacher recruitment programs has led to a phenomenal increase in literacy rates from 33% in 1970 to 83% today. Meanwhile, in higher education, the King Abdullah University of Science and Technology (KAUST) along with other teaching and research institutions will play a crucial role in Saudi’s future competitiveness.
Health
KSA has made huge strides in improving the nation’s health with infant mortality greatly reduced and life expectancy doubled over 50 years. Primary and secondary healthcare is available to all Saudi Arabian residents and the quality of the healthcare system is ranked highly by the WHO – ahead of many nations in the Global Competitiveness Index (GCI) Top 10.
Technology and innovation
Advanced new technology is crucial to KSA’s competitiveness. Saudi Arabia’s Communications and Information Technology Commission (CITC) is currently implementing a Universal Service Fund to provide voice and Internet coverage to 100% of households over the next seven years.
Meanwhile, to boost Saudi’s capacity for innovation, the Ministry of Commerce is developing a new industrial development strategy to encourage regional diversification, foreign direct investment, private sector involvement, and the introduction of knowledge-based industries in Saudi Arabia.