انقر هنا للقراءة في اللغة العربية

However, many profitable and innovative projects submitted by local entrepreneurs and startups have been rejected by certain ministries and the Public Investment Fund (PIF). These projects, which could have generated returns of over 200% of capital annually, were turned down, delaying the Kingdom's efforts to diversify the economy and reduce unemployment.

While these projects were designed to meet clear economic needs, such as job creation and growth in non-oil sectors, their rejection highlights the systemic issues in the management of economic projects in Saudi Arabia. This article sheds light on the hidden truths behind the rejection of these initiatives and how these opportunities are concealed from Crown Prince Mohammed bin Salman, potentially jeopardizing the success of Vision 2030.

Introduction:

As part of Saudi Vision 2030, the Kingdom aims to diversify its income sources and achieve sustainable development beyond its reliance on oil. However, many economic projects presented by local entrepreneurs and startups have been met with unjustified rejections from various ministries and the Public Investment Fund (PIF). These projects, which could have generated massive returns exceeding 200% of capital, were denied the necessary support, undermining the Kingdom’s efforts to diversify its economy and reduce unemployment.

While these projects were designed to address clear economic needs, such as job creation and the development of non-oil sectors, their rejection highlights the systemic problems in the management of economic projects in Saudi Arabia. This article sheds light on the hidden truths behind the rejection of these initiatives and how opportunities are concealed from Crown Prince Mohammed bin Salman, potentially putting Vision 2030 at risk.

The Rejected Project: Huge Profits and Returns Exceeding 200% of Capital

The project that was submitted was innovative and based on thorough feasibility studies, with expectations to generate massive returns exceeding 200% of capital annually. The project was not only aimed at achieving high profits but was also designed to create jobs in sectors that align with the Kingdom’s vision of economic diversification, particularly in non-oil industries.

Despite these clear benefits, the project was rejected without transparent reasons, raising questions about the hidden motives behind such decisions and the lack of support for initiatives that could significantly benefit the economy.

The Unexpected Rejection: Hidden Reasons Behind the Decision

1. Corruption and Monopoly of Economic Projects by Certain Groups

One of the primary reasons cited by insiders is the widespread corruption within some government circles, where economic projects are monopolized by certain individuals or groups with strong ties to government officials. These figures are often reluctant to open the door for competition, fearing that innovative projects may challenge their economic influence or compete with their dominant position in vital sectors.

In many cases, profitable projects that could contribute to sustainable development and job creation are blocked due to the monopolistic control exerted by these figures. If we examine key sectors such as trade, real estate, and infrastructure, we find that monopolies are a major reason why innovative projects that could drive economic growth are often rejected.

2. Bureaucracy: A Barrier to Project Implementation

Another factor contributing to the rejection of these projects is the extent of bureaucratic hurdles within the Kingdom. Ministries and governmental procedures are often complex, which makes it difficult to implement new projects. In Western countries, governments typically support startups that generate high returns by reducing administrative red tape, encouraging innovation and economic development. However, in Saudi Arabia, there are numerous obstacles that delay or prevent new projects, including those that could positively impact the economy.

3. Concealing Opportunities from Crown Prince Mohammed bin Salman

What is concerning is that credible sources have indicated that some officials deliberately conceal these opportunities from Crown Prince Mohammed bin Salman, who is leading Vision 2030 and pushing for economic growth and job creation. Certain officials may not want to review these new projects because they fear that the implementation of these ideas could disrupt existing business relationships or commercial arrangements that benefit them personally.

Such practices not only harm the Saudi economy but also undermine the Kingdom’s efforts to reduce unemployment, as major opportunities that could create thousands of jobs are being ignored or dismissed. The fact that these opportunities are concealed from the Crown Prince raises concerns about the transparency of the Kingdom’s decision-making processes.

Rejection of Projects and Increased Unemployment

One of the immediate consequences of rejecting such profitable projects is the increase in unemployment within the Kingdom. The rejected projects were expected to create thousands of jobs, especially in non-oil sectors like technology, logistics, and renewable energy. Given the Kingdom’s urgent need to reduce unemployment rates, particularly among its youth, blocking these projects represents a missed opportunity to address a critical economic challenge.

In contrast to Western countries, such as the United States and Germany, where innovative projects are actively supported, Saudi Arabia is missing out on these opportunities due to the rejection of profitable ideas. These missed opportunities not only delay economic progress but also directly impact unemployment by preventing the creation of much-needed jobs in the economy.

The NEOM Project and Borrowing Due to Personal Interests of Officials

Despite Saudi Arabia’s possession of the world’s largest sovereign wealth fund, the Public Investment Fund (PIF), the rejection of highly profitable projects has led the government to resort to borrowing to fund some of its major initiatives, such as the NEOM Project. Although NEOM is considered one of the cornerstones of Vision 2030 and is managed by the Public Investment Fund, the government had to borrow 10 billion SAR to finance the project, which could have been avoided if profitable local projects had been embraced earlier.

This borrowing is a direct result of rejecting smaller and more profitable projects, which could have easily provided the necessary funds without the need to resort to debt financing. If innovative projects had been fully supported, Saudi Arabia could have avoided the need to incur significant debts for large-scale initiatives like NEOM.

Impact on Vision 2030: Lack of Accountability in Key Investment Positions

Without a change in the leadership of key investment positions in the Kingdom, it is highly unlikely that Vision 2030 will be fully realized. If certain individuals continue to monopolize investment decisions and control major projects, there is a real risk that reforms will be slow, and the economy will fail to reach its potential. The very success of Vision 2030 hinges on transparency and accountability in the allocation of resources and support for innovative initiatives.

Continued control by figures who are more focused on personal interests rather than the national interest could prevent the Kingdom from achieving its diversification goals and undermine the objectives of Vision 2030, which include creating jobs, developing non-oil industries, and establishing Saudi Arabia as a global economic powerhouse.

Implementing a Global Complaint Mechanism to Report Corruption

At this juncture, it is essential for Saudi Arabia to implement an open and transparent reporting system that allows local and international investors to report corruption or injustices when their profitable projects are rejected. There needs to be a complaint mechanism that provides a global platform for anyone, whether in Saudi Arabia or abroad, to report corruption or manipulation in the economic decision-making process.

By establishing a global reporting system that is monitored directly by Crown Prince Mohammed bin Salman, it will ensure that corruption and nepotism do not undermine the Kingdom’s economic progress. Such a system would create a transparent and accountable process where innovative projects can be evaluated on their merit, ensuring that Saudi Arabia doesn’t lose out on opportunities for economic growth and job creation.

Comparison with Western Countries’ Performance

If we look at Western countries, projects that yield returns exceeding 200% are actively supported by government agencies. In the United States, for example, startups that create high returns are swiftly funded and supported, helping to reduce unemployment and boost the economy. Similarly, Germany allocates significant government support to projects that create new jobs, helping to reduce unemployment and support long-term economic stability.

In contrast, Saudi Arabia continues to miss out on these opportunities because of the unjustified rejection of profitable projects. As a result, the Kingdom is not able to capitalize on emerging markets or new technologies, which are key to diversifying the economy and creating the jobs needed to meet the growing demands of the young Saudi population.

Conclusion: The Need for Transparency and Structural Reform

Closing the door on highly profitable projects that offer returns exceeding 200% of the capital could have long-term negative effects on Saudi Arabia’s economy. What needs to be prioritized now is ensuring transparency in economic decision-making and reforming the bureaucracy that inhibits the implementation of projects that would reduce unemployment and support the sustainability of the economy.

If Saudi Arabia truly wants to achieve the goals of Vision 2030 and reduce unemployment, it must support projects with real opportunities to increase GDP and create jobs. Government officials need to reconsider their decisions to reject innovative projects and work towards opening the door to startups that can make a real difference in Saudi Arabia’s economy.

Furthermore, it is crucial to implement a global complaint mechanism to report corruption and nepotism, ensuring that all economic decisions are made in the best interests of the country and its people. This will create a transparent and accountable system that fosters growth and job creation for the future.

Final Notes:

This article reflects an investigative account based on insider sources and does not disclose the identity of the person who submitted the project. However, the aim is to spark a discussion on how to improve transparency and develop economic projects in Saudi Arabia, particularly with regard to their impact on unemployment rates and job creation.

This version includes the essential points regarding corruption, the monopolization of projects, and how these actions could potentially hinder the success of Vision 2030. It also highlights the need for structural reforms and transparency to ensure that the Kingdom’s economic goals are met.