In an attempt to attract investors who withdrew from investing in Saudi Arabia, especially from the Vision 2030 projects launched by Saudi Crown Prince Mohammed bin Salman, after his coup against his uncle and assuming the position of covenant to his father, King Salman.
MBS government tried to take a set of measures to attract investors to the Saudi labor market, as it recently eased the sponsorship system, which the Kingdom has been operating in since its inception, a system that prevents the investor and the foreign worker in the Kingdom from opening a bank account, changing his profession, or leaving the country whenever he wants without written permission stamped and approved by its Saudi sponsor.
Despite the Saudi policies that were localized by Saudi Crown Prince Mohammed bin Salman, unemployment rates among young people in Saudi Arabia are still high, with 67% of the Kingdom’s people under the age of 35, and the unemployment rate among the Kingdom’s youth is 29%.
In the same context, MBS tried to strike the centrality of Dubai as the first economic destination in the Gulf. The Saudi Crown Prince, Mohammed bin Salman, recently followed a set of policies, through which he tried to take the economic lead in the Gulf countries instead of the United Arab Emirates, as it is the fiercest competitor for the Kingdom of Saudi Arabia.
Saudi Arabia recently worked on building the Jeddah Tower, to be the tallest tower than Burj Khalifa, but as soon as Saudi Arabia began working in the Jeddah Tower, the UAE started building a taller tower than the Jeddah Tower, which was called “Dubai Creek Tower”, a secret project whose final height has not yet been revealed and is characterized by small usable areas. Its sole purpose is to prevent Saudi Arabia from achieving its quest to achieve a world record and to retain the title of “the tallest tower in the world” for Dubai.
Another chapter of competition or economic rivalry between the Kingdom of Saudi Arabia led by bin Salman, and the Emirates led by Mohammed bin Zayed. The recent escalation by Saudi Crown Prince Mohammed bin Salman, restricting government contracts within the Kingdom to companies whose headquarters are located in Riyadh, Dammam, or Jeddah.
However, But name NEOM was not among the cities that the crown prince proposed to major companies to set up their headquarters in, and he also neglected the “King Abdullah Economic City”, which was interpreted by specialists as strictness and failure of vision, lack of economic work experience, and competition with countries
They also added that that MBS is doing is nothing but a failed attempt to coerce major companies to move their headquarters from the Emirates to the Kingdom of Saudi Arabia, but this soon revealed his lie to his people regarding the city of dreams, for which he killed, arrested and abandoned the people of the region.
