Saudi women stand next to the Saudi pavilion (vision 2030) at the Gitex 2018 exhibition at the Dubai World Trade Center in Dubai on October 16, 2018. (AFP)

Six years to go, what Saudi Arabia’s Vision 2030 aims to achieve

Saudi Arabia

Yusra Asif, Al Arabiya English

Published: 02 May ,2024: 09:23 AM GST Updated: 02 May ,2024: 10:35 AM GST

6 min read

Saudi Arabia’s Vision 2030 is a nation-wide plan that taps into various sectors of the country to transform and unlock the potential of its people and demonstrate the Kingdom’s commitment to diversifying and sustaining its economy beyond oil and gas.

Launched in 2016 under the directive of King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, Vision 2030 is an ambitious blueprint that aims to create a “diversified, innovative and world-leading nation,” through Saudi Arabia’s deeply rooted cultural heritage and strategic advantages, the official webpage of the initiative says.

Ushering an era of openness

Vision 2030 has sparked a comprehensive change in Saudi Arabia, ushering in an era of openness to the world.

Various reforms have been implemented to enhance the business climate, create jobs, and invite investment into the country. Under this initiative, Saudi Arabia is preparing its people for a new world that embraces technology and is ready to face issues such as climate change.

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With the doors to the Kingdom flung open, investments are pouring into sectors such as renewable energy, tourism, entertainment, and other vital industries.

Pillars of Vision 2030

There are three pillars in Vision 2030 roadmap that highlight the main focus of Saudi Arabia as it works toward achieving its goals - vibrant society, thriving economy, and ambitious nation. These pillars further cascade into strategic objectives to enable effective implementation of programs across sectors.

Vibrant society

The vision aims to build a strong, happy and fulfilling society as the foundation for economic prosperity by focusing on creating strong roots that embrace modern Islam, national pride, Saudi heritage and culture, while providing world-class entertainment options, sustainable living and efficient health and social care systems.

“We are prioritizing physical, psychological, and social wellbeing, which is why at the heart of our vision is creating a society where everyone enjoys a high quality of life, a healthy lifestyle, and an attractive living environment,” the initiative’s official page explained.

Thriving economy

Under Vision 2030, Saudi Arabia plans to create an environment that supports economic growth and job creation for all Saudis while attracting top global talent through increased foreign investment.

As part of this new roadmap, Saudi Arabia is working to improve its business environment, restructuring its economic cities, creating special zones, and deregulating the energy market to boost competition. The Kingdom is also investing in new sectors and privatizing government services to diversify the economy and ensure sustainability.

Situated at the crossroads of three continents, Saudi Arabia aims to leverage its unique position to become a major hub for international trade by forming new partnerships to grow its economy and support domestic companies in increasing exports.

Ambitious nation

By adapting to shifting tides and facing new challenges, Vision 2030 plans to build a new Saudi Arabia that is effectively governed, transparent, and accountable, encouraging its society – citizens, businesses, and non-profit organizations – to take the lead in advancing the Kingdom’s future.

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This new plan aims to make the government transparent and accountable, managing its finances efficiently and effectively, and routinely tracking its performance.

Vision 2030 targets

Based on the three pillars, Vision 2030 has outlined several goals it plans to achieve six years from now.
Increase average life expectancy from 74 years to 80 years.
Raise Saudi Arabia’s Social Capital Index ranking from 26th to 10th place.
Rank three Saudi cities among the top 100 globally.
Increase the population’s rate of weekly exercise from 13 percent to 40 percent.
Increase annual household spending on local culture and entertainment.
Double the number of Saudi properties inscribed on the UNESCO World Heritage List.
Increase Saudi Arabia’s yearly capacity to welcome Umrah pilgrims.
Increase Saudi Arabia’s annual share of non-oil exports in non-oil GDP from 18.7 percent to 50 percent.
Raise Saudi Arabia’s Logistics Performance Index Ranking.
Increase the private sector’s contribution to the GDP from 40 percent to 65 percent.
Increase Foreign Direct Investments’ contribution to the GDP from 3.8 percent to 5.7 percent.
Raise Saudi Arabia’s Global Competitiveness Index ranking from 25th to the top 10.
Increase the Public Investment Fund’s assets from about $159 billion to more than $1.86 trillion.
Raise Saudi Arabia’s economic position from the 19th largest to the top 15.
Increase the localization of the oil and gas sector from 40 percent to 75 percent.
Rally one million volunteers annually compared to 11000 in 2016.
Increase the non-profit sector’s contribution to GDP from less than one percent to five percent.
Increase household savings of total income from six percent to 10 percent.
Raise Saudi Arabia’s E-Government Survey Index Ranking.
Raise Saudi Arabia’s Government Effectiveness Index Ranking.
Increase non-oil government revenue from more than $43 billion to $265 billion.

As Saudi Arabia moves past the midpoint of its ambitious Vision 2030 journey, first and second-level performance indicators show significant progress toward the 2030 targets, with some metrics surpassing their goals, according to the 2023 annual report on Saudi Vision 2030.

In its eighth year, the 2023 annual report highlights the successful implementation of the vision’s programs. An impressive 87 percent of the 1,064 initiatives planned for 2023 are completed or on track. Key performance indicators for 2023 include 243 metrics, with 81 percent achieving their third-level targets and 105 indicators surpassing their future targets for 2024/2025.

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