With Saudi Arabia’s national strategy for long-term social and economic transformation halfway through its implementation, the impact has been undeniably profound. The Kingdom’s ambitious plan, known as Saudi Vision 2030, is built on three foundational pillars: a vibrant society, a thriving economy, and an ambitious nation. This vision is reshaping every facet of life in Saudi Arabia, equipping the nation to meet the challenges posed by rapid technological advancements, economic shifts, fiscal uncertainties, and the pressing issues of climate, food, and water security.
A Diverse Economic Landscape
Initiated in 2016, Saudi Vision 2030 aims to improve the quality of life for its citizens while diversifying the economy beyond its reliance on oil. This strategic shift has fostered resilience and adaptability, allowing the Saudi economy to withstand the global economic pressures intensified by the pandemic. Despite a challenging global fiscal environment, Saudi Arabia’s non-oil sector showcased a remarkable growth of 5.4 percent in the first half of 2023, underscoring the success of its diversification efforts.
The Kingdom is channeling investments into burgeoning sectors such as renewable energy, tourism, entertainment, culture, and sports. Concurrently, initiatives to boost industrial, logistics, and manufacturing capabilities are underway, fortifying supply chain resilience and strengthening financial systems. In line with its commitment to energy transition, Saudi Arabia unveiled plans at the COP28 to launch renewable energy projects with a combined capacity of 20GW by 2024. This follows a significant increase in renewable energy production, from 700MW in 2022 to 2.8GW by the end of 2023, capable of powering over 520,000 homes. Furthermore, more than 8GW of renewable projects are under construction, with another 13GW in various development stages.
Empowering a Future-Ready Workforce
Saudi Arabia’s GDP has surged from $665.8 billion to over $1.1 trillion, paving its path to becoming one of the top 15 global economies by 2030. Supporting this economic expansion is the Public Investment Fund, with assets exceeding $700 billion, creating 644,000 direct and indirect jobs and establishing 93 companies. The Fund’s strategic investments include stakes in leading global companies like Meta, Boeing, and Disney, as well as acquisitions such as a stake in London’s Heathrow Airport. In the sports arena, investments in LIV Golf and Newcastle United Football Club are noteworthy.
The Kingdom’s international reputation as a premier destination for major sporting events, like the Saudi Arabian Grand Prix and high-profile boxing matches, aligns with Vision 2030’s goals of boosting sports participation and showcasing Saudi hospitality and culture. The successful bid to host the Riyadh Expo 2030 further enhances its global standing.
Tourism, a key sector in the Vision, is flourishing, with millions of visitors exploring Saudi Arabia’s offerings. The introduction of e-visas in 2018 revolutionized the tourism industry, welcoming global visitors beyond traditional pilgrims. The aim is for tourism to contribute 10 percent to GDP, create 1.6 million jobs, and attract 150 million visitors by 2030.
As Saudi Arabia continues its transformational journey under Vision 2030, the substantial progress achieved thus far is just the beginning. This comprehensive national program, led by the Saudi people, is unlocking new opportunities and laying the foundation for a prosperous future. Beyond economic diversification, Vision 2030 aspires to position Saudi Arabia as a global hub for culture, heritage, investment, and nature, inviting the world to discover its wonders.
