Saudi Arabia yesterday released its annual report detailing the progress the kingdom made towards achieving its Vision 2030 goals in the year 2024.
Spearheaded by Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud, Vision 2030 is a strategic framework launched in 2016 to reduce the country’s dependence on oil, diversify its economy, and develop key public service sectors such as health, education, infrastructure, recreation and tourism.
Saudi Vision 2030 is built on three strategic pillars: ‘A Vibrant Society,’ which focuses on promoting culture, wellness and quality of life for citizens and residents; ‘A Thriving Economy,’ which focuses on diversifying the economy, empowering the private sector, and creating job opportunities; and ‘An Ambitious Nation,’ which focuses on building an efficient, transparent government and encouraging civic engagement.
The vision includes major reforms like the privatisation of certain government sectors, the empowerment of women in the workforce, opening up to international tourism, and launching cultural and entertainment initiatives.
“Saudi Arabia’s achievements in less than a decade under the Vision 2030 programme has made it a global model for transformation,” King Salman said yesterday.
Speaking on the ninth anniversary of the announcement of the economic and social reforms, the king said the country will continue together the construction process to achieve more sustainable development for future generations.
“We praise God for the remarkable progress our nation has achieved in less than a decade – progress that has positioned Saudi Arabia as a global benchmark for transformation,” he said.
“We take great pride in the unwavering dedication of our citizens, whose efforts have laid the foundations for a new era of growth. Together, we carry the journey of progress forward, united in shaping the future of our country for generations to come,” he added.
Prince Mohammed bin Salman said he was proud of what the nation had achieved under the programme and that there was renewed determination to strengthen Saudi Arabia’s position as a leading country in the world.
“Nine years into Vision 2030, we stand proud of what our people have accomplished,” Prince Mohammed bin Salman said.
“They have turned ambition into action and goals into milestones. We have not only met key targets – we have surpassed many.
“Looking ahead, our resolve is stronger than ever. We will accelerate delivery, embrace every opportunity, and further elevate the kingdom’s position as a global leader,” he added.
A report released by the government to coincide with the anniversary said 85 per cent of the more than 1,500 Vision 2030 initiatives had been completed or are on track.
Eight goals of the programme had been achieved six years ahead of time.
The kingdom’s unemployment rate had dropped to a historic low, achieving the 2030 target of 7pc and 2.4 million Saudi men and women now work in the private sector.
The private sector’s contribution to Saudi Arabia’s GDP has exceeded the 2024 target and the assets of the kingdom’s Public Investment Fund (PIF) have more than tripled since Vision 2030 was launched.
The report said Saudi Arabia had advanced 20 places in the Global Competitiveness Index to 16th place. Saudi household ownership had reached more than 65pc, exceeding the 2025 target.
The localisation of military industries exceeded its interim target, reaching 19.35pc – up from 7.7pc in 2021.
The number of employees in Small and Medium-sized Enterprises (SMEs) reached 7.8m in 2024 – up from 4.7m in 2020, exceeding the target for the year.
International tourism revenues increased by 148pc compared to 2019 and the agricultural sector has increased its contribution to the GDP, reaching 114 billion riyals.
Education has also been boosted with four Saudi universities now ranked among the top 500 universities in the world.
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