Saudi Arabia's Vision 2030 enters final phase with strong momentum

Arab News

25-04-2025

RIYADH: Saudi Arabia's Vision 2030 initiative has seen remarkable progress, with 93 percent of its key performance indicators either fully or partially met since its launch nine years ago, according to the latest official assessment.
The Vision 2030 program, which aims to diversify the economy, empower citizens, and foster a vibrant environment for both local and international investors, is evaluated through the performance of its Vision Realization Programs and national strategies.
These tools are central to the initiative's execution and are assessed based on two main criteria: the advancement of initiatives and the performance of measurable indicators.
The latest annual report for 2024 reveals that of the 374 key performance indicators at the third level, 299 were fully achieved, with 257 of these surpassing their original targets. Another 49 indicators came close to full achievement, reaching between 85 and 99 percent of their goals.
This progress demonstrates the effectiveness of long-term planning combined with strategic execution, contributing to transformative changes across the country. The success of Vision 2030's Level-3 indicators indicates strong alignment between national planning and real-world implementation in various sectors.
Detailed metrics also capture tangible outcomes, such as increased hospital capacity, the rollout of digital services, and the issuance of tourism licenses. To ensure continued success, corrective actions are being taken to adjust both initiatives and performance metrics, with a focus on accelerating implementation and keeping the Vision's objectives firmly within reach.
Strong delivery across initiatives
This performance aligns with strong delivery across Vision 2030's portfolio of initiatives. As of 2024, 85 percent of all initiatives were either completed or progressing on track.
Out of 1,502 total initiatives launched under the Vision, 674 were completed and another 596 were advancing as scheduled.
This translates to an unusually high success rate for a transformation effort of this scale and complexity.
Each of these initiatives contributes to larger national priorities, ranging from housing and healthcare to digital innovation, clean energy, and cultural development.
Their successful implementation reflects years of investment in institutional capacity, coordination frameworks, and performance monitoring systems, much of which was built during the vision's first and second phases.
A decade of economic reforms
These latest achievements are rooted in nearly a decade of groundwork, reforms, and phased rollouts that began in 2016 when Vision 2030 was first unveiled.
The first five years focused on stabilizing the macroeconomic base and introducing structural reforms, while the second phase emphasized scaling and acceleration.
The result is a development model that is now attracting international attention for its consistency and ambition.
Between 2016 and 2024, Saudi Arabia undertook sweeping structural reforms to reduce its oil dependency, boost private sector engagement, and unlock new economic engines.
This included targeted policy interventions in tourism, logistics, mining, and tech — areas now becoming core drivers of non-oil growth.
The private sector's role in the economy has also continued to expand, with its contribution to GDP reaching 47 percent in 2024, exceeding the year's target of 46 percent.
In 2024, real non-oil GDP grew by 3.9 percent compared to 2023, driven by continued investment expansion in non-oil sectors, which saw a 4.3 percent increase in activity.
By the fourth quarter of 2024, the unemployment rate among Saudis dropped to 7 percent — meeting the Vision 2030 target six years ahead of schedule. This milestone marks an improvement from 12.3 percent at the end of 2016. At the same time, average annual inflation remained low at 1.7 percent, ranking among the lowest in G20 economies.
This is a result of the efforts made to achieve an economic policy that balances growth with healthy inflation rates.
Foreign direct investment inflows reached SR77.6 billion in 2024, signaling growing international confidence in the Saudi market.
Optimism in the non-oil private sector was also reflected in the Purchasing Managers' Index, which stood at 58.1 in the fourth quarter of 2024. This was a result of developments throughout the year and was driven by an increase in new orders.
Global recognition
Global institutions such as the International Monetary Fund, Organization for Economic Co-operation and Development, and World Bank have revised Saudi growth forecasts upward, and all three major credit rating agencies — Moody's, Fitch, and S&P — affirmed the Kingdom's sovereign strength with stable outlooks.
The Public Investment Fund has continued to play a central role in financing and driving large-scale development.
Its assets under management have reached SR3.53 trillion by the end of 2024 — more than tripled since the launch of Vision 2030 — exceeding their annual target.
The fund's assets have made remarkable progress, growing by more than 390 percent from 2016 to 2024, with a compound annual growth rate of 22 percent, exceeding its annual target. This increase is primarily attributed to the fund's proactive investment strategy across various sectors.
In parallel, the value of Saudi Arabia's discovered mineral resources has soared to SR9.4 trillion, a 92 percent increase from 2016 estimates, which stood at SR4.9 trillion.
By the end of 2024, the number of achieved investment opportunities surged to 1,865, surpassing the year's target of 1,197.
Globally, Saudi Arabia has improved its standing in multiple international benchmarks.
It now ranks 16th in the International Institute for Management Development's World Competitiveness Index, up 20 places since 2017.
The Kingdom has also made progress in digital governance, climbing 25 positions in the UN E-Government Development Index since 2016 to secure 6th place globally — bringing it within reach of its Vision 2030 goal to be among the top five nations.
These rankings highlight the Kingdom's efforts to digitize services, modernize institutions, and improve public sector performance.
Social and sectoral progress
Social indicators have also advanced steadily. The homeownership rate climbed to 65.4 percent in 2024, exceeding the target of 64 percent for that year.
As part of the long-term goal to plant 10 billion trees, environmental programs have exceeded expectations. Around 115 million trees were planted as of 2024, while 188,000 hectares of degraded land were successfully rehabilitated.
The number of volunteers exceeded 1.2 million by the end of 2024, surpassing the 2030 target of 1 million.
The Kingdom's expanded e-visa systems and upgraded infrastructure helped drive a historic rise in international pilgrim numbers.
Saudi Arabia recorded 16.92 million foreign Umrah pilgrims in 2024 — its highest ever, far exceeding the annual target of 11.3 million.
Adding to the momentum, Saudi Arabia is set to welcome the premier competition of the world's most popular sport as the official host of the 2034 FIFA World Cup.
Looking ahead
Much of this progress was supported by the evolution of Vision Realization Programs, which were introduced in the early phase of Vision 2030 as medium-term delivery mechanisms.
Over time, these programs enhanced cross-government coordination, accelerated execution, and helped exceed multiple national targets.
Today, there are 10 VRPs operating across strategic sectors such as health, digital transformation, and tourism, as well as financial services and sustainability, each contributing to the delivery of Vision 2030's core pillars of a vibrant society, a thriving economy, and an ambitious nation.
As the final stretch of Vision 2030 approaches, the Kingdom's focus remains on institutional resilience, measurable outcomes, and global competitiveness.
While challenges remain in some areas, the combination of high delivery rates, adaptive governance, and strong financial management has positioned Saudi Arabia as a case study in long-term national transformation.
The next five years will be critical not only in achieving remaining goals but in sustaining the momentum well beyond the 2030 horizon.