Latest news with #VisionRealizationPrograms
Business Upturn
2 days ago
- Business
- Business Upturn
Saudi Arabia's Quality of Life Program Powers Investment Through Vision 2030 Reforms
Riyadh, June 04, 2025 (GLOBE NEWSWIRE) — RIYADH, Saudi Arabia — As Saudi Arabia advances toward its Vision 2030 goals, the Quality of Life Program (QoL) is emerging as a central driver of both national well-being and global investment momentum. Launched in 2018, the program is one of 11 Vision Realization Programs and is led by CEO Khalid Albaker. It focuses on enhancing livability while positioning sectors such as tourism, culture, and sports as strategic economic assets. 'We don't view quality of life as an abstract ideal,' Albaker said. 'It's a measurable, investment-ready platform that's already delivering real returns—for our citizens and for our partners around the world.' In 2024, the Kingdom reported a 3.9% increase in non-oil gross domestic product, driven significantly by lifestyle sectors historically seen as non-core. Foreign direct investment surged to $20.69 billion in Q4 2024, underscoring growing global confidence in the Saudi economy. 'We've always seen arts, culture, and sports not as luxuries, but as industries. They are engines of economic diversification, talent retention, and global perception,' Albaker said. The Quality of Life Program delivered 173 initiatives in 2024 alone, with 85 percent of its key performance indicators achieved or on track. Notable developments include: The number of hotel rooms rising from 280,800 in 2023 to 475,900 in 2024. The planting of 1.12 million trees and the establishment of 149 new parks. Public space increasing to 6.53 square meters per capita—130% above initial targets. Tourism growth has been robust, with international visits climbing from 41 million in 2018 to 115.9 million in 2024. The Kingdom is also preparing to host global events including the AFC Asian Cup in 2027, Expo 2030, and the FIFA World Cup in 2034. 'Whether it's 100 million annual tourists, a 390% increase in Public Investment Fund assets since 2016, or our leap in global happiness rankings, our progress is tangible,' said Albaker. QoL is also contributing to Saudi Arabia's innovation-based economic shift. Private sector GDP contribution has increased from 40% in 2016 to 47% in 2024. Public-private collaborations are accelerating innovation and unlocking opportunities across creative sectors. 'Our reforms have empowered entrepreneurs, opened new doors for creatives, and created environments where global and local ideas can thrive together,' Albaker said. Saudi Arabia currently ranks first among G20 countries in safety perception and has raised life expectancy to 78.8 years. These achievements reflect wider investments in public health, infrastructure, mobility, and urban livability. 'The real measure of success is when quality of life becomes self-sustaining,' Albaker added. 'When cities organically support wellness, creativity, and community—that's when you know you've created a thriving ecosystem.' With major international platforms on the horizon, including Expo 2030 and the FIFA World Cup 2034, the Quality of Life Program is positioned to expand its influence. The program will continue to direct investment into sustainable development, cultural infrastructure, and next-generation entertainment technologies. 'We're building a lifestyle economy at scale,' Albaker said. 'For investors, this is an invitation not only to witness transformation—but to be a part of it.' Saudi Arabia's evolving national landscape offers measurable impact, long-term economic vision, and cultural ambition—framing a new regional benchmark for livability and investment potential. Attachments The Quality of Life Program delivered 173 initiatives in 2024 alone, Quality of life as an abstract ideal Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Yahoo
2 days ago
- Business
- Yahoo
Saudi Arabia's Quality of Life Program Powers Investment Through Vision 2030 Reforms
Saudi Arabia advances toward its Vision 2030 goals, the Quality of Life Program (QoL) is emerging as a central driver of both national well-being and global investment momentum. The Quality of Life Program delivered 173 initiatives in 2024 alone, Quality of life as an abstract ideal Riyadh, June 04, 2025 (GLOBE NEWSWIRE) -- RIYADH, Saudi Arabia — As Saudi Arabia advances toward its Vision 2030 goals, the Quality of Life Program (QoL) is emerging as a central driver of both national well-being and global investment momentum. Launched in 2018, the program is one of 11 Vision Realization Programs and is led by CEO Khalid Albaker. It focuses on enhancing livability while positioning sectors such as tourism, culture, and sports as strategic economic assets. "We don't view quality of life as an abstract ideal," Albaker said. "It's a measurable, investment-ready platform that's already delivering real returns—for our citizens and for our partners around the world." In 2024, the Kingdom reported a 3.9% increase in non-oil gross domestic product, driven significantly by lifestyle sectors historically seen as non-core. Foreign direct investment surged to $20.69 billion in Q4 2024, underscoring growing global confidence in the Saudi economy. "We've always seen arts, culture, and sports not as luxuries, but as industries. They are engines of economic diversification, talent retention, and global perception," Albaker said. The Quality of Life Program delivered 173 initiatives in 2024 alone, with 85 percent of its key performance indicators achieved or on track. Notable developments include: The number of hotel rooms rising from 280,800 in 2023 to 475,900 in 2024. The planting of 1.12 million trees and the establishment of 149 new parks. Public space increasing to 6.53 square meters per capita—130% above initial targets. Tourism growth has been robust, with international visits climbing from 41 million in 2018 to 115.9 million in 2024. The Kingdom is also preparing to host global events including the AFC Asian Cup in 2027, Expo 2030, and the FIFA World Cup in 2034. "Whether it's 100 million annual tourists, a 390% increase in Public Investment Fund assets since 2016, or our leap in global happiness rankings, our progress is tangible," said Albaker. QoL is also contributing to Saudi Arabia's innovation-based economic shift. Private sector GDP contribution has increased from 40% in 2016 to 47% in 2024. Public-private collaborations are accelerating innovation and unlocking opportunities across creative sectors. "Our reforms have empowered entrepreneurs, opened new doors for creatives, and created environments where global and local ideas can thrive together," Albaker said. Saudi Arabia currently ranks first among G20 countries in safety perception and has raised life expectancy to 78.8 years. These achievements reflect wider investments in public health, infrastructure, mobility, and urban livability. "The real measure of success is when quality of life becomes self-sustaining," Albaker added. "When cities organically support wellness, creativity, and community—that's when you know you've created a thriving ecosystem." With major international platforms on the horizon, including Expo 2030 and the FIFA World Cup 2034, the Quality of Life Program is positioned to expand its influence. The program will continue to direct investment into sustainable development, cultural infrastructure, and next-generation entertainment technologies. "We're building a lifestyle economy at scale," Albaker said. "For investors, this is an invitation not only to witness transformation—but to be a part of it." Saudi Arabia's evolving national landscape offers measurable impact, long-term economic vision, and cultural ambition—framing a new regional benchmark for livability and investment potential. Attachments The Quality of Life Program delivered 173 initiatives in 2024 alone, Quality of life as an abstract ideal CONTACT: Badr Al-Rashed Media & Communications – Quality of Life Program Center balrashed@ | +966 553 472 559 Naif Al-Shahrani Media Relations – Edelman Saudi Arabia | +966 530 633 777
Leaders
26-04-2025
- Business
- Leaders
Saudi Vision 2030: Nine Years of Record Achievements
Saudi Arabia has achieved key milestones towards realizing its revolutionary Vision 2030, which aims to foster a vibrant society, a thriving economy, and an ambitious nation. Under the guidance of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and the Crown Prince and Prime Minister, Mohammed bin Salman, the Kingdom is undergoing a paradigm shift across all sectors, motivated by the ambitious objectives of Vision 2030. Vision 2030: A Catalyst for Transformation Launched in 2016 by Crown Prince Mohammed bin Salman, Vision 2030 is a transformative national plan that aims to reform the public sector, the economy, and society. It draws on the Kingdom's strengths, including its rich human and natural resources, investment capabilities, economic strength, strategic location, and prestigious status on the Arab, Islamic, and international arenas. Nine Years of Achievements Celebrating the 9th anniversary of Vision 2030, King Salman hailed the progress achieved in less than a decade, promising to continue the transformation journey to secure a more sustainable future for the coming 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,' King Salman added. On this occasion, the Saudi Crown Prince took pride in the achievements of Vision 2030, emphasizing that work will continue to establish Saudi Arabia's position as a global leader. 'Nine years into Vision 2030, we stand proud of what our people have accomplished. They have turned ambition into action and goals into milestones. We have not only met key targets – we have surpassed many,' he said. '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 noted. Three Main Phases Over nine years, Vision 2030 has achieved remarkable progress in realizing its objectives through the Vision Realization Programs (VRPs) and integrated national strategies, which effectively coordinate efforts across government, private, and nonprofit sectors, according to the Saudi Press Agency (SPA). The revolutionary plan charts a path that strengthen the integration between culture and innovation, to keep pace with the accelerating global changes and unlock wider opportunities for citizens, residents and visitors. To this end, Vision 2030 is designed as a three-phase plan, each spanning five years and builds on the successes of the previous one. The first phase laid the groundwork for transformation through structural economic, financial and social reforms. The second phase focused on accelerating progress and maximizing the benefit from key sectors. Meanwhile, the third phase, set to kick off in 2026, will focus on enhancing the sustainability of this transformation and capitalizing on new growth opportunities. Vision 2030 in Numbers On the 9th anniversary of Vision 2030, the Saudi government released the annual report for 2024, offering a comprehensive overview of Vision 2030's achievements and progress. According to the report, 85% of the 1,502 active initiatives had been completed or are on track. Moreover, 93% of VRPs and national strategy indicators had been achieved or are on track. Eight Vision 2030 goals had been achieved 6 years ahead of schedule. Under the ambitious program, Saudi Arabia received a historic 16.92 million foreign Umrah pilgrims, exceeding the 2024 target. It also registered 8 sites on the UNESCO's World Heritage List, achieving 2030 target 6 years ahead of schedule. Furthermore, Saudi home ownership increased to 65.4%, exceeding the 2024 target of 64%. The number of volunteers also surpassed the 2030 target, reaching 1.2 million. The unemployment rate in the Kingdom dropped to 7%, achieving the 2030 target, with women participation in the labor force increasing to 33.5%. The number of employees in the SMEs reached 7.86 million. Saudi Arabia also ranked 32nd on the World Happiness Index, and life expectancy increased to 78.8 years. The Kingdom scored 59% on the Healthcare Services Quality Index. Furthermore, 3 Saudi universities ranked among the top 200 globally. Economic Strides In terms of economy, the Kingdom saw an increase in investment opportunities, reaching 1,865 in 2024, surpassing the target of 1,197. Also, the Public Investment Fund (PIF) assets under management tripled to $941.33 billion. Moreover, Saudi Arabia scored $936.83 billion on the Global GDP Ranking, securing $680.90 billion in non-oil GDP. The private sector contribution to GDP reached 47%, while the military industry localization rate recorded 19.35%. Short link : Post Views: 11
Asharq Al-Awsat
26-04-2025
- Business
- Asharq Al-Awsat
Nine Years of Saudi Vision 2030: Prosperity Amid Global Turbulence
Nine years have passed since Saudi Arabia launched its ambitious Vision 2030 initiative, and the transformation the Kingdom has witnessed has been both rapid and remarkable. With high aspirations and a comprehensive outlook, Vision 2030 stands as the largest and most ambitious project in the nation's history, demanding relentless effort, strategic foresight, and meticulous attention to detail. To realize this vision, Saudi Arabia fundamentally restructured the way its government operates. A complete cultural shift in the public sector accompanied by over 900 legislative reforms and a host of structural and organizational changes created a robust framework for progress. New tools for monitoring, performance evaluation, combating corruption, and optimizing spending were introduced to ensure efficiency and sustainable financial management. At the outset, Saudi Arabia carefully assessed its capabilities, identified its strengths and weaknesses, and crafted programs based on an ambitious vision to position itself among the world's leading nations. By adopting global best practices and implementing them rigorously, Vision 2030 itself has become a model example of international excellence. Progress is tracked through transparent, quantitative performance indicators, regularly evaluated and adapted to changing local and global dynamics—combining flexibility with discipline. One of Vision 2030's greatest strengths is its holistic approach, addressing all key sectors through 14 national sectoral strategies. These are overseen at the highest levels through supreme committees ensuring alignment across government bodies. Ten Vision Realization Programs have driven transformation across multiple sectors, giving rise to more than 1,500 national initiatives—all closely monitored through meticulous governance. Record-breaking achievements Vision 2030 established clear, transparent performance indicators at all levels. Today, 93% of these indicators have either met or nearly met their annual targets, with success rates ranging from 85% to 99%. Of the 374 indicators with active tracking, 299 achieved their targets, 257 exceeded them, and 49 achieved between 85% and 99%. About 85% of initiatives are either complete or progressing according to plan, with 674 initiatives completed and 596 on track. This progress confirms that Vision 2030 is moving firmly toward its objectives, turning aspirations into tangible realities through a strong, results-driven implementation system. One of the central goals of Vision 2030 was to diversify Saudi Arabia's economy and reduce reliance on oil. Non-oil revenues have surged by 171% since 2016, now accounting for 40% of government revenue—up from 27% in 2015. Non-oil sectors' contribution to real GDP reached an unprecedented 51%. These achievements came despite immense global challenges, including US-China trade tensions, the COVID-19 pandemic, and the Russia-Ukraine war, all of which disrupted economies and supply chains. Vision 2030's flexibility allowed Saudi Arabia to quickly rebound and adapt, especially by boosting national security in vital sectors like agriculture and pharmaceuticals. Agricultural GDP reached a record SAR 114 billion, fish production rose from 40,000 tons in 2016 to 246,000 tons in 2024, and the country launched a national biotechnology strategy to boost vaccine production and ensure pharmaceutical security. While many global economies struggled with inflation and stagnation, Saudi Arabia maintained steady growth. The OECD forecasts Saudi economic growth at 3.8% in 2025, outpacing the global average of 3.1%. International credit rating agencies have also maintained a stable, positive outlook on the Kingdom's economy. Meanwhile, the Public Investment Fund (PIF) expanded its assets from SAR 720 billion in 2016 to SAR 3.53 trillion in 2024, surpassing its target of SAR 3.3 trillion. The PIF now owns 93 companies, collectively generating 1.1 million jobs. Transforming citizens' lives Unemployment among Saudis has fallen to a historic low of 7%, achieving Vision 2030's ambitious target, down from 13.6% in 2015. Private sector participation in the economy has risen to 47%, surpassing the 2024 target. Programs like the Housing Program helped raise Saudi homeownership rates from 47% to 65.4%, significantly improving living standards. This sector continues to develop under Saudi Arabia's comprehensive real estate strategy, supported by constant governmental oversight. Tourism and sustainability Tourism, a vital pillar of Vision 2030, also witnessed profound transformation. Despite being heavily impacted by the pandemic, the sector rebounded, with its GDP contribution rising from 3.8% in 2019 to 4.4% in 2024, creating over 245,000 jobs. Investments in tourism soared from 1.2 billion SAR in 2021 to nearly SAR 15 billion by 2024. Saudi Arabia surpassed its goal of 100 million annual visitors ahead of schedule and raised the 2030 target to 150 million visitors. Environmental sustainability also became a central focus through the Saudi Green Initiative, aimed at preserving the Kingdom's unique ecosystems and fulfilling its global climate commitments. The Kingdom has already planted nearly 100 million trees and reclaimed 118,000 hectares of degraded land, part of a long-term goal to plant 10 billion trees. Saudi Arabia on the global stage Vision 2030 elevated Saudi Arabia's global profile, making it one of the world's most attractive investment destinations. Foreign direct investment tripled compared to 2017, reaching SAR 77.6 billion by the end of 2024. Strategic sectors such as mining saw significant growth, with mining licenses rising from 224 to over 2,400, and investments valued at SAR 1.5 trillion. Saudi Arabia's global influence was further bolstered by securing hosting rights to major international events, including Expo 2030 and the FIFA World Cup 2034. The Kingdom is also preparing to host other major events like the 2027 AFC Asian Cup and the 2027 World Water Forum, while successfully hosting groundbreaking events such as the first-ever Esports World Cup and UN desertification conferences. Looking ahead Since its launch, Vision 2030 has gone through two major phases: the first laid a solid foundation through economic, financial, and social reforms, and the second saw rapid achievements across multiple sectors. Many targets set for 2024 have already been met or surpassed, and others are well on track for 2030. None of these accomplishments would have been possible without the unwavering commitment of the Saudi leadership and government. Vision 2030 is now a model for how a nation can evolve from adopting best practices to becoming one of the world's best examples itself. As Saudi Arabia enters the next phase of its journey, a confident, energized nation looks forward to a future filled with global events, new milestones, and an unwavering sense of national pride.
Arab News
25-04-2025
- Business
- Arab News
Saudi Arabia's Vision 2030 enters final phase with strong momentum
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.
