Saudi Vision 2030, announced by Saudi Government in 2016, is now ushering Saudi Arabia on a new path of development. Vision 2030 centres on three main pillars: fostering a dynamic society, cultivating a prosperous economy, and nurturing an ambitious nation. Since its inception, Vision 2030 has set the stage for success through groundbreaking reforms in the public sector, the economy, and society at large.
The pillar on creating a vibrant society entails the following objectives: have three Saudi cities be recognized in the top-ranked 100 cities in the world; increase household spending on cultural and entertainment activities inside the Kingdom from the current level of 2.9% to 6%; increase the ratio of individuals exercising at least once a week from 13% of population to 40%; raise the country’s position from 26 to 10 in the Social Capital Index; and increase the average life expectancy from 74 years to 80 years.
The pillar on cultivating a thriving economy entails the following objectives: lower the rate of unemployment from 11.6% to 7%; increase SME contribution to GDP from 20% to 35%; increase women’s participation in the workforce from 22% to 30%; move into the top 15 economies of the world; increase the localization of oil and gas sectors from 40% to 75%; increase the Public Investment Fund’s assets, from SAR 600 billion to over 7 trillion; to be in the top 10 in Global Competitiveness Index; increase foreign direct investment from 3.8% to the international level of 5.7% of GDP; increase the private sector’s contribution from 40% to 65% of GDP; raise Saudi Arabia’s global ranking in the Logistics Performance Index to 25 and ensure the Kingdom is a regional leader; to raise the share of non-oil exports in non-oil GDP from 16% to 50%; and to raise the share of non-oil exports in non-oil GDP from 16% to 50%.
The pillar on creating an ambitious nation entails increasing non-oil government revenue from SAR 163 billion to SAR 1 Trillion; raising ranking in the Government Effectiveness Index, from 80 to 20 raising ranking on the E-Government Survey Index and be among the top five nations; increase household savings from 6% to 10% of total household income; raising the non-profit sector’s contribution to GDP from less than 1% to 5%; and rallying one million volunteers per year.
A fundamental aspect of Vision 2030 involved reshaping Saudi society. Remarkable accomplishments include the twofold increase in the involvement of women in the workforce since 2016, achieving a 37 percent participation rate by 2022, surpassing the targeted 30 percent set for 2030. These reforms extend beyond the workplace, impacting various facets of social existence, including sports, tourism, entertainment, arts, and culture. Women, who were previously restricted from driving until 2018, now have the freedom to pursue education, employment, and engage in public spaces.
The objective of Vision 2030 was to diminish the country’s reliance on oil income. Impressive strides have been made, with Saudi Arabia emerging as the G20’s fastest-growing economy in 2022. The private sector has experienced substantial growth, witnessing a doubling of small and medium-sized enterprises (SMEs) since 2016. Non-oil government revenues have more than doubled since 2016, underscoring the effectiveness of initiatives to diversify the economy. The Kingdom has implemented over 70 reforms directed at the private sector, ensuring that citizens benefit from a more inclusive and flourishing economic future.
The international community has taken note of the advancements made by the Kingdom. The World Bank acknowledged Saudi Arabia as the leading reformer in female empowerment. The nation has also made notable improvements in several global rankings, encompassing economic competitiveness, government efficiency, business efficiency, and infrastructure. In the higher education sector, Saudi universities have achieved considerable progress, with 22 institutions securing positions in the top 200 of the Times Higher Education world university rankings for 2022.
Saudi Arabia also made impressive strides in some major international rankings. In 2023, Saudi Arabia achieved the top global ranking in the Government Strategy Index for Artificial Intelligence. In the World Competitiveness Yearbook for 2023, Saudi Arabia has earned second in the Global Cybersecurity Index. In the 2022 World Happiness Report, the Kingdom secured the third position as one of the happiest countries in the Arab World. In the World Competitiveness Yearbook 2022, Saudi Arabia secured the sixth position in the peer group rankings in attitude and values.
