Hearing Saudi Vision 2030 for a long time, but don’t know what it is? Then this blog is for you. It is the ambitious plan of Saudi Arabia to transform its economy from oil dependence to a diversified economy with a focus on innovation and sustainable development. Curious to know more? So let’s get started!
What is Saudi Vision 2030?
Saudi Vision 2030 is a dream project of Saudi Arabia to diversify its economic activities and become a leading economy in the world. Launched in 2016, Vision 2030 Saudi Arabia, aims to attract foreign investment, reduce the country’s dependence on oil revenues, facilitate growth across various sectors like entertainment, logistics, tourism, etc. Under the guidance and leadership of HRH Prince Mohammad Bin Salman Al Saud, Saudi Arabia is making efforts to achieve the goals of Vision 2030 by diversifying its economic activities. Below we list few aims and goals of the Saudi Arabia 2030 vision, that the country is aiming to achieve by 2030 and start its journey as a new economic power.
- Achieve $38B+ Non-oil government revenues by 2030
- Increase private sector’s contribution from 40% to 65%
- Increase growth rate of digital payments by 70% by 2030
- Boost Digital Economy’s Contribution to GDP 19.2% by 2025
- By 2030 boost $1.86T+ Public Investment Fund’s assets
- Achieve $935B Banking assets by 2030
- Hit Non-oil government revenues of $38B+ by 2030
- Attract 150M Projected number of tourists by 2030
- Investment of $1T in tourism
- Increase FDI Contribution to GDP from 3.8% to 5.7%
- Achieve Foreign Direct Investment of $25B by 2025
- Achieve Non-oil GDP contribution $319B by 2025
What is the Main Aim of Saudi Vision 2030?
KSA Vision 2030 aims to empower its economy, businesses, citizens and investment and become a global power by 2030. Below are the Vision 2030 goals Saudi Arabia aims to achieve by 2030 and strengthen its economy as a major player in the global GDP
A Vibrant Society
Saudi Vision 2030 aims to build a society that can follow its passion and works to offer a healthy life to its residents. A population that is deeply rooted in its values, cultural traditions and patriotism. It aims to transform its residents to modern culture and enrich oneself by doing effective social services.
A Thriving Economy
The main aim of the Saudi Vision 2030 is to diversify its economy so that every citizen and institution has the opportunity to succeed and achieve greater heights. Vision 2030 economy provides a supportive ground for the expansion and diversification of businesses of all sizes and attracts investors to invest in education thus boosting the job opportunities in the future and creating a prosperous nation for its residents.
An Ambitious Nation
An ambitious nation and efficient government that is transparent, and empowering, highly performing and accountable at all levels are one of the major goals of Saudi Vision 2030
Vision 2030: Economic Development In Saudi Arabia
Recent data from General Authority from Statistics (GASTAT) provides crucial and notable economic trends in Saudi Arabia as listed below:
GDP Growth:
- Q1 2023: 3.8%
- Q2 2023: 1.2%
- Q3 2023: 4.5% contraction
Non-Oil Sector Growth:
- Q3 2023: 3.6%
- Q2 2023: 6.1%
- Q1 2023: 5.4%
These figures are a proof of the successful achievement of the national transformation policy which is aimed to diversify the national income beyond oil to various other sectors of the economy. The powerful statement made by the Saudi Minister of Finance, Mohammed Al-Jadaan, has several times highlighted the fact that the country is leveraging and diversifying its economic aims. Saudi Arabia now focuses comprehensively on a non oil dependent economy and attract new investors to set up business in this Arab kingdom.
Saudi Arabia’s steady economic growth and strong fiscal position is even validated by the IMF assessment report. Recent emergence of the Saudi economy as the top performer in terms of growth rate for the year 2022 and the second highest to date among G20 nations, points to the fact that Saudi is gradually achieving all of its agendas through strategic plan and vision.
Key Pillars Of Vision 2030 Saudi Arabia
Quality of Life Program:
The Quality of Life program aims to improve the quality of life of all Saudi citizens and residents by investing in healthcare, housing, education, and social services. Major investments are made in education systems, healthcare systems, and provide housing to economically weaker Saudis.
Sports for All Program:
The major aim of this program is to boost the physical activity and sport activities among Saudi citizens and residents. This is mainly planned to achieve by promoting sports tourism, building sports facilities, raising awareness about sports and physical activities, etc.
Culture & Tourism Program:
The Culture & Tourism program aims to promote Saudi Arabia as a global cultural and tourism destination. Grandscale investments are done to promote the program by investing in art galleries, museums, Saudi entertainment industry, tourism destinations, etc.
National Digitization Program:
Transformation of Saudi Arabia to a digital economy is the major aim of this program. And strategic investments in digital infrastructure and businesses are made to support this program.
Small and Medium Enterprises (SME) Program:
The major aim of this program is to support the growth and development of Small and Medium Enterprises (SMEs) in Saudi Arabia by providing financial assistance and other forms of support to SMEs.
Non-Profit Sector Program:
Development of a vibrant non-profit sector is the major aim of this program. By providing funding to non profit organizations, the government aims for a sustainable nation and empower Saudis to volunteer for NGO activities.
Financial Sector Development Program:
By attracting new foreign investments and developing financial products, the major aim of this program is to develop an effective financial services sector for Saudi Arabia.
National Transformation Program (NTP):
Decreasing oil revenue dependency and diversification of the Saudi Economy are the major aims of this program and this is tried to achieve by making major investments in non-oil sectors such as logistics, tourism, manufacturing, etc.
Public Investment Fund (PIF) Program:
The major aim of this program is to receive strategic investment for various sectors of the Saudi economy, thus creating new job opportunities for Saudis, attracting new investors, and supporting the objectives of Vision 2030.
Human Capital Development Program:
By investing in education and training sessions, and supporting knowledge based economy, this program aims to leverage the skills of the Saudi workforce to meet the needs of the future economy.
National Energy Program:
The National Energy program aims to diversify the energy sector of Saudi Arabia by investing in various resources of renewable energy like solar and wind power, thus promoting sustainable development.
National Industrial Development and Logistics Program:
Development of Saudi Arabia to a regional industrial and logistics hub is the major aim of this program. By attracting foreign investments, and investing in infrastructure, this program works to promote the growth of Saudi businesses and industries, thus creating more job opportunities.
Vision 2030 in Strategic Saudi Provinces
Riyadh 2030 Vision
Riyadh 2030 Vision is an ambitious plan to diversify the economy of the city, foster and facilitate sustainable development and enhance the livability in the city. The major aim of this program is to transform the city to a vibrant and leading hub for commerce and innovation.
Jeddah 2030 Vision
Revitalization of urban spaces, diversification of economy, the development of transportation, the economic diversification, boost entrepreneurship, promote education and healthcare systems, are the major aims of this Jeddah 2030 Vision program.
Dammam 2030 Vision
Dammam 2030 Vision aims for economic development of the city by encompassing social progress and inclusive growth. Empowerment of citizens, promotion of cultural exchange, development of cohesive society are some of the major aims of this program.
Conclusion
As we conclude this blog, we hope that you have gathered all the information that you were searching about Saudi Vision 2030.
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Frequently Asked Questions [FAQ]
What are the goals of Saudi Arabia Tourism Vision 2030?
The goals of Saudi Arabia Tourism Vision 2030 is to position the country as a top tourist destination by providing cultural, historical and leisure experience for the tourists thus driving the revenue of its economy.
What are the three pillars of Saudi Arabia's vision for 2030?
A Vibrant Society, an Ambitious Nation and a Thriving Economy are the three pillars of Saudi Arabia’s vision for 2030.
