Achievements and growth: Saudi Vision 2030 enters its third phase
After a decade marked by radical transformations, Saudi Vision 2030 its third and final phase, extending until 2030, building upon a substantial foundation of economic and social achievements. Launched in 2016 by His Royal Highness Crown Prince Mohammed bin Salman, this ambitious vision serves as a strategic roadmap aimed at reducing reliance on oil revenues, diversifying national income sources, and building a vibrant society and a thriving economy. The data from this new phase confirms that the vision embraces sustainability as a core value, with each stage building upon previous accomplishments and developing implementation tools tailored to the requirements of each phase to ensure continued progress and prosperity in the long term.
Historical background and radical transformation in the path of Saudi Vision 2030
The launch of Saudi Vision 2030 was not merely a fleeting economic plan, but rather an inevitable response to global changes that necessitated a comprehensive restructuring of the Saudi economy. Over the past ten years, the Vision has brought about a qualitative leap in the Kingdom's development trajectory, with various economic and social sectors witnessing tangible transformations that have directly contributed to improving the quality of life and enhancing the competitiveness of the national economy. Official data indicates that 93% of the Vision's performance indicators have achieved or are close to achieving their annual targets, while approximately 90% of the initiatives are progressing according to plan or have already been completed.
Construction and establishment phases: from planning to accelerating completion
The first phase of the vision began by focusing on building and establishing institutions, through restructuring state institutions, creating new regulatory frameworks and structures, strengthening governance, combating corruption, and entrenching the principles of transparency and accountability. A medium-term financial roadmap was also developed, contributing to improved planning, financing, and measurement methods in government operations, and enhancing the readiness and capacity of executive bodies to adapt to changes.
The second phase (2021-2025) focused on accelerating the pace of achievement, witnessing a marked improvement in the quality of government services, increased opportunities for citizen empowerment, and growth in national capabilities. Government capital spending also expanded, and government projects, particularly those linked to the Public Investment Fund, increased, contributing to the creation of new growth opportunities across various sectors, alongside the launch of national strategies supporting sustainable development.
Overall impact: Empowering people and strengthening the economy
The Vision placed the Saudi individual at the heart of its priorities, focusing on investing in national capabilities and empowering youth and women. This contributed to increasing the number of Saudi students in leading international universities and enhancing the presence of national talent on the global stage. The quality of life also witnessed a significant improvement through pioneering housing initiatives, regulating the real estate market, expanding the supply of housing, and facilitating access to it through advanced digital platforms.
Within the framework of a thriving economy, the Vision has strengthened the resilience and robustness of the Saudi economy, enabling it to withstand global fluctuations while maintaining relatively stable inflation levels and achieving record GDP growth driven by non-oil activities. The Public Investment Fund (PIF) has played a prominent role in leading this economic transformation through its investments that have contributed to the development of promising sectors such as artificial intelligence, tourism, and electronic games.
Strategic importance and regional and international influence
The significance of the current phase extends beyond the Kingdom's borders, encompassing far-reaching regional and international impacts. Domestically, the Vision continues to create hundreds of thousands of jobs and improve the standard of living for citizens. Regionally, the Kingdom has solidified its position as a leading logistics and trade hub connecting the three continents, thereby enhancing regional stability and economic growth. Internationally, structural and legislative reforms have contributed to attracting foreign direct investment and enhancing the Kingdom's global competitiveness, underscoring its active and influential role within the G20 economies as an economic force shaping the future of the global economy.
Sustaining growth and anticipating the future in the third phase
As the third phase of the vision enters, the focus is on redoubling efforts and seizing growth opportunities, while continuing government capital spending and strengthening the role of national funds in stimulating local investment. The vision also aims to expand reliance on national sectoral and regional strategies as implementation tools. These strategies are characterized by their comprehensiveness and ability to complement the initiatives undertaken by the vision's realization programs, thus ensuring the sustainability of the developmental impact beyond 2030.
The third phase reflects a flexible and forward-looking economic model, demonstrating the Kingdom's ability to adapt to global changes and capitalize on opportunities, despite economic and political challenges. With the completion of several key programs, such as the Financial Sustainability Program and the Privatization Program, by 2025, the remaining programs will continue to achieve their objectives gradually over the coming years, with some being redirected to support strategic goals extending to 2030 and beyond, ensuring a bright and sustainable future.
