Introduction:
Hearing about Saudi Vision 2030 but don’t know what it entails? This blog will give you an in-depth look into this ambitious plan by Saudi Arabia to revolutionize its economy and diversify its revenue sources away from oil dependency towards sustainable growth and innovation.
What is Saudi Vision 2030?
Saudi Vision 2030 is a strategic roadmap launched in 2016 with the aim of transforming Saudi Arabia into a global economic powerhouse. Led by HRH Prince Mohammad Bin Salman Al Saud, this vision focuses on attracting foreign investment, reducing reliance on oil revenues, and promoting growth across various sectors such as entertainment, logistics, and tourism.
Goals of Saudi Arabia 2030 Vision
- Achieve $38B+ non-oil government revenues by 2030
- Increase the private sector’s contribution from 40% to 65%
- Boost the growth rate of digital payments by 70% by 2030
- Increase the digital economy’s contribution to GDP to 19.2% by 2025
- Grow Public Investment Fund assets to $1.86T+ by 2030
- Achieve $935B in banking assets by 2030
- Attract 150M tourists by 2030
- Invest $1T in tourism
- Raise the contribution of foreign direct investment to GDP from 3.8% to 5.7%
- Objective Reach $25 billion in foreign direct investment by 2025
- Reach non-oil GDP contribution of $319B by 2025
Main Aim of Saudi Vision 2030
The primary goal of Saudi Vision 2030 is to empower the economy, businesses, citizens, and investments of the kingdom to establish itself as a global economic force by 2030.
Vision 2030 Goals
- A Vibrant Society: Transforming residents into a modern culture that values traditions, patriotism, and offers a healthy life.
- A Thriving Economy: Diversifying the economy to create opportunities for success and prosperity for all citizens and institutions.
- An Ambitious Nation: Establishing a transparent, empowering, and efficient government at all levels.
Economic Development in Saudi Arabia
Recent economic trends in Saudi Arabia show positive growth and transformation across various sectors, indicating a successful shift from an oil-based economy to a diversified one.
Key Pillars of Vision 2030 Saudi Arabia include:
- Quality of Life Program
- Sports for All Program
- Culture & Tourism Program
- National Digitization Program
- Small and Medium Enterprises (SME) Program
- Non-Profit Sector Program
- Financial Sector Development Program
- National Transformation Program (NTP)
- Public Investment Fund (PIF) Program
- Human Capital Development Program
- National Energy Program
- National Industrial Development and Logistics Program
Vision 2030 in Strategic Saudi Provinces
- Riyadh 2030 Vision: Transforming the city into a leading hub for commerce and innovation.
- Jeddah 2030 Vision: Diversifying the economy, boosting entrepreneurship, and promoting education and healthcare systems.
- Dammam 2030 Vision: Empowering citizens, promoting cultural exchange, and fostering inclusive growth and development.
Conclusion:
Saudi Vision 2030 is a bold step towards transforming the kingdom’s economy and promoting sustainable growth and innovation across all sectors. As the nation continues its journey towards prosperity, the impact of Vision 2030 will continue to redefine Saudi Arabia’s position on the global economic stage.