Eight years of remarkable economic progress led by the crown prince 
Ramadan 26 marks the 8th anniversary of Prince Mohammed bin Salman’s appointment as crown prince of Saudi Arabia.
Since then, the Kingdom has witnessed remarkable progress across various sectors, particularly in economic and financial development, aligning with Vision 2030.
Under the crown prince’s leadership, Saudi Arabia’s economy has experienced strong, sustained growth, laying a solid foundation for long-term economic and financial prosperity.
His visionary leadership has leveraged the Kingdom’s unique strengths — its strategic location bridging Europe, Asia, and Africa — and its vast investment potential to drive economic prosperity.
Additionally, his leadership in advancing Vision 2030 has fostered economic diversification, empowered Saudi women, created thousands of jobs for Saudi nationals, and cultivated a dynamic environment for both local and international investors, positioning Saudi Arabia as a global leader.
Saudi Arabia’s Vision 2030, led by the crown prince, follows a multi-phase journey, with each five-year stage building on the progress of the previous one.
The first phase established the foundation through comprehensive structural reforms across the public sector, economy, and society.
In the second phase, efforts have intensified, focusing on strategic initiatives and boosting investments in key sectors and ambitious projects, yielding tangible nationwide progress.
Over the past eight years, these transformative efforts have reshaped the Saudi economy, laying a strong foundation for long-term sustainable growth and prosperity.
The third and final phase will sustain the transformation’s momentum while seizing emerging growth opportunities.
As the Kingdom advances its vision, the Vision Realization Programs continue to showcase remarkable achievements.
These programs have driven a significant transformation in Saudi Arabia’s economic landscape, increasing investment, deepening global integration, and enhancing government efficiency.
The Vision 2030 Annual Report 2023 highlighted eight years of remarkable progress, showcasing the Vision’s success in fostering a thriving economy for the Kingdom and its citizens.
In its eighth year, Vision 2030 has met its targets, with 87 percent of the 1,064 initiatives either completed or on track.
Key performance indicators for 2023, totaling 243, revealed that 81 percent achieved their third-level targets, while 105 indicators surpassed their future targets for 2024/2025.
In the tourism sector, Saudi Arabia welcomed 106 million visitors, including 27.4 million international tourists, recording the second-highest growth rate in global tourism.
The Kingdom’s gross domestic product has reached a historic milestone, surpassing $1 trillion.
Notably, non-oil economic activities now contribute over 50 percent of the Kingdom’s GDP, reflecting significant progress toward economic diversification.
Additionally, in 2022, GDP grew by 8.7 percent compared with 2021, marking the highest growth rate among all G20 member states.
Supporting Saudi Arabia’s localization efforts, the General Authority for Military Industries has increased localization to an impressive 19.35 percent, aiming to localize over 50 percent of government spending on military equipment and services by 2030.
The number of Saudi workers reached a record high of 2.2 million in 2022, while the unemployment rate for Saudis dropped to 7.1 percent in Q2 2023, down from 8.1 percent in the same quarter of 2022.
Additionally, the unemployment rate for Saudi females fell to 13.7 percent in the last quarter of 2023, compared with 16.3 percent in the previous quarter.
Saudi female participation in the labor market rose to 35.5 percent in Q4 2023, surpassing Vision 2030’s 30 percent target.
In conclusion, Vision 2030, under the leadership of Crown Prince Mohammed bin Salman, continues to exceed expectations, achieving significant milestones in government efficiency, women’s empowerment, and the development of a dynamic, diversified economy.
Over the past eight years, these transformative efforts have reshaped the Saudi economy, laying a strong foundation for long-term sustainable growth and prosperity.
• Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
