From blueprint to reality: A look at Saudi Vision 2030, nine years of transformation

April 25, 2025 is a significant milestone because it marks the ninth anniversary of Saudi Vision 2030.

Nine years ago, on April 25, 2016, Saudi Arabia introduced its ambitious Vision 2030, marking the beginning of a transformative chapter in the Kingdom’s rich history of economic and social achievements.

This groundbreaking initiative set forth a bold direction aimed at diversifying the Kingdom’s economy and fostering sustainable development.

Under the astute guidance of King Salman, and the leadership of Crown Prince Mohammed bin Salman, Saudi Arabia has taken bold strides toward fulfilling the objectives of Vision 2030.

Vision 2030 is built upon three fundamental pillars: nurturing a vibrant society that empowers citizens to thrive and pursue their aspirations; developing a dynamic economy that ensures success for all; and establishing an ambitious nation driven by transparency, accountability, and high performance — embodied by an effective and empowering government.

This pioneering roadmap leverages Saudi Arabia’s unique assets, including its leadership role in the Arab and Islamic realms, its strong economic foundations, and its central geographic location linking three continents: Europe, Asia and Africa.

The Saudi Vision 2030 is a transformative blueprint, driving economic diversification, empowering citizens, fostering a dynamic ecosystem for both local and global investors, and positioning Saudi Arabia as a global leader.

Also, it is designed to unfold in stages, each lasting five years and building on the last.

The initial phase of Vision 2030 laid a solid foundation by introducing structural and comprehensive reforms across the public sector, the economy, and society.

Building upon these foundations, the second phase intensified efforts through a sharper focus on strategic initiatives, increased investments in critical sectors, and the launch of ambitious projects, resulting in visible progress nationwide.

The third phase will prioritize sustaining the momentum of transformation while unlocking new opportunities for growth.

As the vision unfolds, the Kingdom has made significant progress in achieving its objectives, surpassing expectations and unlocking even greater potential.

Through vision realization programs, cohesive national strategies, and groundbreaking projects, Vision 2030 is reshaping the socioeconomic landscape of Saudi Arabia, driving transformative progress across the nation.

Vision 2030 has elevated the quality of life for citizens and residents alike, unlocking opportunities for growth and investment, promoting deeper global integration and streamlining governmental operations for greater efficiency.

The Saudi Vision 2030 Annual Report for 2024 is a comprehensive analysis of the progress achieved by the vision realization programs throughout the year. Notably, 93 percent of the 374 indicators for 2024 have either been successfully completed or are on track to meet their targets. Of these, 299 indicators have reached their goals, with 257 surpassing expectations. Additionally, 49 percent of the indicators are nearing their set targets, with completion rates ranging between 85 and 99 percent.

The report also emphasizes 1,502 initiatives planned for 2024, with 85 percent either achieving their targets or progressing on track. Since the Vision’s launch, 674 initiatives have been completed, while 596 are on course to meet their goals.

The private sector’s contribution to GDP reached 47 percent in Q3 2024, surpassing the annual target of 46 percent set for the year. Since 2016, it has achieved an impressive annual compounded growth rate of 1.94 percent.

The unemployment rate among Saudis reached a historic low of 7 percent in 2024, a significant decrease from the baseline of 12.3 percent recorded in 2016.

As of 2024, 65.4 percent of Saudi households owned a home, up from 47 percent in 2016.

The industrial sector has achieved impressive advances, with the number of licensed factories in the Kingdom in 2024 exceeding 12,000 in total. 

With ambitions to establish itself as the “Silicon Valley” of mining, Saudi Arabia is setting its sights on becoming a world-class hub for critical minerals. In early 2024, the Ministry of Industry and Mineral Resources announced a leap in the Kingdom’s untapped mineral resource estimates, growing from $1.3 trillion to $2.51 trillion after recent discoveries.

The Public Investment Fund is a key driver in supporting the Saudi vision to achieve its goals and has played a pivotal role in advancing economic diversification and ensuring financial sustainability by managing assets valued at approximately SR3.53 trillion ($941 billion) in 2024.

Additionally, the PIF has generated more than 1.1 million job opportunities and founded 93 companies in 13 diverse strategic sectors.

It is worth mentioning that Stanford University has conducted research and studies related to Saudi Arabia's Vision 2030, focusing on economic diversification, sustainability, and innovation.

It would be inspiring to witness Saudi universities and research institutions taking the lead in similar studies, particularly as the Kingdom celebrates a decade of Vision 2030, reflecting on its remarkable achievements and paving the way for an even brighter future.

• Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz