Saudi Arabia Celebrates 9 Years of Progress in Vision 2030, Moving from Economic Diversification to Sustainability

Saudi Arabia Celebrates 9 Years of Progress in Vision 2030, Moving from Economic Diversification to Sustainability

Saudi Arabia has completed 85% of the goals in its Vision 2030 plan, five years earlier than expected. The Public Investment Fund (PIF) has seen its assets grow three times, reaching $941 billion (SAR 3.5 trillion) since the plan started.

In its annual report released on Friday, marking the ninth anniversary of Vision 2030, the kingdom shared the key achievements made so far to diversify its economy and lessen its reliance on oil revenues.

Economic Sector

• The private sector’s share of the country’s GDP increased to 47%, which is higher than the 2024 target of 46%.

• PIF’s assets grew to $941 billion (SAR 3.5 trillion), which is three times higher than in 2016.

• Saudi Arabia moved up to 16th place in the IMD World Competitiveness Ranking, from 36th place.

• 571 licenses were given to international companies to set up regional headquarters, surpassing the Vision 2030 goal of 500.

• The number of industrial companies grew to 7,206 in 2024, a big increase from 2016.

• The value of discovered mineral resources is now $1.3 trillion (SAR 4.9 trillion), a 92% rise from previous estimates.

• Crown Prince Mohammed bin Salman announced that 8% of Aramco’s shares were transferred to PIF’s investment portfolios to strengthen the fund’s finances and support its expansion plans.

Social Sector and Empowerment

• Homeownership among Saudis rose to 65.4%, up from 47% in 2016, surpassing the Vision 2030 goal of 64%.

• The number of volunteers grew to 1.2 million, exceeding the 2030 target of one million.

• The unemployment rate among Saudis fell to 7%, meeting the Vision 2030 goal earlier than expected.

• Women’s participation in the workforce increased to 36%.

• Over 23,000 Saudi students are now enrolled in the world’s top 200 universities.

• Life expectancy increased to 78.8 years, up from 77.06 years.

Tourism and Religious Sectors

• International tourist arrivals reached 29.7 million by the end of 2024.

• The number of Umrah pilgrims from abroad reached 16.92 million, far exceeding the target of 11.3 million.

• The kingdom now has eight UNESCO World Heritage Sites, meeting the Vision 2030 goal.

• Saudi Arabia won the bid to host the 2034 FIFA World Cup.

• The country ranked second in the world for international tourism growth.

• Passenger traffic through Saudi airports reached 128 million, up from 85 million in 2016.

• Prince Mohammed bin Abdulaziz International Airport in Madinah was named the Best Regional Airport in the Middle East by Skytrax.

Environment and Sustainability Sector

• Saudi Arabia is now one of the top ten countries for energy storage, with a capacity of 26 gigawatts.

• A total of 115 million trees were planted by the end of 2024.

• The kingdom reached the world’s highest desalination capacity, producing over 4 billion cubic meters of water annually.

• Two new oil fields and one reservoir were discovered in the Eastern Province, with a combined production capacity of 11,437 barrels per day.

Published: 28th April 2025

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