Welcome to our vision for a thriving economy in Saudi Arabia.
We are creating an environment that supports economic growth and job creation for all Saudis by leveraging our unique location and potential, attracting top talent, and increasing global investment.
The future of our nation will be determined by our young people, and we are prioritizing them, their skills and their empowerment. We are building a culture that values determination and provides rewarding opportunities for growth while also creating diverse job opportunities for Saudis, while attracting the best global talent.
The Kingdom is open for business. To become a leading global economy, we are improving our business environment, restructuring our economic cities, creating special zones, and deregulating the energy market to make it more competitive. We are also investing for the future by unleashing promising new sectors and privatizing government services to diversify our economy and ensure its sustainability.
Located at the crossroads of three continents, we are leveraging our unique position to become a major hub for international trade and forming new partnerships to grow our economy and supporting our domestic companies in increasing exports.
With these efforts, Vision 2030 is creating a thriving economy that serves as the foundation for a vibrant society and an ambitious nation.
Progress & Achievements
Saudi workforce is central of economic growth
Saudi unemployment rate decreased from 12.3% in 2016 to 8.6% in Q3 of 2023.
Saudi Arabia has a Supportive Ecosystem for SMEs to Thrive
1.27+ million SMEs have registered in 2023, highlighting the Kingdom's support of innovation.
Saudi women are rapidly joining the labor force
Saudi women's participation in the workforce rose from 17% in 2017 to 35.9% in Q3 of 2023.
PIF’s asset growth boosts economic resilience
The PIF’s assets under management grew from $192 billion in 2016 to $749 billion in 2023.
Saudi Arabia is diversifying and transforming its economy
The non-oil GDP growth rate rose from 1.82% in 2016 to 4.93% in the first half of 2023.
Strong support fuels growth of SMEs
Bank funding for SMEs reached 8.4% in Q2 of 2023.
Strategic Objectives
Enhance ease of doing business
Unlock state-owned assets for the Private Sector
Privatize selected government services
Ensure the formation of an advanced capital market
Enable financial institutions to support private sector growth
Attract foreign direct investment
Create special zones & rehabilitate economic cities
Increase localization of Oil & Gas sector
Increase gas production & distribution capacity
Develop Oil & Gas-adjacent industries
Grow contribution of renewables to national energy mix
Enhance competitiveness of the energy market
Grow & capture maximum value from the mining sector
Develop the digital economy
Localize promising manufacturing industries
Localize military industry
Enable the development of the retail sector
Enable the development of the tourism sector
Increase localization of non-oil sectors
Grow assets of the Public Investment Fund
Unlock new sectors through the Public Investment Fund
Localize edge technology & knowledge through the Public Investment Fund
Build strategic economic partnerships through the Public Investment Fund
Create & improve performance of logistic hubs
Improve local, regional & int'l connectivity of trade & transport networks
Push forward the GCC integration agenda
Develop economic ties with the region beyond GCC
Develop economic ties with global partners
Support national companies to consolidate their leadership globally
Develop promising local companies into regional & global leaders
Build a life-long learning journey
Improve equity of access to education (esp. in rural areas)
Improve fundamental learning outcomes
Improve ranking of educational institutions (e.g. Universities)
Develop our brightest minds in priority fields
Ensure alignment of educational outputs with labor market needs
Expand vocational training to provide for labor market needs
Improve readiness of youth to enter the labor market
Increase women participation in the labor market
Enable integration of people with disabilities in the labor market
Nurture & support the innovation & entrepreneurship culture
Grow SME contribution to the economy
Grow productive families contribution to the economy
Improve living conditions for expats
Improve working conditions for expats
Source relevant foreign talent effectively
2030 Targets
50
%
Increase Saudi Arabia’s share of non-oil exports in non-oil GDP from 18.7% to 50%
25
th
Raise Saudi Arabia’s Logistics Performance Index ranking from 49th place to 25th place
65
%
Increase the private sector’s contribution to GDP from 40% to 65%
5.7
%
Increase foreign direct investment’s contribution to GDP from 3.8% to 5.7%
10
Raise Saudi Arabia’s Global Competitive Index ranking from 25th place to the top 10
$1.86
trn+
Increase the Public Investment Fund's assets from $159bn+ to $1.86trn+
15
Raise Saudi Arabia’s economic position from 19th largest to the top 15
75
%
Increase the localization of the oil and gas sector from 40% to 75%
30
%
Increase women’s participation in the workforce from 22% to 30%
35
%
Increase the SME’s contribution to GDP from 20% to 35%
7
%
Lower the rate of unemployment from 12.3% to 7%