Key indicators of Saudi Vision 2030 goals by 2023-end

Logo of Saudi Vision 2030

Saudi Vision 2030 has continued its transformational efforts during 2023, which contributed to achieving and exceeding a number of its goals for the year across all its pillars.

Crown Prince and Prime Minister Prince Mohammed bin Salman said: "We thank God the Almighty for the huge development achievements made at various levels, in the past year in particular, and the previous decades in general. We look forward to achieving more of them in order to bring benefit and great impact to our country, citizens, and residents, and that we preserve these gains for the sake of this generation and future generations."

According to the Saudi Vision 2030 annual report for 2023, the Vision's first phase included economic and structural reforms in a variety of areas, paving the way for a successful national transformation, the results of which can be seen on the ground.

Thus, a second phase of growth and opportunities in various promising sectors began, in which the role of the private sector expands in achieving development goals in an enabling and attractive environment, resulting in economic diversification and a sustainable social impact in the third phase of the vision.

The Kingdom witnessed a prosperous year, relying on strong foundations for success, represented by national capabilities, diverse wealth, and unlimited investments, mixed with a deep belief on the part of the Kingdom’s government in the ability of the citizens of this country to achieve their dreams and ambitions, thus achieving comprehensive development at various levels.

The report also indicated that, during the journey of Saudi Vision 2030 in developing major and new sectors, the impact of transformation appeared quickly in several sectors since the first years, such as entertainment, sports, tourism, culture, and digital services, in addition to transformation and community empowerment, which flourished notably.

Meanwhile, there are sectors that require a longer period of reform to achieve accelerated growth, such as the mining sector, which took seven years of surveying and exploration, and the renewable energy sector, which was developed through the establishment of extensive infrastructure for investment.

The report explained that empowering the private sector and attracting foreign direct investments necessitated reforms in policies and regulations in light of their impact on external and global factors and challenges.

Furthermore, the successive achievements since the launch of Vision 2030 have led to the strengthening and growth of the non-oil sector, which has led to non-oil activities recording growth in 2023 to represent half of the Kingdom's GDP, said the report. The unemployment rate among Saudis remained close to the 2030 target.

The Kingdom has advanced in several international indicators. In the logistics sector, it has launched four special economic zones that have strengthened the attraction of quality investments. Small and medium-sized enterprises (SMEs) have also flourished in an unprecedented way, and the industrial sector has continued its achievements by localizing the automobile industry, opening the first electric vehicle production plant in the Kingdom, in addition to the localization of military and pharmaceutical industries.

The Kingdom is continuing to explore its natural mineral, plant, water, cultural, and archaeological wealth spread across its vast areas, which makes it one of the largest stores of wealth in the world. In the past year alone, it has explored mineral wealth with an estimated value of about SAR 9 trillion.

The report indicated that the vision is achieving its goals more quickly, and even exceeding several of such goals while raising the ceiling of ambition to higher targets. Saudi Vision 2030 seeks to establish a lasting impact that will continue beyond that, increase developments and benefits for the Kingdom, and provide greater opportunities for its citizens.

The Kingdom's economy today relies on a strong and diverse foundation, driven by vital sectors that are rapidly expanding, which has contributed to diversifying non-oil income sources and providing quality job opportunities.

This also contributed to meeting and exceeding targets, opening up new and ambitious horizons and raising goals to new heights, transforming the Kingdom into a land of future opportunities, the report stated.

The table below shows the developments of key indicators of Vision 2030 goals by the end of 2023.