Vision 2030 report reflects fast progress, closer targets: Analysts

Saudi Arabia secured remarkable progress across key performance indicators for Vision 2030, with 93% vision realization programs fully or close to achieving their targets, 2024 annual report released on April 25 showed.

The success rates range between 85% and 99%. Additionally, 85% of the initiatives are either complete or are progressing according to plan.

Vision 2030 transitioned from the foundation phase to deeper impact, through the integration of major national strategies, while accelerating the implementation of pivotal projects and initiatives.

These efforts aim to diversify the economy, develop promising sectors, and empower national talents, particularly among youth and women, while maintaining a commitment to financial sustainability and building a more resilient economic base.

The next phase of transformation comes as the Kingdom continues to strengthen its position as a regional and global economic power, pursuing clear objectives set for achievement by 2030, the report noted. This endeavor is supported by a comprehensive vision centered on innovation, high-quality investment, and sustainability.

Analysts told Argaam that the 2024 report reflects an accelerated pace of achievements across Vision 2030 programs, particularly in developing non-oil sectors and making tangible progress in economic and social indicators, thereby enhancing global investor confidence in the national transformation trajectory.

Transformation reshapes Saudi Economy

Dr. Mohammed Makni, Professor of Finance and Investment at Imam Mohammad Ibn Saud University

Dr. Mohammed Makni, Assistant Professor of Finance and Investment at Imam Mohammad ibn Saud Islamic University, stated that the Kingdom is undergoing an exceptional transformation in its economic and social structures, driven by Vision 2030, which redefined development priorities and charted a new path towards sustainable growth, supported by strong political will and meticulous strategic planning.

Saudi Arabia succeeded in maintaining economic stability despite global challenges, Makni highlighted, noting that the Kingdom’s strong credit rating reflects the resilience of its economy and the confidence of international financial institutions.

The Public Investment Fund (PIF) was a key driver of this transformation, with its assets under management rising from SAR 790 billion in 2016 to SAR 3.52 trillion by 2025—a growth rate of 390%. The PIF contributed to reducing the unemployment rate to 7% by the end of 2024 and established more than 92 new companies, while targeting cumulative investments worth SAR 150 billion by 2025, Makni added.

Enhancing Private Sector Contributions, National Industries

Saad Al Thagfan, Member of Saudi Economic Association (EA)

The private sector’s contribution to gross domestic product (GDP) surpassed the 2024 target of 46% to reach 47%, indicating the increasing role and empowerment of the private sector in the national economy, said Saad Althagfan, Board Member of Saudi Economic Association.

The PIF played a crucial role in stimulating the private sector through quantitative investments in emerging industries, with assets under management (AUMs) reaching SAR 3.53 trillion, he added.

Meanwhile, Makni indicated that the National Industrial Strategy contributed to increasing the number of industrial establishments from 7,000 to 12,000 over nine years, while the purchasing managers’ index (PMI) reached its highest level in a decade, surpassing 60 points in January 2025.

Robust Economic Growth & Infrastructure Development

Financial analyst Hussein Al-Attas

Financial Analyst Hussein Al-Attas said that 2024 represented a major turning point for Vision 2030, noting strong growth in non-oil GDP driven by the tourism, industrial, and logistics sectors.

Foreign direct investments (FDIs) doubled, spurred by regulatory reforms and incentive policies launched by the Ministry of Investment and other relevant entities, alongside improvements in employment indicators and record-low unemployment rates.

Housing, transport, and energy sectors saw significant progress in 2024, said Al-Attas highlighting that major infrastructure projects, such as the Riyadh Metro and King Salman International Airport, reached advanced levels, alongside the expansion of subsidized housing projects, which contributed to increased homeownership among citizens.

Furthermore, projects like NEOM and The Line recorded notable developments, including the initiation of advanced digital and logistics infrastructure, thus strengthening future growth opportunities and laying solid foundations for a more diversified and sustainable economy.

Employment, Digitization, & Sustainability Initiatives

Employment indicators improved significantly in 2024, as unemployment among Saudis declined due to initiatives like the Human Capability Development Program, said Al-Attas.

The Kingdom made major strides in digital transformation, with over 95% of government transactions now conducted electronically, alongside the expansion of 5G services and increased investments in artificial intelligence and cybersecurity.

In terms of environment sustainability, Al-Attas highlighted the acceleration of initiatives under the Saudi Green Initiative and the Middle East Green Initiative, including the planting of millions of trees, expansion of renewable energy projects, and the launch of carbon capture initiatives, reflecting the Kingdom’s commitment to transitioning toward a low-carbon economy.

Importance of Transparency

Althagfan said Vision 2030 set primary goals, including sound governance and improved transparency through providing open data platforms over various economic sectors. This contributed to strengthening the trust of both citizens and investors.

He added that the Fiscal Sustainability Program played a significant role in maximizing government revenues, particularly non-oil revenues that soared 170.6% since Vision 2030 launch and until 2024, reaching SAR 502.5 billion. This positively impacted the efficiency of spending and reduced the fiscal deficit.

Meanwhile, Al-Attas said 2024 report stands out for its high transparency, considering it one of the key factors behind the success of Vision 2030.

He clarified that transparency was reflected in several main aspects, most notably building trust and enhancing the credibility of Vision 2030 through presenting figures and achievements accurately and realistically, including highlighting challenges. This gives society and investors greater confidence in the government's commitment to achieving Vision 2030 goals without exaggeration or embellishment.

Transparency, according to Al-Attas, enabled oversight bodies, the media, and society to objectively evaluate performance through detailing achievements against what remains unaccomplished. He added that this promotes reforms and supports the continuity of progress, noting that clarity in outcomes enhances the credibility of institutional work.

The analyst said clear data and statistics also encouraged community participation, alongside improving decision-making efficiency through relying on accurate information that helps policymakers review strategies and correct paths. "This contributes to boosting spending efficiency and maximizing the economic and social impact of national initiatives," he noted.