Saudi Vision 2030: Overview of key developments in 2022

The Kingdom of Saudi Arabia's flag

Saudi Arabia witnessed unprecedented breakthroughs across all levels in 2022, doubling investment power and establishing a solid base for economic and social prosperity.

Saudi Arabia achieved record gross domestic product (GDP) growth and made significant strides in several fields.

Crown Prince Mohammed bin Salman stated that Saudi Arabia has a promising future, adding that its potential will help boost its role in making such a future.

According to the annual report (2022) on Saudi Vision 2030, the Kingdom developed a healthy lifestyle, enhanced the quality of life for citizens, renovated the cities’ infrastructure, empowered women to join the labour market and boost women’s contribution to the country's economy, provided best education opportunities as well as health services and further developed people capabilities to become future leaders.

The first phase of Saudi Vision embraced several fundamental reforms, laying foundations for future success and helped achieving tangible results in the second phase. The Vision phase II aimed to boost the private sector's engagement in the Kingdom’s transformation process, creating attractive investment opportunities, while paving the way for phase III to complement these national gains.

The Kingdom boosted the private sector’s involvement in the national transformation in order to create more diversified and sustainable economy amid the country’s historic transformation, in which it depends on its key resources, i.e. citizens.

The Saudi economy achieved the highest growth rates among the G20 countries in 2022 and the highest national growth rates since 2011, in line with the growth expectations of the international organizations.

Saudi Arabia was keen on supporting the sectors that will bolster the economic resilience, strengthen the Kingdom’s financial position among global competitors, and help transfer technologies and encourage innovation. The Kingdom also continued to fulfil the local demand amid the implementation of the Vision structural, financial and economic reforms.

The Kingdom continued to leverage on the unique logistic location as well as the strong potential to stimulate the manufacturing activities, trade exchange and further attract global investments, while capitalizing on its role to enhance the efficiency of global supply chains.

Saudi Arabia’s sustainable and diversified economy provides more job opportunities to both men and women, who became more productive due to improved business environment, and the efficient government services. In addition, women’s joining the labour market increased competition as well as productivity in several vital industries, positively impacting the economic transformation across the Kingdom.

Additionally, the Vision initiatives promoted the Kingdom’s renewable energy projects, which aimed to cut the carbon emissions, strengthened its prime role in tackling the global climate challenges, and accelerated investments in research, development and innovation.

The Public Investment Fund (PIF) established five regional companies to invest in Jordan, Bahrain, Sudan, Iraq and the Sultanate of Oman, at SAR 90 billion, and launched Saudi Egyptian Investment Co. (SEIC) within the fund's strategy to explore new investment opportunities in the Middle East.

The below table shows the key developments of Saudi Vision 2030 in 2022: