The Council of Economic and Development Affairs (CEDA), chaired by Crown Prince Mohammed bin Salman, rolled out the second phase for achieving the goals of Vision 2030.
The council took a number of recommendations necessary for moving on to the next phase for the progress of Vision 2030 goals that was rolled out in early 2021 and will continue until 2025.
The main features of the new phase include pushing for more achievements, and maintaining the momentum needed to continue with reforms. The recommendations include conducting development updates on the Vision Realization Program to ensure consistency with objectives, raise spending efficiency and response to economic developments.
The updates included restructuring some of the current programs, and creating others to keep pace with the requirements of the next phase, such as establishing a healthcare sector transformation program that aims to restructure the health sector.
Earlier this year, the Public Investment Fund (PIF) revealed its five-year strategy, which included increasing the fund's assets under management (AUMs) to SAR 4 trillion by the end of 2025 through its local and foreign investments.
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Key Objectives of Saudi Vision 2030 |
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Program |
Objectives by 2025-End |
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Financial Sector Development Program |
- Raising the capitalization of the Saudi stock market by 80.8% of GDP, excluding Aramco - Opening the door to 30 startups (such as fintech companies) to drive innovation and competition - 11% increase in the share of financing small and medium-sized enterprises (SMEs) from banks - 2.4% increase in the contribution of the insurance sector and raising the percentage of gross written premiums in the non-oil GDP - 70% increase in the share of non-cash operations that will contribute to the development of digital infrastructure
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National Industrial Development and Logistics Program |
- Completing the geological survey of the Arab Shield by more than 50% - Raising electricity generation efficiency to 40.8% - Increasing the percentage of domestic content in the oil and gas sector to 70% - Establishing 8 economic zones across the Kingdom to support sectors of the program - Bringing the logistics performance index to above 3.38% - Bringing the rate of operational use of the ports compared to the increase in capacity to 70% - Raising the local pharmaceutical manufacturing percentage to 30% of the total market value - Raising the production capacity of the aquaculture sector to 300,000 tons per year - Activating 5 national capabilities centers for the technologies of the Fourth Industrial Revolution - Raising the value of domestic content in non-oil sectors to SAR 1.24 billion - Allocating 20 logistics centers with possible links for re-export
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Privatization Program
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- SAR 62 billion worth of investments from public-private partnerships - SAR 14 billion total financial value of government spending efficiency through partnership operations
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Housing Program
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- 80% level of citizens' satisfaction with the program's services - 355,000 new financing contracts, with the aim of continuing to provide subsidized real estate financing contracts - SAR157 billion worth of contribution to the gross domestic product - Creating more than 38,000 direct job opportunities for Saudis
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Human Capability Development Program |
- 6 Saudi universities ranked internationally among the world's top 200 universities - The Kingdom's ranking in the 45th position on the World Bank's Human Capital Index at the level of 157 countries - 40% Saudization in highly skilled jobs
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National Transformation Program
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- 600,000 volunteers in the Kingdom -19.20% share of digital economy to the GDP - 92% maturity level of key government e-services transformation - SAR 95.4 billion direct investment inflows by 2025 - 81% proximity to the top performing country on the World Bank Index report
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Health Sector Transformation Program |
-100% of the population will be covered by the unified digital medical record
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