The official Saudi Vision 2030 account on X reported substantial progress in 2024, indicating that 93 percent of the performance indicators for national programs and strategies have met or exceeded their targets for this phase. Moreover, 85 percent of the Vision 2030 initiatives launched since its inception are either on track or have already been completed. This remarkable achievement highlights the Kingdom’s dedication to national transformation across diverse economic and social sectors, aligning with an ambitious vision to create a more prosperous and sustainable future.
On the release of the Vision 2030 Annual Report 2024, the Custodian of the Two Holy Mosques stated, “We praise God for the remarkable progress our nation has achieved in less than a decade – progress that has positioned Saudi Arabia as a global benchmark for transformation. We take great pride in the unwavering dedication of our citizens, whose efforts have laid the foundations for a new era of growth. Together, we carry the journey of progress forward, united in shaping the future of our country for generations to come.”
Echoing this sentiment, HRH the Crown Prince remarked, “Nine years into Vision 2030, we stand proud of what our people have accomplished. They have turned ambition into action and goals into milestones. We have not only met key targets – we have surpassed many. Looking ahead, our resolve is stronger than ever. We will accelerate delivery, embrace every opportunity, and further elevate the Kingdom’s position as a global leader.”
Vision 2030 exceeds targets
In its ninth year, Saudi Vision 2030 demonstrated outstanding performance by surpassing several strategic targets set for 2024, according to the annual report released on Friday. The number of pilgrims from outside the Kingdom reached 16.92 million, exceeding the annual target of 11.3 million. This achievement reflects the efficiency of services and the integrated system in the Hajj and Umrah sector.
In the housing sector, the percentage of Saudi families owning homes rose to 65.4 percent, compared to a target of 64 percent. This increase enhances community stability efforts and provides suitable housing options. The Kingdom also made significant strides in attracting investments, with a total of 1,865 investment opportunities achieved, surpassing the target of 1,197 opportunities.
With the release of the annual report for Saudi Vision 2030 for the year 2024, the Public Investment Fund (PIF) has emerged as one of the most influential elements of the vision in terms of impact and performance. The Fund has maintained its outstanding trajectory as the primary driver of economic growth, characterized by expansive strategic investments and unprecedented increases in assets, employment, and quality projects.
Since the launch of Vision 2030, the Fund’s assets under management have surged by 390 percent, reaching SAR3.53 trillion by 2024.
These investments have been allocated across 13 strategic sectors, underscoring the Fund’s pivotal role as a catalyst for economic diversification and national transformation.
Transformation of sports in Saudi
Sports have long been an essential aspect of Saudi culture, but recent years have seen a dramatic transformation in this vital sector, particularly with the launch of Saudi Vision 2030. This initiative has positioned the development of sports as a strategic priority aimed at enhancing the quality of life and bolstering the Kingdom’s presence on both the regional and international sports stages.
According to the 2024 Saudi Vision 2030 report, the Kingdom has experienced remarkable growth in sports infrastructure. In 2019, there were only 9 sports clubs; however, by the end of 2024, this number had expanded to 128 clubs.
Vision 2030: A new era for industry
Saudi Arabia embarked on its industrial journey early in its modern history, particularly in the 1970s, with the establishment of the Ministry of Industry and Electricity. This era also saw the creation of the Saudi Industrial Development Fund, which financed industrial projects and provided both technical and financial support.
During this time, the foundations of the future petrochemical sector were laid with the establishment of the Saudi Basic Industries Corporation (SABIC), marking a significant turning point in the Saudi industrial landscape.
With the launch of Saudi Vision 2030, the national industry has entered a transformative new phase focused on diversification, innovation, and the evolution towards an advanced industrial economy.
Tourism triumphs
The tourism sector in Saudi Arabia saw remarkable growth in 2024, positioning it among the fastest-growing in the world and surpassing many countries in achieving its goals ahead of schedule within the framework of Saudi Vision 2030. The Kingdom led the G20 nations in the growth rate of international tourists, with a 69 percent increase compared to 2019. Additionally, international tourism revenues soared by 148 percent over the same period, highlighting the enhanced quality of the tourism experience and the improvements in infrastructure and services.
In 2024, Saudi Arabia also ranked second globally in terms of the increase in tourist numbers, reflecting the diverse attractions of the Saudi tourism product and its growing appeal.
Notably, Medina was included among the top 100 global tourist destinations this year. Furthermore, AlUla Governorate became the first destination in the Middle East to receive official accreditation from Destinations International, demonstrating its commitment to quality, sustainability, and an integrated tourist experience.
Originally, Saudi tourism aimed to welcome 100 million local and international tourists by 2030; however, this target was achieved seven years ahead of schedule. As a result, authorities have raised the target to 150 million tourists by 2030, clearly indicating the significant momentum and rapid expansion of the sector.
Historic unemployment decline & women’s empowerment
Saudi Arabia has made significant strides in its Vision 2030 initiative, achieving a historic decline in the unemployment rate to just 7 percent. This milestone represents a key target of the vision, originally set to be reached by the end of the current decade, but it was accomplished ahead of schedule in 2024.
The Saudi Vision 2030 report for 2024 indicated that approximately 437,000 Saudi men and women were employed in the private sector during the year. This influx has greatly supported the labor market and facilitated a balance between supply and demand across various economic sectors.
Moreover, the total number of Saudi workers in the private sector has risen to 2.4 million, encompassing both male and female employees. This growth reflects the expanding economic opportunities and the increasing confidence of national talents in the local labor market.
In terms of women’s empowerment, the percentage of Saudi women occupying middle and senior management positions has reached an impressive 43.8 percent. This record figure underscores the remarkable transformations in the work environment and the success of empowerment programs, which are fundamental pillars of Vision 2030.
Building a strong foundation
Saudi Vision 2030 today stands on the cusp of completing the second phase of its journey (2021-2025), during which it has achieved qualitative steps and established a solid foundation that supports the attainment of the vision’s goals. Efforts have relied on integrating government work through a focused methodology based on financial plans, structuring spending, and linking budgets to vision goals. This approach has significantly contributed to correcting the course of performance and enhancing its efficiency.
Major projects continue while others mature
To enhance progress, Vision programs continue to operate according to defined priorities, which are monitored through specialized committees to ensure tangible advancements and overcome obstacles. The evaluation process is also supported by an advanced electronic system, enabling meticulous tracking of each program and initiative. This ensures high levels of efficiency and transparency while reinforcing an accountability approach within government operations.
While the implementation of some major projects proceeds, other programs are transitioning to new stages of maturity and completion, with a focus on maximizing economic and social impact and supporting the sustainability of the national economy. Program priorities are reviewed periodically to adapt to changes, and paths are updated to improve implementation efficiency.
Commitment to international standards ensures success
Saudi Vision 2030 confirms that adhering to the best international standards and practices is essential for achieving its ambitious goals. Consequently, work teams, government sectors, and partners from the private and non-profit sectors continue to coordinate and collaborate to achieve qualitative advancements that will position the Kingdom among the best global economies in the future.
It is anticipated that the vision will accomplish even more of its ambitious objectives, positively impacting the quality of life, developing economic opportunities, and improving the business environment. These efforts will support the sustainability of the Kingdom’s economic and social development for decades to come.
