Saudi Arabian government has unveiled Saudi Arabia Vision 2030 - the long-term economic blueprint of the country. Saudi Vision 2030 is Saudi Arabia's vision for the future. It is a package of social and economic policies that are designed to free the kingdom from dependence on oil exports and to build a prosperous and sustainable economic future by focusing on the country's strength and policies. Check out our Infographic "Saudi Arabia Vision 2030 - Goals and Objectives" for Saudi Arabia’s long term economic and social goals and Saudi Arabia's government vision for the future.
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Goals of Saudi Arabia Vision 2030 -
To rank three Saudi cities in top-ranked 100 cities in the world
Household spending to be increased on cultural and entertainment activities inside the kingdom from a level of 2.9% to 6% and household savings to be increased from 6% to 10% of total household income
Ratio of individuals exercising at least once a week to be increased from 13% of population to 40%
| Global Index | Target by 2030 |
| Social Capital Index | From 26 to top 10 |
| Global Competitive Index | From 25 to top 10 |
| Logistics Performance Index | From 49 to 25 |
| Government Effective Index | From 80 to 20 |
| E-government Survey Index | From 36 to top 5 |
Average life expectancy to be increased from 74 years to 80 years
Unemployment rate to be reduced to 7% from the existing rate of 11.6%
By 2030, SMEs is estimated to account for 35% of GDP from the existing contribution of 20% and the private sector’s contribution from 40% to 65% of GDP
Women participation in the workforce to be increased to 30% from 22%
To become one of the top 15 largest economies in the world from the current position of 19th largest economy in the world
Share of non-oil exports in non-oil GDP is to be increased from 16% to 50% and non-oil government revenues to be increased from SAR 163 Billion to SAR 1 Trillion.
Localization of oil and gas sectors to be increased from 40% to 75%
To increase foreign direct investment from 3.8% to the international level of 5.7% of GDP and to increase the public investment fund’s assets from SAR 600 Billion to over 7 trillion
Non-profit sector’s contribution to GDP is to be increased from less than 1% to 5% and to rally one million volunteers per year compared to 11,000 now.
Objectives of Saudi Arabia Vision 2030
Economic Diversification
Saudi Arabia's Vision 2030 aims to diminish the Kingdom's profound dependence on oil exports by diversifying its income sources. This strategic initiative seeks to construct a robust and sustainable economic foundation by fostering sectors such as mining, tourism, entertainment, and technology.Vision 2030 aspires to augment the private sector's contribution to GDP from 40% to 65%. This involves nurturing entrepreneurship, strengthening small and medium-sized enterprises (SMEs), and creating a business-friendly environment to attract both domestic and international investments. By channeling investments into industries like manufacturing, logistics, and services, Saudi Arabia aims to strengthen the non-oil portion of its economy. Ambitious projects such as the NEOM megacity are envisioned as hubs of innovation and economic dynamism.
Development of Public Service Sectors
A key objective of Saudi Arabia Vision 2030 is the modernization of the healthcare sector, which includes upgrading facilities, expanding medical services, and promoting health awareness. This ensures that all citizens have access to top-tier healthcare.
Educational reforms under Vision 2030 are focused on improving quality, fostering innovation, and aligning educational outcomes with market needs. Emphasis on STEM education equips the youth to face future challenges.
Infrastructure development is crucial for economic growth and quality of life. Vision 2030 includes plans to develop roads, airports, ports, and urban areas to enhance logistics and establish sustainable smart cities.
Social Reforms
Vision 2030 champions women's rights and workforce inclusion by ensuring equal opportunities and promoting women's entrepreneurship. Reforms have enabled women to drive, participate in various sectors, and start businesses.
The blueprint aims to enrich Saudi Arabia's cultural landscape by hosting international events, developing entertainment venues, and supporting creative industries. This fosters a vibrant cultural scene and attracts tourists.
The Quality-of-Life Program aims to improve urban living standards through recreational facilities, sports initiatives, and public transportation systems. The goal is to create livable cities offering high living standards and diverse opportunities.
Conclusion
Saudi Arabia Vision 2030 is a transformative roadmap designed to revolutionize Saudi Arabia's economy, society, and environment. By focusing on economic diversification, social reforms, and environmental sustainability, the Kingdom aims to create a vibrant society, a thriving economy, and an ambitious nation. As these goals are achieved, Saudi Arabia is set to become a global leader in various sectors, providing a high quality of life for its citizens and contributing significantly to global progress.
FAQs
Q 1. What is Saudi Vision 2030?
Saudi Vision 2030 is a strategic initiative launched in 2016 aimed at transforming Saudi Arabia's economy and society. It seeks to reduce the nation's dependence on oil, diversify the economy, and enhance public service sectors such as health, education, and tourism.
Q 2. How does Vision 2030 intend to diversify the economy?
Vision 2030 intends to diversify the economy by investing in non-oil sectors like mining, tourism, entertainment, and technology. It also promotes private sector growth and attracts international investments to create a varied economic foundation.
Q 3. What are the social reforms under Vision 2030?
Social reforms under Vision 2030 include empowering women, promoting culture and entertainment, improving healthcare and education, and enhancing the overall quality of life for citizens. These reforms aim to foster a more inclusive and vibrant society.
Q 4. How will Saudi Arabia Vision 2030 impact the environment?
Vision 2030 advocates for environmental sustainability through green initiatives, renewable energy projects, and conservation efforts. The goal is to reduce carbon emissions, improve waste management, and safeguard natural resources for future generations.
Q 5. What are the key sectors targeted by Vision 2030?
Key sectors targeted by Saudi Arbia Vision 2030 include healthcare, education, infrastructure, tourism, entertainment, technology, and renewable energy. The plan aims to establish a diversified and sustainable economy by developing these sectors.
