KSA’s Vision 2030 Enters Final Phase with Strong Momentum

Saudi Arabia’s Vision 2030 initiative has seen remarkable progress, with 93 percent of its key performance indicators either fully or partially met since its launch nine years ago, according to the latest official assessment. The Vision 2030 program, which aims to diversify the economy, empower citizens, and foster a vibrant environment for both local and international investors, is evaluated through the performance of its Vision Realization Programs and national strategies. These tools are central to the initiative’s execution and are assessed based on two main criteria: the advancement of initiatives and the performance of measurable indicators. The latest annual report for 2024 reveals that of the 374 key performance indicators at the third level, 299 were fully achieved, with 257 of these surpassing their original targets.

Another 49 indicators came close to full achievement, reaching between 85 and 99 percent of their goals. This progress demonstrates the effectiveness of long-term planning combined with strategic execution, contributing to transformative changes across the country. The success of Vision 2030’s Level-3 indicators indicates strong alignment between national planning and real-world implementation in various sectors. Detailed metrics also capture tangible outcomes, such as increased hospital capacity, the rollout of digital services, and the issuance of tourism licenses. To ensure continued success, corrective actions are being taken to adjust both initiatives and performance metrics, with a focus on accelerating implementation and keeping the Vision’s objectives firmly within reach.

Strong delivery across initiatives

This performance aligns with strong delivery across Vision 2030’s portfolio of initiatives. As of 2024, 85 percent of all initiatives were either completed or progressing on track. Out of 1,502 total initiatives launched under the Vision, 674 were completed and another 596 were advancing as scheduled. This translates to an unusually high success rate for a transformation effort of this scale and complexity. Each of these initiatives contributes to larger national priorities, ranging from housing and healthcare to digital innovation, clean energy, and cultural development. Their successful implementation reflects years of investment in institutional capacity, coordination frameworks, and performance monitoring systems, much of which was built during the vision’s first and second phases.

A decade of economic reforms

These latest achievements are rooted in nearly a decade of groundwork, reforms, and phased rollouts that began in 2016 when Vision 2030 was first unveiled. The first five years focused on stabilizing the macroeconomic base and introducing structural reforms, while the second phase emphasized scaling and acceleration. The result is a development model that is now attracting international attention for its consistency and ambition. Between 2016 and 2024, Saudi Arabia undertook sweeping structural reforms to reduce its oil dependency, boost private sector engagement, and unlock new economic engines. This included targeted policy interventions in tourism, logistics, mining, and tech — areas now becoming core drivers of non-oil growth. The private sector’s role in the economy has also continued to expand, with its contribution to GDP reaching 47 percent in 2024, exceeding the year’s target of 46 percent.

In 2024, real non-oil GDP grew by 3.9 percent compared to 2023, driven by continued investment expansion in non-oil sectors, which saw a 4.3 percent increase in activity. By the fourth quarter of 2024, the unemployment rate among Saudis dropped to 7 percent — meeting the Vision 2030 target six years ahead of schedule. This milestone marks an improvement from 12.3 percent at the end of 2016. At the same time, average annual inflation remained low at 1.7 percent, ranking among the lowest in G20 economies.