Saudi Gazette report

RIYADH — Eight years have passed since the launch of Saudi Arabia's Vision 2030, a bold strategic initiative introduced by Crown Prince Mohammed bin Salman on April 25, 2016. This ambitious roadmap seeks to transform the Kingdom by leveraging its profound cultural heritage, robust investment potential, and strategic geographical location. Designed to propel Saudi Arabia into a future of prosperity, the plan positions the nation as a global nexus of commerce, culture, and innovation.

Since its inception, Vision 2030 has fostered an era of transformative growth and development across various sectors. This comprehensive initiative, endorsed by King Salman bin Abdulaziz, seeks to build a prosperous future for Saudi Arabia by diversifying its economy and improving the quality of life for its residents.

In the eighth year of its implementation, the annual report for 2023 highlights a promising trajectory, with 87% of its 1,064 initiatives either completed or on track. Additionally, 81% of the 243 key performance indicators for the third level have met their targets, with 105 indicators already surpassing the goals set for the next two years.

One of the standout achievements of Vision 2030 is in tourism, where Saudi Arabia welcomed 106 million visitors in 2023, including 27.4 million international tourists, positioning it as the second fastest-growing tourism destination globally. The Kingdom also exceeded its target for Umrah performers, welcoming a record-breaking 13.56 million pilgrims last year, nearly double the baseline figure.

In the realm of cultural heritage, the Kingdom has made significant strides by increasing the number of UNESCO-listed Saudi heritage sites to seven, one more than the target for the year. The inclusion of the "Uruq Bani Ma'arid" reserve has further enriched Saudi Arabia's cultural footprint.

The economic sector also showcased robust growth, with the GDP reaching SR2,959 billion, buoyed by a non-oil GDP of SR1,889 billion. The private sector's contribution to the GDP hit the 45% mark, indicating successful strides toward economic diversification. The Public Investment Fund (PIF), a cornerstone of the economic strategy, now manages assets worth SR2.81 trillion, far exceeding its targets.

Saudi Arabia's Vision 2030 has also led to remarkable improvements in public health and wellness. Life expectancy has risen to 78.10 years, and health services now cover 96.41% of the population. Additionally, the Kingdom has seen a significant increase in homeownership, with more than 66,000 families receiving new homes and the homeownership rate climbing to 63.74%.

Environmental sustainability and clean energy are key components of the Vision, with Saudi Arabia undertaking significant initiatives such as exporting substantial amounts of clean ammonia and increasing the integration of renewable energy into the national grid. The Saudi Green Initiative has also seen the planting of over 49 million trees, enhancing the Kingdom's ecological footprint.

As Vision 2030 enters its next phase, Saudi Arabia continues to build on its achievements, aiming to not only meet but exceed its ambitious goals, ensuring a sustainable and vibrant future for its citizens. This strategic vision underscores the Kingdom's commitment to transforming into a leading global player through sustainable development and innovation.