Vision 2030: Saudi Arabia has the lowest inflation rates among the G20 as the Kingdom steadfastly and persistently works to fulfil the aspirational Vision 2030 by empowering citizens, expanding the economy, and achieving sustainable development.
Additionally, it marked the greatest non-oil contribution level in history.
According to the annual report on Saudi Vision 2030 programme performance for the previous year, 81% of the third-level performance indicators met their targets, and 87% of the 1,064 initiatives for 2023 are either complete or on track. The key performance indicators for the year 2023 appear to be 243. In contrast, 105 indicators for 2024–2025 exceeded their prospective goals.
To what Extent has the KSA Succeeded in Realising Vision 2030?
Saudi Arabia’s economy has the lowest inflation rates among the G20, according to report statistics relating to Vision 2030. The country’s fourth-quarter inflation rate was 1.6%, whereas the same period in 2022 saw 3.1%.
In 2023, the Kingdom achieved a record-breaking 50% of its real GDP from non-oil operations, marking the greatest level of contribution in history. Additionally, the GDP growth of non-oil activities reached 4.7% in the same year.
Furthermore, non-oil government revenues reached 457 billion Saudi riyals, against the baseline of 166 billion Saudi riyals; the target for the vision is 1,000 billion Saudi riyals. These revenues helped to cover 35 per cent of the budget’s total expenses for 2023, which will likely cost 1,293 billion Saudi riyals.
With a target of 1,934 billion Saudi riyals for the year and a general objective of 4,970 billion Saudi riyals for the vision, the non-oil GDP achieved 1,889 billion Saudi riyals, compared to the baseline of 1,519 billion Saudi riyals.
The Private Sector’s Contribution to GDP
Compared to the baseline of 40.3%, the private sector’s contribution to the GDP reached 45%, fulfilling the general aim of 45%, whereas the general target of the vision is 65%.
Additionally, the proportion of bank loans to small and medium-sized businesses reached 8.3%, up from the baseline of 2%; the year’s target is 8.6%, and the vision target is 20%. Similarly, the percentage of local content in the oil and gas industry reached 63%, up from the baseline of 37%; this exceeded the general target of 59%, and the year’s target is 75%.
Housing Sector
In terms of housing, the report’s indicators show that the industry made significant progress towards increasing the number of housing options available to different social groups. For example, Sixty-six thousand Saudi households received their own houses, and more than 24,000 new housing units existed by the end of August. Additionally, the percentage of citizens who own their homes reached 63.74%, exceeding the general vision target of 70% and the 2023 target of 63%.
The percentage of financial aid recipients who are able to work and are empowered exceeded the general target of 32%, with an actual value of 32.3% compared to the baseline at 1%, and is separated from the vision target by 6%. Over 96,000 citizens benefited from housing support services for residential products, and the total financial support for those eligible for support was estimated at 4.1 billion Saudi riyals.
At the economic level, Saudi Arabia’s gross domestic product was classified globally at 2,959 billion Saudi riyals. This is in comparison to the baseline of 2,685 billion Saudi riyals. The year-end target is 3,032 billion Saudi riyals, while the vision target is 6,500 billion Saudi riyals.
Exports
Regarding the overall cumulative export value of industries related to oil and gas, it came to 605.43 billion Saudi riyals, surpassing the goal of 495.4 billion Saudi riyals for the year and the vision target of 2,114 billion Saudi riyals. Additionally, the share of local content of non-oil sector expenditures is 56.8% as opposed to the baseline of 52%, the goal for the year is 59%, and the vision target is 75%.
Military Industry Localisation
As part of the nation’s national security, Vision 2030 focused on localising the military industries sector, which saw a localisation rate of 10.4% as opposed to the baseline of 7.7%, exceeding the year’s aim of 9% and the vision’s target of 50%.
Public Investment Fund
The Public Investment Fund, which prioritises investing in both domestic and international opportunities, was able to add 93 companies to its portfolio in 2023 as opposed to 71 in 2022. This means that the fund can support 644 thousand direct and indirect jobs in 2023 as opposed to 500 thousand in 2022.
Saudi Heritage Sites in UNESCO
The report’s findings also showed that there were seven Saudi heritage sites inscribed with UNESCO, surpassing the year’s goal of six sites, compared to the baseline of four sites, and getting close to the 2030 target of eight sites. The last of those sites to be added to the UNESCO World Heritage List was the “Uruq Bani Ma’arid” Reserve.
The world selected Riyadh to host Expo 2030 in competition with Busan, South Korea, and Rome, Italy. The Kingdom received 119 votes, which represented the majority, and received the nod due to its standing in the region and internationally, as well as unrestricted support.
However, the report’s tourism statistics show that the Kingdom received 106 million visitors, of which 27.4 million were from outside the country. This puts the Kingdom in second place in terms of the growth rate of foreign tourists.
A remarkable presence of women
Under the same circumstances, women’s labour market participation reached 34%, up from the baseline of 22.8%, and Saudi women’s labour force participation rate reached 35.5%, above the vision objective of 40%.
Quality of life
To meet the goals of the Kingdom’s vision, which include improving the quality of life, the actual average life expectancy rate was 78.10 years, as opposed to the estimated baseline of 77.6 years; the vision target is 80 years; additionally, the percentage of population centres, including those in peripheral areas, that have access to health services exceeded the 2023 target by 96.41%, as the target percentage was 96% as opposed to the estimated baseline of 84.13%.
With a vision index of 99.5%, persons who participate in 150 minutes of physical activity each week have a percentage that approaches the 64% objective for general vision, achieves an actual value assessed at 62.3%, and surpasses the 51% target anticipated for 2023. 49% is the projected baseline.
Second Place in the International Tourists Growth Rate
With 106 million tourists visiting the country, including 27.4 million foreign visitors, Saudi Arabia ranked second in the world for the growth rate of foreign tourists during a period when the country’s stunning tourist destinations, including NEOM, AlUla, and the Red Sea, are contributing to its rising prominence in tourism worldwide.
Foreign Pilgrims
In addition, Saudi Arabia saw a historic rise in the number of foreign pilgrims performing the Hajj, reaching 13.56 million, above the projected 10 million pilgrims in 2023 (compared to 6.2 million baseline). The overall goal of the vision was reached with 30 million pilgrims performing the Hajj, and at the same time, more than 131,000 volunteers served as God’s guests, surpassing the year’s target of 110,000 volunteers.
The government effectiveness index for 2023 was 70.8 degrees, over the vision’s aim of 91.5 degrees, and significantly higher than the baseline of 63 degrees. This indicates that Saudi Vision 2030 is making progress towards its numerical goals.
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