Saudi Arabia’s ambitious Vision 2030 reform agenda has achieved significant milestones across key economic and social indicators, according to the latest progress report released by the Council of Economic and Development Affairs (CEDA). The comprehensive assessment highlights substantial growth in non-oil GDP, foreign investment, and tourism sectors, marking a decisive shift toward the Kingdom’s transformative goals.
Economic Transformation Progress
The report reveals that Saudi Arabia’s non-oil economy expanded by 5.8% in 2023, with private sector participation in GDP reaching unprecedented levels. Minister of Economy and Planning Faisal Al-Ibrahim emphasized that these results demonstrate the Kingdom’s successful diversification efforts, with non-oil revenues now contributing over 35% to total government income.
Foreign direct investment has surged to record levels, with more than 300 international companies establishing regional headquarters in Riyadh during the past year. The Kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), has expanded its global portfolio to over $700 billion in assets, creating thousands of jobs and driving economic growth.
Social Development Achievements
Significant progress has been recorded in social development targets, with women’s workforce participation exceeding 35%, surpassing the initial 2030 target years ahead of schedule. The tourism sector has shown remarkable growth, with visitor numbers reaching 93.5 million in 2023, contributing 4.5% to GDP.
The report also highlights achievements in housing, with homeownership rates among Saudi citizens reaching 62%, supported by various government initiatives and mortgage facilitation programs.
Innovation and Technology Advancement
Digital transformation initiatives have positioned Saudi Arabia as an emerging technology hub, with over 40,000 tech jobs created in the past year. The NEOM project continues to attract global technology partners, while the Kingdom’s investment in renewable energy has put it on track to generate 50% of its electricity from renewable sources by 2030.
Vision 2030 Alignment
These achievements reflect Saudi Arabia’s steadfast commitment to Vision 2030’s core objectives of economic diversification, social development, and sustainable growth. The progress report demonstrates that the Kingdom is not only meeting but exceeding many of its transformative targets, positioning Saudi Arabia as a global investment destination and a model for sustainable economic transformation in the region.