By Prof. Awad Al Omari
The Vision 2030 roadmap in Saudi Arabia has made significant strides in various sectors, showing positive progress toward its ambitious goals. Here are some noteworthy achievements so far:
1. Economic Growth and Diversification
The non-oil private sector has experienced impressive growth, with non-oil revenues more than doubling from SR163 billion in 2016 to SR411 billion in 2022. The financial market has also expanded significantly, ranking fifth globally in the Financial Markets Index. The increase in financial technology entities and market listings reflects growing investor confidence.
2. Tourism and Cultural Heritage
Saudi Arabia has achieved remarkable success in tourism, welcoming 106 million visitors in 2023, including 27.4 million international tourists. This has positioned the country as a rapidly growing international tourism destination. Additionally, the number of Umrah pilgrims exceeded expectations, reaching 13.56 million in 2023.
3. Female Workforce Participation and Home Ownership
Female participation in the workforce has surpassed the Vision 2030 target, reaching 36% in the first quarter of 2023. Home-ownership among Saudi citizens has also significantly increased from 47% to 67%, bringing the country closer to the goal of 70% by 2030.
4. Public Investment and Infrastructure
The Public Investment Fund’s assets have grown substantially, and the country has made significant progress in infrastructure development. Notably, Saudi Arabia will host the 2030 World Expo in Riyadh, and initiatives such as the construction of luxury coastal resorts and the establishment of a National Semiconductor Hub demonstrate ongoing investment in future-ready infrastructure and industries.
5. Healthcare and Social Services
Life expectancy has increased, and healthcare coverage in rural areas has exceeded targets. There have been significant improvements in social services, including housing and volunteer participation, enhancing the quality of life for citizens.
Overall, while there are areas that still require attention and further development, the mid-point review of Vision 2030 showcases substantial progress and over achievement in several key areas, setting the stage for continued success toward the 2030 goals.