Saudi Arabia Accelerates Vision 2030 Goals With Major Milestones Achieved

(MENAFN- The Arabian Post)

Saudi Arabia has achieved a major leap forward in its Vision 2030 ambitions, with a significant number of its key initiatives either completed or advancing on schedule, according to the Vision 2030 Annual Report 2024. As of the end of last year, 85 per cent of the 1,502 active projects under the reform plan are either finalised or progressing as planned, demonstrating an accelerated pace towards economic diversification and social transformation.

The Vision 2030 programme, launched in 2016 under King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, was created to shift the kingdom away from its historic reliance on oil revenues. The initiative, designed to be executed over three five-year phases, has not only maintained momentum but exceeded early expectations in many sectors, reflecting a broader transformation in Saudi Arabia's economic and social fabric.

According to the Annual Report, 674 initiatives have been fully completed, while another 596 are advancing within their scheduled frameworks. This performance represents a considerable step beyond targets set for this phase of the plan. The government's strategic realignment, particularly in bolstering the private sector's role and expanding non-oil revenues, has played a pivotal part in the project's success to date.

The Saudi economy recorded non-oil revenue growth that outpaced traditional projections, supported by expansions in sectors such as tourism, entertainment, technology, and renewable energy. In 2024, tourism became a standout success, with international arrivals crossing 27 million, a figure attributed to the easing of visa regulations, the hosting of major cultural and sporting events, and targeted global marketing campaigns. The Red Sea Project, Diriyah Gate, and the futuristic city of NEOM are among the major undertakings that have made tangible progress, attracting both foreign investment and international attention.

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Labour market reforms, another cornerstone of Vision 2030, have seen significant advancements. The participation of Saudi nationals, particularly women, in the workforce has sharply risen. Female labour force participation reached 36 per cent by the end of 2024, exceeding the Vision 2030 interim target of 30 per cent. Education and training initiatives have been aligned to match labour market needs, with a surge in enrolments for STEM courses and vocational programmes.

Public sector reform has also been a focal point, with extensive digital transformation initiatives enhancing government services. The“Smart Government” strategy has moved a substantial number of services online, reducing bureaucratic hurdles and increasing transparency. In the World Bank's Government Effectiveness Index, Saudi Arabia improved its ranking significantly, reflecting these modernisation efforts.

The entertainment and sports sectors have similarly witnessed robust growth, underpinning the kingdom's broader social liberalisation agenda. The hosting of international events such as the Riyadh Season, the Formula 1 Grand Prix in Jeddah, and the Diriyah E-Prix have cemented Saudi Arabia's position as an emerging hub for global entertainment and sports tourism. These developments are not only economically significant but also contribute to the kingdom's efforts to project a new image to the world.

Energy sector diversification remains a central theme, with investments in renewables and green technology gathering momentum. Saudi Arabia, while maintaining its position as one of the world's largest oil producers, has accelerated plans to become a leader in renewable energy. The Sakaka solar project has become fully operational, and new agreements for green hydrogen production have positioned the country to be a major player in alternative energy markets.

The financial sector has also shown resilience and expansion, with regulatory reforms boosting capital market activity. The Saudi Stock Exchange continued to attract foreign investment through its inclusion in major global indices. Initial Public Offerings of Saudi companies have seen strong investor interest, reflecting greater confidence in the country's economic reforms and governance improvements.

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Urban development projects, aimed at creating sustainable and smart cities, are progressing across multiple fronts. The NEOM megaproject, while ambitious, reported significant construction milestones, including the development of infrastructure for The Line, an ultra-modern city envisioned as a linear urban structure with zero cars and zero carbon emissions. Similarly, the Qiddiya entertainment city project near Riyadh moved into major construction phases, with the aim of opening key facilities by 2026.

Education reforms, intended to cultivate a knowledge-based economy, have advanced through curriculum modernisation and international partnerships. Universities across the kingdom have climbed global rankings, and collaborative initiatives with institutions from Europe, North America, and Asia have expanded the research and innovation landscape. Programmes designed to encourage entrepreneurship among the youth have led to a measurable rise in start-up activity, particularly in the tech and fintech sectors.

Healthcare transformation, a vital part of Vision 2030, continued with the expansion of privatised healthcare facilities and the launch of health clusters aimed at improving service quality and access. The Ministry of Health reported enhanced patient outcomes and operational efficiencies, while new digital health initiatives are paving the way for telemedicine and AI-driven diagnostics.

Despite these achievements, challenges remain. Global economic uncertainty, fluctuating oil prices, and geopolitical tensions pose external risks. Domestically, sustaining the pace of change while maintaining social cohesion demands careful navigation. Analysts also point to the need for greater transparency around project timelines and budget allocations to ensure continued credibility.

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