Unlocking the Future: Saudi Vision 2030 Report Reveals Remarkable Progress

By Prof. Alaa Alghamdi

The Kingdom of Saudi Arabia recently published a report on the progress of Saudi Vision 2030, marking the eighth anniversary of the beginning of its drive to become a world-class example of promoting success through diverse change, efforts, and, ultimately, transformation. The annual report showcases the achievement of the vision’s programs in 2023, highlighting the successful implementation of all the programs existing within the confines of the vision’s roadmap. Out of the 1,064 planned initiatives for 2023, a remarkable 87% have been completed or are currently on schedule. The report highlights significant growth in the managed assets of the Public Investment Fund, whose assets have witnessed an impressive upsurge from 2.09 trillion Saudi Arabian Riyals (SAR) in 2016 to 2.81 trillion SAR in 2023, surpassing the previous year’s target of 2.7 trillion SAR. The 2023 report outlines 243 key performance indicators, of which 81% have successfully achieved their third-level targets, while 105 indicators have exceeded their future targets for 2024/2025, demonstrating a positive performance trend for the Fund.

In 2023, Saudi Arabia’s tourism sector saw a massive influx of visitors, with a total of 106 million people visiting the country. Out of these, 27.4 million were international tourists, marking a significant increase in the number of foreign visitors to the country. The growth rate of the tourism sector in terms of international tourist arrivals was second only to a few other countries, indicating the significant progress made by the Saudi Arabian government in promoting the country as a tourist destination. Regarding improving the life expectancy of its citizenry, the country’s life expectancy rate has gradually increased over the years. Currently, the actual life expectancy rate in Saudi Arabia stands at 78.10 years, which is a significant improvement from the baseline of 77.6 years; however, the government aims to further do what it can to increase this rate to reach the Vision target of 80 years. The target of providing healthcare services to rural areas has been surpassed as the coverage has reached 96.41 percent. The report also reveals that the housing sector in Saudi Arabia has made significant stepsin recent times, and as of August 2023, over 66,000 families have received homes, and more than 24,000 housing units have been launched. These efforts have contributed to the homeownership rate among citizens, which currently stands at an impressive 63.74 percent. This rate meets the annual target and brings the nation closer to achieving its Vision goal of 70 percent homeownership.

The report provides valuable insights into Vision 2030’s progress and achievements, strengthening the view that it is a comprehensive national plan poised to transform the economy and promote a robust society in the country; when interpreted carefully, it also sheds light on the challenges faced, the measures taken to overcome them, and Vision 2030s projected potential to further positively impact the country’s growth and prosperity. The outcomes and figures given throughout most of Vision 2030’s 2023 report should be positive and most welcomed news for all stakeholders involved, regardless of the sector of specialty.

*Prof. Alaa Alghamdi

Saudi Academic & Writer