Vision 2030
Embraced by the Whole Saudi Nation, HM King Salman bin Abdul-Aziz and his Crown Prince HRH Prince Mohamed bin Salman initiated, developed, and put forth in 2016 a very ambitious Vision 2030 for the Kingdom of Saudi Arabia.
Vision 2030 was built on three pillars that draw on KSA’s intrinsic strengths:
Boost a Thriving Economy
Open for business and leveraging its unique position through long-term investments and rewarding opportunities.
Create a Vibrant Society
With strong roots and foundations and with fulfilling lives.
Develop an ambitious Nation
That is effectively governed and responsibly enabled96 strategic objectives have been put forward for this Vision under 13 Programs embracing all sectors of the economy: PIF, Tourism, Privatization, Industrial Development, Strategic Partnership Program, Hajj & Umrah Program, etc.
The key targets of Vision 2030 demonstrate how the Kingdom is striving and how it will skyrocket in the coming years:
- Move from being the 19th largest economy in the world to the top 15
- Increase the Public Investment Fund assets from $160 billion to more than $2 trillion.
- Increase foreign direct investment from 3.8% to the international level of 5.7% of GDP.
- Increase Private Sector contribution from 40% to 65% of GDP.
- Raise the share of Non-oil Exports in non-oil GDP from 16% to 50%.
- Increase Non-oil Government Revenue from $43.5 billion to $267 billion.
- Increase the number of Pilgrimage Visitors from 8 million to 30 million annually.
- Increase the number of Tourists from 40 million to 100 million annually.
- Localize over 50 % of military equipment spending by 2030.
All Strategic Objectives and Key Targets as well as Initiatives translate into numerous Projects to materialize the ambitious Vision 2030.
Two main categories of Projects are to be identified:
1. Projects under PIF Management aiming to achieve total assets value of $2 Trillion by 2030. PIF Projects are classified in categories depending on project size:
Giga Projects > $100 Billion: (Some have already started)
| Project Name | Project Assets |
|---|---|
| NEOM | US $500 Billion |
| RED SEA | US $150 Billion |
| AL-QIDDIYAH | US $500 Billion |
| AMAALA | To Be Announced |
Other Mega Projects (project value > $15 Billion) and Large Projects (project value > $3 Billion) are in the pipeline to achieve the PIF target.
2. Governmental Projects under Mashroat aiming to develop the wellbeing of the society and contribute to the key targets of the Vision. The total value of these Projects will be $1.2 Trillion over the coming 10 years.