After a first phase focused on building foundations and reforms and a second phase of accelerating execution, Saudi Vision 2030 has now entered its third and final phase.

It was launched to reshape the economy away from oil dependency, expand the private sector, nurture globally competitive industries, and build a more effective public sector, structured around three pillars: a Vibrant Society, a Thriving Economy, and an Ambitious Nation.

Below, we delve into 10 numbers that speak to just some of the achievements over the past 10 years.

$720B

1. Non-oil real GDP contribution (2025)

Saudi Arabia has made significant progress on diversifying its economy away from hydrocarbons. During 2025, the Kingdom’s real GDP reached over $1.3T, with non-oil activities comprising 55%. In 2016, that proportion was 45% of GDP.

The non-oil sector has been by far the largest contributor to economic growth. Even as Brent Crude prices increased from approximately $50 to $70 per barrel over the decade from 2016-2025, the oil sector and government activities taken together grew by only 1% on average per year compared to 4.8% for the non-oil sector.

The Public Investment Fund (PIF) has been a key driver of diversification, having invested in more than 100 companies in areas from electric vehicles to chip manufacturing and esports to develop domestic industries. Last year, the Saudi digital economy’s contribution to GDP was almost 16%.

Financial services, tourism, entertainment, logistics and manufacturing have also significantly expanded their contributions, and the wholesale and retail trade has benefited from rising consumer spending and the entry of international brands.

Tourism, for example, now directly generates over 5% of GDP. During 2025, there were 123m tourists (25% international), far above the original 2030 target of 100m. Religious tourism continues to expand, with international Umrah pilgrims exceeding 18m in 2025, triple the 2016 number, supported by infrastructure development and digital access through platforms such as Nusuk. The goal now is for a 10% GDP contribution and 150m tourists annually (one-third international) by 2030.

[Saudi tourism]

>50%

2. Private sector contribution to GDP

The private sector contributed over $660B to GDP in 2025, over half the total, compared to 44% a decade ago.

Over 700 international companies have established regional headquarters in Saudi Arabia, up from 44 in 2021.

In addition, the number of small and mid-sized enterprises (SMEs) has quadrupled to over 1.7m over the past decade, and total SME employees has almost doubled to 8.9m. From only 2% in 2016, loans to SMEs now comprise over 11% of total bank loans, and support for entrepreneurs through accelerators, incubators and coworking spaces continues to expand.

[LEAP Rocket Fuel]

12,900+

3. Number of factories located in the Kingdom

The number of factories has increased by approximately 80% since 2016, and non-oil exports have increased by over 150%.

The industrial sector is now much broader and integrated. The establishment of national companies aside, this shift has been supported by Saudi Arabia’s strategic location, access to competitively priced energy, investments in physical and digital infrastructure and logistics, clearer regulation and institutional coordination, and initiatives to improve access to finance (e.g. the Saudi Industrial Development Fund) and industrial infrastructure.

The Kingdom is now home to several specialized industrial clusters that combine infrastructure, incentives and proximity to markets. For example, King Abdullah Economic City is anchored by King Abdullah Port, one of the region’s most advanced, and hosts Lucid, Hyundai, Renault and Pirelli plants, as well as CEER, the Kingdom’s first EV brand.

[King Abdullah Economic City]

25%

4. Defense sector localization

Saudi Arabia consistently ranks in the top 10 globally for total defense expenditures. Historically, most of its spending has flowed to foreign defense contractors, with the Kingdom importing virtually all its equipment, platforms, systems and support services.

Vision 2030 set an ambitious target to reverse this: localize half of military spending by 2030 and create a domestic defense manufacturing industry that builds industrial capabilities with dual use applications.

Significant progress had been made by the end of 2024, with localization increasing to 24.9% from a 2016 baseline of 7.7%. Over 570 military licenses and permits have been issued across manufacturing services and supply activities, and the number of licensed entities has expanded from 5 to more than 310 over the past decade.

[World Defense Show 2026]

35%

5. Female workforce participation

This is one of Vision 2030’s standout successes. Saudi women have responded enthusiastically to opportunities, and the change is visible on Saudi streets, in shopping malls, in offices, and in government ministries.

Women lead 45% of SMEs, according to KSA’s Small and Medium Enterprises General Authority (Monsha’at), and hold almost 44% of middle and senior management positions.

Moreover, according to Stanford’s 2026 AI Index, Saudi Arabia ranks first globally for empowering women in AI, with an almost one-third representation among AI investors and authors.

Saudi Arabia has achieved a gender-economic transformation that took most developed nations decades, but the story does not end here. The next chapter – moving from employment numbers to quality advancement and parity – will likely be more challenging.

[International Women's Day]

7.2%

6. Unemployment rate among Saudis

This has improved considerably from the 12.3% experienced in 2016, and female unemployment has fallen to a historic low of 10.3%.

In addition, over 43% of university graduates are employed within six months of graduation, and over 47% of graduates of technical and vocational education courses, compared to less than 15% a decade ago.

Ongoing efforts are focused on strengthening alignment between education, training, and labor market needs, supported by initiatives under the Labor Market Strategy and Human Capability Development Program.

[Education and training stock]

2/3

7. Rate of household home ownership

Economic and societal progress is also reflected in everyday indicators. Home ownership has reached over 66%, up from less than half in 2016. This is an increase of over 850,000 households, supported by increased housing supply and access to financing.

The Vision is targeting 70% by the end of the decade. In addition to raising ownership demand by streamlining processes and offering financial incentives such as VAT exemption for first-time buyers, the Kingdom is also seeking through the recently enacted new Real Estate Law to attract global investors and developers and enhance supply by providing clear legal frameworks and a predictable and reliable investment climate, as well as robust safeguarding of owners’ rights (whether Saudi or international).

[Home ownership]

79.7 years

8. Average life expectancy

Over the past decade, life expectancy has risen from 74 years to close to the Vision target of 80 years, through targeted interventions such as early screening for newborns and couples, earlier cancer detection, a more than halving of traffic accident fatalities, and significant reductions in deaths from chronic and infectious diseases.

Basic health coverage has expanded to 97.5% of populated areas by the end of 2025, compared to closer to 85% in 2016.

Almost 60% of adults now say they undertake at least 150 minutes per week of physical activity. Although overall participation is higher among men than women (66% versus 43%), national platforms such the Sports for All Federation (SFA) and new infrastructure have helped spread the culture of physical activity, with the women’s participation in the SFA’s 40,000-strong Riyadh Marathon quadrupling to over 15,000 since 2022.

[Healthcare]

17th

9. World Competitiveness Ranking

IMD’s World Competitiveness Ranking captures official statistics as well as perceptions of executives across four factors including economic performance, government efficiency, business efficiency and infrastructure.

Saudi Arabia has advanced from 32nd in 2021 to 17th, ahead of Germany and Australia, and made strides across all four factors, particularly economic performance and business efficiency.

The Kingdom’s legal reforms in recent years have been among the most progressive for businesses in the Middle East and offer clarity and reassurance to investors and multinational enterprises that the country is open for business and committed to the growth agenda.

For example, the new Investment Law, effective in early 2025, enhances equality between domestic and foreign investors and addresses previous concerns such as protection of investor rights, protection against direct and indirect expropriation of capital transfers, safeguarding intellectual property rights and making dispute resolution easier.

33%

10. Public debt-to-nominal GDP ratio (est.)

All of this is happening within a stable macroeconomic environment. Inflation remains close to 2%, supported by fiscal management. Credit ratings continue to hold at strong levels with stable outlooks.

The 2025 budget deficit is estimated to have been approximately 5% of GDP, with deficits historically funded through a combination of debt issuance, asset transfers between the PIF and the government, and reserve drawdowns.

Saudi Arabia’s debt-to-GDP ratio remains far below most of the G20 (the US ratio is approximately 120%), giving it fiscal room to maneuver to stated targets of below 50% whilst continuing to invest and attract foreign investment. In addition, although central bank foreign reserves are below peak levels, they remain substantial at over $400B.

[Saudi competitiveness]

Progress and priorities

The advancement of the non-oil GDP share, growth of non-oil exports, expansion of female participation and private sector activity – among so many other measures – clearly show the structural transformation underway.

The institutional architecture too – the Vision Realization Programs, regulatory agencies, national companies and investment vehicles – is largely in place.

Phase 3 of the Vision will focus on accelerating delivery, maximizing impact and sustaining long-term progress against national priorities.

The PIF has recently outlined six ecosystems on which it will focus investments over the next five years, namely tourism, travel and entertainment; urban development and livability; advanced manufacturing and innovation; industrials and logistics; clean energy, water and renewables infrastructure; and NEOM.

There is still considerable work to be done to achieve the ambitious benchmarks the Kingdom originally set for itself a decade ago, particularly in areas such as attracting foreign investment, as well as avoiding a housing bubble now that real estate investment opportunities for non-Saudis have expanded.

However, the direction is clear, the momentum is strong, and the constituency for continued progress is large. We look forward to keeping you updated.