Since the launch of Saudi Vision 2030 in April 2016, the Kingdom has witnessed remarkable transformation that has touched every aspect of economic and social life.

Most notable has been the accelerated growth across various sectors, including mining, manufacturing, logistics, and tourism. This development is building momentum in the non-oil sector, driven by structural reforms, massive infrastructure investment, and a strategic pivot toward technology and services.

The Kingdom’s comprehensive reform program has now entered its third and final phase, with the recently released Saudi Vision 2030 - 2025 Annual Report indicating that 93% of the performance indicators based on 2025 targets are either achieved or on track. Progress has been supported by a robust delivery framework through Vision Realization Programs and national strategies, enabling the significant expansion of the Saudi economy, which has now surpassed US$1.3T from US$665B in 2016, while non-oil activities and the private sector contribute 55% and 51% of total GDP, respectively.

Regional geopolitical strains certainly pose challenges in the final phase of the Vision 2030 ambitions. However, robust progress on the program metrics has enhanced the Kingdom’s economic resilience. Also, a proactive approach in blunting the fallout of both the Iran conflict and its associated effects is further buoying confidence in the economy. Most notably, this includes the ongoing fine-tuning and prioritizing of the investment direction to ensure the focus is on areas which offer the greatest returns.

Accordingly, the game-changing dynamics of Vision 2030 and the unprecedented opportunities arising from economic diversification, digital transformation, advanced technologies, and giga- and mega-projects is expected to continue having a meaningful impact on the Kingdom’s economic progress.

Important notice: Views expressed are those of Rima M. Bhatia as at the date of publication, do not constitute financial or other professional advice, and do not necessarily reflect the views of Gulf International Bank (GIB) or Inside Saudi.

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