A Thriving Economy

    Welcome to our vision for a thriving economy in Saudi Arabia.


    We are creating an environment that supports economic growth and job creation for all Saudis by leveraging our unique location and potential, attracting top talent, and increasing global investment.

    The future of our nation will be determined by our young people, and we are prioritizing them, their skills and their empowerment. We are building a culture that values determination and provides rewarding opportunities for growth while also creating diverse job opportunities for Saudis, while attracting the best global talent.

    The Kingdom is open for business. To become a leading global economy, we are improving our business environment, restructuring our economic cities, creating special zones, and deregulating the energy market to make it more competitive. We are also investing for the future by unleashing promising new sectors and privatizing government services to diversify our economy and ensure its sustainability.

    Located at the crossroads of three continents, we are leveraging our unique position to become a major hub for international trade and forming new partnerships to grow our economy and supporting our domestic companies in increasing exports.

    With these efforts, Vision 2030 is creating a thriving economy that serves as the foundation for a vibrant society and an ambitious nation.

    Progress & Achievements

    Saudi workforce is central of economic growth

    Saudi unemployment rate decreased from 12.3% in 2016 to 8.6% in Q3 of 2023.

    Saudi Arabia has a Supportive Ecosystem for SMEs to Thrive

    1.27+ million SMEs have registered in 2023, highlighting the Kingdom's support of innovation.

    Saudi women are rapidly joining the labor force

    Saudi women's participation in the workforce rose from 17% in 2017 to 35.9% in Q3 of 2023.

    PIF’s asset growth boosts economic resilience

    The PIF’s assets under management grew from $192 billion in 2016 to $749 billion in 2023.

    Saudi Arabia is diversifying and transforming its economy

    The non-oil GDP growth rate rose from 1.82% in 2016 to 4.93% in the first half of 2023.

    Strong support fuels growth of SMEs

    Bank funding for SMEs reached 8.4% in Q2 of 2023.

    Strategic Objectives

    Enhance ease of doing business

    Unlock state-owned assets for the Private Sector

    Privatize selected government services

    Ensure the formation of an advanced capital market

    Enable financial institutions to support private sector growth

    Attract foreign direct investment

    Create special zones & rehabilitate economic cities

    Increase localization of Oil & Gas sector

    Increase gas production & distribution capacity

    Develop Oil & Gas-adjacent industries

    Grow contribution of renewables to national energy mix

    Enhance competitiveness of the energy market

    Grow & capture maximum value from the mining sector

    Develop the digital economy

    Localize promising manufacturing industries

    Localize military industry

    Enable the development of the retail sector

    Enable the development of the tourism sector

    Increase localization of non-oil sectors

    Grow assets of the Public Investment Fund

    Unlock new sectors through the Public Investment Fund

    Localize edge technology & knowledge through the Public Investment Fund

    Build strategic economic partnerships through the Public Investment Fund

    Create & improve performance of logistic hubs

    Improve local, regional & int'l connectivity of trade & transport networks

    Push forward the GCC integration agenda

    Develop economic ties with the region beyond GCC

    Develop economic ties with global partners

    Support national companies to consolidate their leadership globally

    Develop promising local companies into regional & global leaders

    Build a life-long learning journey

    Improve equity of access to education (esp. in rural areas)

    Improve fundamental learning outcomes

    Improve ranking of educational institutions (e.g. Universities)

    Develop our brightest minds in priority fields

    Ensure alignment of educational outputs with labor market needs

    Expand vocational training to provide for labor market needs

    Improve readiness of youth to enter the labor market

    Increase women participation in the labor market

    Enable integration of people with disabilities in the labor market

    Nurture & support the innovation & entrepreneurship culture

    Grow SME contribution to the economy

    Grow productive families contribution to the economy

    Improve living conditions for expats

    Improve working conditions for expats

    Source relevant foreign talent effectively

    2030 Targets

    50

    %

    Increase Saudi Arabia’s share of non-oil exports in non-oil GDP from 18.7% to 50%

    25

    th

    Raise Saudi Arabia’s Logistics Performance Index ranking from 49th place to 25th place

    65

    %

    Increase the private sector’s contribution to GDP from 40% to 65%

    5.7

    %

    Increase foreign direct investment’s contribution to GDP from 3.8% to 5.7%

    10

    Raise Saudi Arabia’s Global Competitive Index ranking from 25th place to the top 10

    $1.86

    trn+

    Increase the Public Investment Fund's assets from $159bn+ to $1.86trn+

    15

    Raise Saudi Arabia’s economic position from 19th largest to the top 15

    75

    %

    Increase the localization of the oil and gas sector from 40% to 75%

    30

    %

    Increase women’s participation in the workforce from 22% to 30%

    35

    %

    Increase the SME’s contribution to GDP from 20% to 35%

    7

    %

    Lower the rate of unemployment from 12.3% to 7%