Crown Prince Mohammed bin Salman and the Royal Court published Vision 2030, an ambitious plan to diversify the Kingdom of Saudi Arabia's economy and reduce its dependence on hydrocarbons.
To achieve this transformation, the private sector must initiate policies to become an engine driving future economic and infrastructure growth. Today, the public sector, including the oil and petrochemical business, provides two-thirds of GDP; twice as many people work in the public sector as the private sector. In a nation where 70% of the population is under the age of 30, this is clearly not a sustainable condition. Vision 2030 is a bold statement that the Kingdom needs to transform its national economic and infrastructure model, and also change the relationship between the Government and the people to create a better society, which is the objective of the Crown Prince.
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The Vision 2030 blueprint organizes Saudi Arabia's unique strengths and capabilities into a long-term strategic plan to address the core challenges of breaking away from reliance on a single product economy. Vision 2030 defines the general direction, policies, goals, and objectives of the Kingdom. Understanding the broad national priorities of the Kingdom is essential to be viewed as a partner, and not just a vendor when conducting business in Saudi Arabia.
KSA is the Land of the Two Holy Mosques. Being the heart of the Arab and Islamic world is a huge responsibility and the country must grow in this role thoughtfully.
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Financial Resources: Use KSA's substantial financial resources to become a global investment powerhouse, stimulate the economy and diversify revenues.
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Geographical Resource: Use KSA's strategic location to become a global hub connecting three continents.
There are three broad themes voiced in Vision 2030
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A Vibrant Society
A Thriving Economy
An Ambitious Nation Effectively Governed
A Vibrant Society
Strong Roots
Based on Islamic principles of moderation, increase pride in national identity and cultural heritage
• Increase Umrah visitors from 8 to 30 million per year
• Double the number of Saudi heritage sites registered with UNESCO
• Build a major Islamic museum.
Fulfilling Lives
Promote physical and social well-being and improve quality of life
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Increase culture and entertainment: increase household spending on these activities from 2.9% to 6%
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"Daem": the national program to promote healthy life by creating facilities and programs for sports and healthy leisure
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Increase the ratio of individuals exercising once a week from 13% to 40%
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Enhance the quality and livability of cities with high-quality services
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Sustainability: preserve the environment and optimize water usage
Strong Foundations
Health and Education
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Healthcare: Promote preventive care, develop private insurance, the capacity of hospitals. Increase average life expectancy from 74 to 80 years. Raise KSA position in Social Capital Index to 26 from 10
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Strengthen families: more parental involvement in education; increase home ownership, modernize the social welfare system.
A Thriving Economy
Create jobs, grow economy, privatize services, attract talent
Rewarding Opportunities
Job Creation
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Lower the unemployment rate from 11.6% to 7%
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Increase SME contribution to GDP from 20% to 35%
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Increase women's workforce participation from 22% to 30%
Investing for the long-term
Develop the national economy
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Increase the localization of oil and gas sectors from 40% to 75%
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Increase Public Inv Fund (PIF) assets from SAR 600 to 7 trillion
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Increase FDI from 3.8% to 5.7%
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Increase private sector contribution from 40% of GDP to 65%
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Localize 50% of military equipment spending by 2030
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Mining sector: Goal to reach SAR 97 billion by 2020 and creating 90,000 jobs
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Renewable energy: Target to generate 9.5 gigawatts of renewable energy and localize value chain
Open for Business
Originate, Facilitate, Expedite, Adapt, Compete
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Global Competitive Index: Rise to 25 from the current 10th position
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Increase FDI to 5.7% from 3.8%
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Increase private sector contribution to 65% GDP from 40%
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Develop sophisticated digital infrastructure
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Simplify regulations and procedures, from licensing to customs to capital funding and improve enforcement of contracts
Leveraging Unique Position
Build out a logistics hub and integrate regionally and internationally
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Raise global ranking in Logistics Performance Index to #49 from current #25
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Increase the share of non-oil exports in non-oil GDP from 16% to 50%
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Support national companies to export their products
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Link infrastructure internally and across borders to enhance logistics services, working with the private sector and international partnerships. Improve the capacity of air, maritime and other transport operators
An Ambitious Nation Effectively Governed
Transparency (Openess) and Efficiency Drive Growth
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Increase non-oil government revenue from SAR 163 billion to SAR 1 trillion
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Raise ranking in Government Effectiveness index to #20 from #80
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Improve ranking in E-Government Survey from #36 to the top five
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"Qawam Program": Effective and efficient spending controls
Responsibly Enabled
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Personal: increase household saving from 6% to 10%
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Business: observe social responsibility to create a sustainable economy, help young people build professional careers, be profitable while addressing national challenges
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Non-profit organizations: Raise the sector's contribution to GDP from .3% to 5%, rally one million volunteers annually, vs 11,000 today
Achieving Vision 2030
Achieving this ambitious vision will be a significant undertaking. Detailed are some of the programs that have been established to achieve the overall transformation of the Kingdom to a diversified economy with a vibrant private sector that can generate good jobs for their fast-growing population.
Government Restructuring Program
Fiscal Balance Program
Regulations Review Program
Public Investment Fund (PIF) Restructuring Program
National Transformation Program (NTP)
Privatization Program
Saudi Aramco Strategic Transformation Program
Strategic Directions Program
Strategic Partnerships Program
Project Management Program
Human Capital Program
Program for Strengthening Public Sector Governance
Infrastructure Development