Riyadh - Sharikat Mubasher: Saudi Arabia released the “Vision 2030 Annual Report 2024 Executive Summary” report, detailing the Kingdom’s progress in achieving Vision 2030 goals in 2024.
The report stated that the Vision 2030 initiative has seen remarkable progress, with 93% of its key performance indicators (KPIs) either fully or partially met since its launch nine years ago. 299 indicators have been fully achieved, including 257 indicators surpassing their targets, while 374 indicators currently have active readings.
Almost 85% of Vision 2030’s initiatives have been completed or are on track for 2024. Over 670 initiatives have been completed since the launch of Vision 2030, while 596 initiatives are currently progressing as planned.
In 2024, non-oil sectors gained strong momentum as continued investment expansion and private sector participation boosted non-oil economic activities, which grew by 4.3%.
The overall real gross domestic product (GDP) reached 1.3% in 2024, primarily driven by the non-oil economy, while the real non-oil GDP increased by 3.9% compared to 2023.
The private sector contribution to the national GDP reached 47%, surpassing the 2024 target of 46% and reflecting a compound annual growth rate (CAGR) of 1.94% since 2016. This achievement was driven by the Kingdom’s shift away from oil dependency and increased investment opportunities for the private sector.
Similarly, the contribution of small and medium-sized enterprises (SMEs) to the national GDP reached 21.9% in 2023, exceeding the 2023 target of 20.2%.
The report also revealed that the inbound foreign direct investments (FDI) recorded SAR 77.6 billion ($20.69 billion) as of the fourth quarter (Q4) of 2024.
Saudi Vision 2030 is built on three strategic pillars: ‘A Vibrant Society,’ which focuses on promoting culture, wellness, and quality of life for citizens and residents; ‘A Thriving Economy,’ which focuses on diversifying the economy, empowering the private sector, and creating job opportunities; and ‘An Ambitious Nation,’ which focuses on building an efficient, transparent government and encouraging civic engagement.