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Saudi Vision 2030: Decoding NTP’s role in boosting Kingdom’s sustainable economic growth

When NTP was introduced, the Kingdom’s unemployment rate was over 12%, and there were notably few Saudis employed in the private sector

The National Transformation Program of Saudi Arabia (NTP) is an ambitious plan to change the Kingdom’s economic landscape. The program was launched in 2016 to create a vibrant economy that is sustainable and socially responsible.

It is a five-year program to achieve governmental operational excellence and improve economic enablers. The program has been organized around eight strategic themes: transforming healthcare, improving living standards and safety, ensuring the sustainability of vital resources, social empowerment and non-profit sector development, achieving governmental operational excellence, improving labour market accessibility and attractiveness, enabling the private sector, and developing the tourism and national heritage sectors.

The first phase of the program (2016-2020) has already yielded significant accomplishments, such as improving regulatory frameworks and citizen services, transforming healthcare services, enhancing the urban landscape, developing Saudi Arabia’s infrastructure, improving the ease of doing business, expanding digital transformation and technical solutions, regulating the labour market, empowering women, and developing the non-profit and tourism sectors.

Phase two, with a timeline of 2021-2025, aims to continue developing infrastructure and enhancing social development, with objectives including ensuring the sustainability of vital resources, achieving governmental operational excellence, supporting digital transformation, increasing the attractiveness of the labour market, and creating an environment that enables the public and private sectors to achieve Saudi’s economic diversification dreams under the ‘Vision 2030’.

The program will also take on strategic objectives assigned to the National Companies Promotion Program and Strategic Partnership Program and contribute to developing the private sector and fostering economic partnerships.

The National Transformation Program of Saudi Arabia encompasses a wide range of objectives aimed at enhancing various sectors of the economy and improving the overall well-being of its citizens.

One key goal is to enhance business focus on their social responsibilities, promoting corporate social responsibility and encouraging businesses to contribute to societal development. This objective aligns with Saudi Arabia’s vision of achieving sustainable economic growth while prioritizing social welfare.

Another crucial objective is to support the growth of the non-profit sector and enable non-profit organizations to have a greater impact. This highlights the government’s commitment to fostering a thriving civil society and supporting non-profit organizations vital in addressing social challenges and uplifting communities.

In addition, the program aims to attract foreign and local investment, recognizing the significance of investment inflows for economic development. By creating an environment conducive to investment and facilitating business operations, Saudi Arabia seeks to diversify its economy, create job opportunities, and strengthen its position as an attractive investment destination.

When NTP was introduced, the Kingdom’s unemployment rate was over 12%, and there were notably few Saudis employed in the private sector.

The number of Saudi workers in the private sector has risen to 2 million and 200,000, about twice as many as it was at the time of the Kingdom’s ‘Vision 2030’ announcement, increasing the participation rates of all Saudis in the labour market.

Additionally, the National Transformation Program (NTP) of Saudi Arabia has helped to raise the restored natural vegetation cover to over 93,000 hectares by the 2022 end.

By the end of 2022, 16.8% of Saudi Arabia’s total land area will consist of wild and legally protected regions, according to NTP. The program also helped to increase forecasting and early warning of weather dangers’ accuracy to 76,9%.

The National Transformation Program of Saudi Arabia reflects the country’s ambitious goals to enhance social development, promote sustainable economic growth, and establish itself as a global leader in various sectors.

Through a comprehensive set of objectives, the program seeks to improve government services, support small and medium-sized enterprises, protect the environment, empower citizens, and foster international partnerships, all with the ultimate aim of achieving ‘Vision 2030’ and creating a prosperous future for Saudi Arabia.

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