In April 2016, the Kingdom of Saudi Arabia unveiled the ‘Saudi Vision 2030’, a strategic plan that aims to diversify the Kingdom’s economy, lessen the reliance on oil revenue, provide job opportunities for young people, raise the standard of living for all Saudis, and advance social and cultural change in the nation.
The kingdom has several aims, be it establishing a vibrant society and prioritizing Saudi citizens’ standards of living, apart from fostering social and cultural advancement, and upgrading the country’s health, education, and entertainment industries.
Priority area two is the formation of a thriving economy which will strive to diversify and boost the Kingdom’s private sector involvement, and foster innovation and entrepreneurship. Additionally, it strives to give Saudi citizens more employment options.
The ‘Vision 2030’ also aims to promote Saudi Arabia’s rich history and culture, as well as ensure the growth of a knowledge-based economy and a sustainable environment, with the main objective being “An Ambitious Nation.”
The ‘Saudi Vision Realization Program’, which was unveiled in order to carry out these objectives, consists of a number of initiatives and reforms, including the privatization of state-owned businesses, the growth of new tourism and entertainment sectors, financial investments in renewable energy sources, and enhancements to the country’s healthcare and educational infrastructures.
To put ‘Vision 2030’ into practice, apart from the creation of the Vision Realization Programs (VRPs), some 11 initiatives were made public in order to coordinate their operations through authorized delivery plans that were driven by pre-established goals and KPIs connected to five-year milestones.
The VRPs have been examined, evaluated, and re-aligned to meet Saudi Arabia’s needs and to effectively realize ‘Vision 2030’ as it enters the next phase, apart from improving the ‘Quality of Life’ by encouraging healthy lifestyles, expanding cultural and entertainment opportunities, and creating public spaces, this initiative seeks to improve the quality of life for Saudi nationals.
SVRs also include the National Industrial Development and Logistics Program (NIDLP), which has its focus on luring international investment, apart from encouraging the growth of local industries, this program intends to establish an integrated industrial and logistics ecosystem in Saudi Arabia.
Then follows the Public Investment Fund (PIF), which has been entrusted with the responsibility of investing in strategic areas and fostering economic growth. This initiative also seeks to transform the PIF into one of the greatest sovereign wealth funds in the world.
Vision 2030 and Saudi’s privatization drive are also focusing on generating new employment opportunities, apart from attempting to privatize state-owned businesses and encourage private-sector investment. Talking about the ‘Vision 2030’, let’s talk about the Kingdom’s Fiscal Balance Program (FBP), which intends to balance the nation’s budget by raising revenues and cutting spending, with a particular emphasis on enhancing the effectiveness of public spending.
The National Transformation Program (NTP) is attempting to carry out the ‘Vision 2030’ plan by creating concrete goals and projects in vital fields like infrastructure, healthcare, and education. It has been supported by the National E-Commerce Strategy, an initiative that aims to assist the expansion of Saudi’s e-commerce by creating the infrastructure and rules required to support the industry.
‘Vision 2030’ also seeks to strengthen Saudi Arabia’s military-industrial capacity with an emphasis on fostering technology transfer and local job growth. With a goal of producing 50% of the Kingdom’s electricity from renewable sources by 2030, Saudi Arabia’s National Renewable Energy Program (NREP) intends to enhance the proportion of renewable energy in the country’s energy mix.
Various Housing initiatives are aiming to improve the rate of affordable home ownership to 70% by 2030. Then you have the Human Capital Development Program (HCDP), which strives to improve the knowledge, skills, and talents of Saudi nationals by fostering possibilities for work, education, and training.
Saudi Arabia’s Vision 2030 is a comprehensive plan with lofty goals to make the nation into an advanced, diversified economy. And with substantial commitment, creativity, and investment from both the public and commercial sectors, one can’t help but be enthusiastic to see this vision come to pass.