Vision 2030: Providing 222,000 job opportunities for Saudis through a financing system
Achieving the goals of Vision 2030
In a move reflecting the accelerating pace of economic transformation in Saudi Arabia, the annual report of Vision 2030 for 2025 revealed positive indicators pointing to rapid growth in non-oil activities and their expanding role in supporting the gross domestic product. The development finance system plays a pivotal role in this transformation by supporting vital sectors, enhancing economic diversification, and increasing the private sector's contribution as a key partner in achieving the ambitious goals of the Vision.
General context: From dependence on oil to a diversified economy
These achievements come within the framework of Vision 2030, the strategic plan launched by Crown Prince Mohammed bin Salman in 2016 to transform the Kingdom’s economy and reduce its dependence on oil. The Vision is based on three main pillars: a vibrant society, a thriving economy, and an ambitious nation. Creating quality job opportunities for citizens, especially young people, is one of the Vision’s key objectives. To this end, the National Development Fund was established to oversee and guide development funds and banks in the Kingdom toward achieving a sustainable economic and social impact.
The “Localization 2” program and its role in reducing unemployment
In this context, the development financing system has contributed to enabling more than 222,000 citizens to obtain job opportunities through the “Localization 2” program of the Human Resources Development Fund (HRDF) until the end of 2025. These programs continue to enhance skills and raise readiness for the labor market, which has directly impacted the unemployment rate, which witnessed a remarkable improvement to reach 7.2% by the end of 2025, compared to 12.3% in 2016. This significant decrease reflects the improved efficiency of the labor market and the increased participation of national talent.
Empowering people and supporting sustainable projects
The Governor of the National Development Fund, Abdulaziz Al-Arifi, affirmed that the development financing system is based on the principle of “empowering people first,” considering them a fundamental pillar of any developmental progress. This is achieved by directing capital towards the most impactful and sustainable projects, contributing to the creation of quality job opportunities, stimulating development in various sectors, raising the quality of life, and enhancing the prosperity of communities throughout the Kingdom.
Supporting small and medium enterprises and entrepreneurship
Small and medium-sized enterprises (SMEs) stand out as key drivers of economic growth and job creation. The financing ecosystem has enhanced their access to necessary funding through innovative solutions, most notably the Kafalah program under the umbrella of the SME Bank. This program has issued guarantees worth SAR 93 billion, enabling more than 27,000 SMEs to secure financing totaling SAR 130.6 billion. The venture capital sector has also witnessed exceptional growth, fueled by the establishment of the Saudi Venture Capital Company (SVC), which has contributed to a nearly 25-fold increase in venture capital investment since 2018, solidifying the Kingdom's position as a leading destination for entrepreneurs and innovators.
Regional and international impact
The impact was not limited to the local level, but extended to strengthening the Kingdom's position on the international stage. The Saudi Export-Import Bank continued to support the competitiveness of national exports by providing credit facilities amounting to SAR 116 billion during 2025. As a result of these integrated efforts, non-oil exports reached their highest historical level at SAR 622.87 billion, an indicator that reflects the growing presence of Saudi products in global markets and enhances the resilience of the national economy in the face of global fluctuations.
