After a decade full of achievements and radical transformations, the Kingdom of Saudi Arabia is entering a new and crucial phase in its development journey with the launch of the third phase of Saudi Vision 2030, which extends from 2026 to 2030. This phase comes to build on the great successes achieved in the previous two phases, with the aim of deepening the impact and ensuring the sustainability of economic and social growth in the long term.
Historical background: Launching an ambitious vision for a new future
Saudi Vision 2030 was launched on April 25, 2016, under the patronage and guidance of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. This ambitious roadmap emerged as a strategic response to the need to diversify the Saudi economy and reduce its dependence on oil, which had formed the backbone of the national economy for decades. The Vision is based on three main pillars: a vibrant society,a thriving economy, andan ambitious nation, and encompasses a wide range of goals and initiatives across all sectors.
Harvesting past stages: A solid foundation for the future
The past few years have witnessed significant progress across various sectors. The first phase (2016-2020) focused on establishing legislative and institutional foundations, restructuring state institutions, and strengthening the principles of governance and transparency. The second phase (2021-2025) saw an acceleration of implementation and the realization of key achievements, most notably:
- Unprecedented economic growth: Achieving significant growth in non-oil GDP, becoming the main driver of the economy.
- Empowering women and youth: A significant increase in women's participation in the labor market and the provision of promising opportunities for Saudi youth.
- Pivotal role of the Public Investment Fund: The fund has transformed into one of the largest sovereign wealth funds in the world, and has led huge investments in new and promising sectors both locally and internationally.
- Improving quality of life: developing the tourism, entertainment, culture and sports sectors, and launching major projects such as NEOM, the Red Sea and Qiddiya.
Official data indicates that approximately 93% of the Vision's performance indicators achieved their annual targets, reflecting the efficiency of implementation and commitment to achieving the set goals.
Phase Three (2026-2030): Deepening Impact and Sustaining Growth
The third and final phase focuses on sustaining gains and redoubling efforts to achieve the Vision's ultimate goals by 2030. This phase will rely heavily on the national sectoral and regional strategies that have been developed to ensure the continuity of developmental impact even after the Vision's timeframe ends. This period is expected to see a strong focus on boosting domestic and foreign investment, developing human capital, and solidifying the Kingdom's position as a leading global logistics, technology, and financial hub.
Importance and expected impact
Vision 2030's impact extends far beyond Saudi Arabia, reaching regionally and internationally. Domestically, the Vision continues to improve citizens' lives and provide diverse employment opportunities. Regionally, the Kingdom offers an inspiring model for economic transformation in the region. Internationally, the Vision has solidified Saudi Arabia's position as a key player in the global economy, making it an attractive destination for investment and talent, as evidenced by its hosting of major global events such as Expo 2030 in Riyadh and the 2034 FIFA World Cup.
