Saudi Arabia’s Vision 2030 initiative has made significant strides, achieving 93 percent of its key performance indicators either fully or partially since its launch nine years ago, as reported in the latest official assessment. This assessment demonstrates the effectiveness of the program, which focuses on diversifying the economy, empowering citizens, and creating an appealing environment for both local and international investors.

The Vision 2030 program’s performance is evaluated through its Vision Realization Programs and national strategies, which are assessed based on the advancement of initiatives and measurable indicators. The recent annual report for 2024 reveals that of the 374 key performance indicators, 299 were fully achieved, and 257 of these exceeded their original targets. Additionally, 49 indicators came close to full achievement, reaching between 85 and 99 percent of their goals.

This substantial progress signifies that long-term planning, paired with strategic execution, has fostered transformative changes throughout the country. Furthermore, the success of Vision 2030’s Level-3 indicators reflects a strong alignment between national planning and real-world implementation across various sectors, including healthcare, digital services, and tourism.

As of 2024, 85 percent of all initiatives under Vision 2030 are either completed or progressing as planned. Out of 1 502 total initiatives launched, 674 have been completed, and 596 are advancing on track, showcasing a high success rate for such a large-scale transformation effort. These initiatives contribute to broader national priorities, ranging from housing and healthcare to cultural development and clean energy.

The achievements of Vision 2030 can be traced back to nearly a decade of groundwork, reforms, and phased rollouts initiated in 2016. The first five years concentrated on stabilizing the economy and implementing structural reforms, while the second phase focused on scaling and accelerating these efforts. Consequently, the development model has garnered international attention for its ambition and consistency.

Between 2016 and 2024, Saudi Arabia executed comprehensive structural reforms to reduce its reliance on oil, enhance private sector engagement, and cultivate new economic engines. This included targeted policy interventions in tourism, logistics, mining, and technology—areas now identified as key drivers of non-oil growth. The private sector’s contribution to GDP reached 47 percent in 2024, surpassing the targeted 46 percent for the year.

Real non-oil GDP grew by 3.9 percent in 2024 compared to 2023, supported by a 4.3 percent increase in activity in non-oil sectors. By the fourth quarter of 2024, the unemployment rate among Saudis fell to 7 percent, achieving Vision 2030’s target six years ahead of schedule. This improvement is notable, considering the unemployment rate was 12.3 percent at the end of 2016, while average annual inflation remained low at 1.7 percent, one of the lowest in G20 economies.

These accomplishments reflect the balanced economic policy aimed at fostering growth while maintaining healthy inflation rates. In terms of foreign investment, inflows reached SR77.6 billion in 2024, indicating increasing international confidence in the Saudi market. The Purchasing Managers’ Index for the non-oil private sector stood at 58.1 in the fourth quarter of 2024, driven by an increase in new orders.

International institutions like the International Monetary Fund and World Bank have upgraded Saudi growth forecasts, with major credit rating agencies—Moody’s, Fitch, and S&P—affirming the Kingdom’s sovereign strength with stable outlooks. The Public Investment Fund (PIF) has been pivotal in financing and driving large-scale development, with assets under management reaching SR3.53 trillion by the end of 2024, having more than tripled since the inception of Vision 2030.

Overall, these advancements highlight Saudi Arabia’s dedication to achieving its Vision 2030 goals and maintaining its momentum beyond 2030, positioning the Kingdom as a case study in long-term national transformation.