Today marks the 8th anniversary of Saudi Arabia's Vision 2030, a transformative plan that charts a new course for the nation's future, one where both the country and its citizens can thrive.
Vision 2030 rests on three key pillars that leverage the Kingdom's strengths: its deep cultural heritage, at the heart of the Arab and Islamic worlds; its substantial investment capabilities, which will propel the economy toward new horizons through diversification and development, an economic transformation that critically hinges on the energy and potential of its young population, which makes up more than half of Saudi citizens; the Kingdom's strategic geographic location at the crossroads of three continents and along vital global shipping lanes, which gives it a unique and influential position on the world stage.
Launched on April 25, 2016, by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister, and approved by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud, Vision 2030 has sparked an unprecedented period of transformation and growth. This ambitious national plan aims to build a prosperous and secure future for the Kingdom through economic diversification and an improved quality of life.
Vision 2030 is a roadmap for empowering Saudi Arabia's young and innovative minds. It represents a historic shift, transforming dreams and aspirations into tangible achievements.
As the Kingdom enters its eighth year of Vision 2030, the annual report for 2023 highlights the program's impressive performance. With 87% of its 1,064 initiatives completed or on track, 81% of the 243 key performance indicators for the third level achieving their targets, and 105 indicators exceeding targets for 2024-2025, Vision 2030 remains firmly on course.
Vision 2030 is driving impressive results in the tourism sector. The Kingdom welcomed 106 million visitors in 2023, including 27.4 million international tourists, making it the second fastest-growing tourism destination in the world.
The number of Umrah performers from abroad skyrocketed to a record-breaking 13.56 million, exceeding the 2023 target of 10 million and nearly doubling a baseline of 6.2 million. Over 131 million volunteers served the Umrah performers, surpassing the target of 110 million. The vision targets 30 million Umrah performers.
Cultural heritage preservation is another area of success. The number of UNESCO-listed Saudi heritage sites climbed to seven, exceeding the 2023 target of six and bringing the Kingdom closer to its 2030 goal of eight. The latest addition, the "Uruq Bani Ma'arid" reserve, further strengthens Saudi Arabia's rich cultural imprint.
Vision 2030's focus on international standing has yielded a major win. Thanks to the leadership's unwavering support, Riyadh secured the prestigious Expo 2030 hosting rights, beating out Busan (Korea) and Rome (Italy) with a convincing 119 votes.
Its focus on improving the quality of life is yielding positive results. Life expectancy in the Kingdom has risen to 78.10 years, exceeding a baseline of 77.1 years, while the vision targets 80 years.
The percentage of population centers, including those in remote areas, covered by health services now stands at 96.41%, surpassing the 2023 target of 96% and a significant improvement from a baseline of 84.13%. Saudi Vision 2030 aims for 99.5%.
The percentage of adults engaging in 150 minutes of weekly physical activity has reached 62.3%, nearing the overall Vision target of 64%, a substantial improvement compared to the 2023 target of 51% and a baseline of 49%.
The Vision is delivering on its promise to increase homeownership rates. Over 66,000 Saudi families have received their new homes, and more than 24,000 new housing units were launched by the end of August. The percentage of citizens owning their homes has reached 63.74%, surpassing the 2023 target of 63%, a significant progress from a baseline of 47%, with the ultimate Vision 2030 goal set at 70%.
Housing support services are also expanding. Over 96,000 citizens have benefitted from these services, with financial support totaling SAR4.1 billion. The services specifically empower working citizens to become homeowners, with the percentage exceeding the 2023 target of 32%, at 32.3%, compared to a baseline of 1%. While this is a positive development, there is still a gap of 6% to reach the overall Vision 2030 target.
Vision 2030 is driving economic growth. The Kingdom's GDP has reached SAR2,959 billion, exceeding a baseline of SAR2,685 billion. The 2023 target was SAR3,032 billion; however, the results remain a positive step toward the ambitious Vision 2030 goal of SAR6,500 billion.
The focus on economic diversification is also yielding results. The non-oil GDP has reached SAR1,889 billion, surpassing a baseline of SAR1,519 billion and nearing the 2023 target of SAR1,934 billion. The ultimate Vision 2030 target for the non-oil GDP is SAR4,970 billion.
The private sector's contribution to the GDP has reached 45%, achieving the 2023 target. This represents significant progress from a baseline of 40.3%, a positive step toward meeting the Vision 2030 target of 65%.
Vision 2030 is fostering a thriving small and medium enterprise (SME) sector. Loans to SMEs now represent 8.3% of total bank loans, a significant leap from a baseline of 2%. While this falls short of the 2023 target of 8.6%, it demonstrates progress toward the Vision 2030 goal of 20%.
The Kingdom is also making strides in boosting local content within key sectors. The share of local content in the oil and gas sector has reached 63%, exceeding both the 2023 target of 59% and a baseline of 37%. The ultimate Vision 2030 target is 75%.
The total cumulative export value of oil and gas-related industries has soared to SAR605.43 billion, exceeding the 2023 target of SAR495.4 billion and a baseline of SAR128.9 billion. The long-term Vision 2030 target for this sector is SAR2,114 billion.
Local content is also increasing in non-oil sector spending; it currently stands at 56.8%, surpassing a baseline of 52%. The 2023 target was 59% and the Vision 2030 target is 75%.
Vision 2030 is propelling growth in the domestic military industry. The localization rate of the military industry has reached 10.4%, surpassing both the 2023 target of 9% and a baseline of 7.7%. The ambitious Vision 2030 target is 50%.
The Public Investment Fund (PIF) is emerging as a major economic driver. Total assets under PIF management have skyrocketed to SAR2.81 trillion, exceeding both the 2023 target of SAR2.7 trillion and a baseline of SAR0.72 trillion. The ultimate Vision 2030 target for PIF assets is SAR10 trillion.
PIF is also playing a key role in job creation. In 2023, PIF's portfolio companies created 93 new businesses, up from 71 in 2022. PIF directly and indirectly generated 644,000 jobs, compared to 500,000 in 2022.