Saudi Vision 2030Untapped Funding and Business Growth Prospects
Vision 2030 was launched for Saudi to become the leading economy, drive digitalization, and enable businesses fast-track their growth, diversifying the country’s economic activities.
A glimpse into the future of Saudi, driven by its Vision 2030:
Women taking active part in the new economy
On one end of this remarkable development map, female labor participation has gone up by 37%, surpassing its goal of 30%. While on the other end of it, as Saudi aims to have 35% of the country's GDP originate from SMEs by 2030, the number of registered SMEs has gone up by 168% in the past 7 years, from 447,749 in 2016 to 1.2M in 2023, with female ownership in these SMEs reaching 45%.
Increase the private sector’s contribution from 40% to 65% in Saudi
The government is committed to creating an environment conducive to business expansion. By setting up your operations, you can tap into a growing market with a population of over 36M, the highest in the MENA region.
Raise global competitive Index ranking from 25th place to the top 10
As Saudi Arabia races to the top of global rankings, it attracts investments from foreign institutions, paving the way for increased spending on the development of the business landscape in the Kingdom.
$16.5bn+ of the total value of investments to come from public-private partnership
Unlock strategic opportunities and generate steady returns by working closely with the government on key economic projects such as the Riyadh Metro project which is worth $22.5B, NEOM, a $500B smart city project, and more.
Key pillars of Saudi Vision 2030
Quality of Life Program:
This program aims to improve the quality of life for Saudi citizens and residents by investing in education, healthcare, housing, and social services. The program supports the development of a world-class education system, provides affordable and accessible healthcare, builds affordable housing, and offers social services to support vulnerable Saudis.
Culture & Tourism Program:
This program aims to promote Saudi Arabia as a global cultural and tourism destination. The program invests in museums, art galleries, and historical sites, develops new tourism destinations, supports the development of the Saudi entertainment industry, and encourages Saudis to explore their own country.
Sports for All Program:
This program aims to increase participation in sports and physical activity among Saudi citizens and residents. The program builds new sports facilities, supports the development of Saudi athletes and sports teams, promotes sports tourism, and raises awareness of the importance of sports for health and well-being.
Non-Profit Sector Program:
This program aims to support the development of a vibrant and sustainable non-profit sector in Saudi Arabia. The program provides funding and support to non-profit organizations, helps them to develop their capacity and effectiveness, promotes collaboration between non-profit organizations, government agencies, and the private sector, and encourages Saudis to volunteer their time and skills to non-profit organizations.
Financial Sector Development Program:
This program aims to develop a more diversified and effective financial services sector in Saudi Arabia. The program develops new financial products and services, makes it easier for businesses to obtain financing, promotes financial literacy and inclusion among Saudis, and attracts foreign investment to the Saudi financial sector.
Small and Medium Enterprises (SME) Program:
This program aims to support the growth and development of SMEs in Saudi Arabia. The program provides financial assistance and other forms of support to SMEs, helps them to access new markets and grow their businesses, promotes entrepreneurship and innovation in Saudi Arabia, and creates jobs and supports economic growth.
National Transformation Program (NTP):
This program aims to diversify the Saudi economy and reduce its dependence on oil. The program invests in non-oil sectors such as tourism, manufacturing, and logistics, reduces the Saudi economy's dependence on oil exports, creates new jobs and opportunities for Saudis, and improves the efficiency and effectiveness of the Saudi government.
Public Investment Fund (PIF) Program:
This program aims to invest in strategic sectors of the Saudi economy, develop new economic opportunities and create jobs for Saudis, attract foreign investment to Saudi Arabia, and support the achievement of the Vision 2030 objectives. The PIF invests in sectors such as energy, infrastructure, and technology.
Human Capital Development Program:
This program aims to develop the skills and knowledge of the Saudi workforce to meet the needs of the future economy. The program invests in education and training programs, promotes lifelong learning and development, and supports the development of a knowledge-based economy.
National Digitization Program:
This program aims to transform Saudi Arabia into a leading digital economy. The program invests in digital infrastructure and services, promotes the adoption of digital technologies by businesses and individuals, develops a skilled digital workforce, and improves the efficiency and effectiveness of the Saudi government.
National Energy Program:
This program aims to diversify the Saudi energy sector by investing in renewable energy sources such as solar and wind power. The program reduces Saudi Arabia's reliance on oil exports, improves energy efficiency, and promotes sustainable development.
National Industrial Development and Logistics Program:
This program aims to develop Saudi Arabia into a regional industrial and logistics hub. The program invests in infrastructure and attracts foreign investment, promotes the growth of Saudi industries, creates jobs and supports economic growth, and improves the competitiveness of Saudi businesses.
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