Saudi Vision 2030 is a strategic plan to develop the Saudi Arabian economy and decrease its dependency on oil. This transformation program aims to strengthen public service sectors like health, education, infrastructure, recreation, and tourism.
Reason behind the Vision
The economy of Saudi Arabia is primarily dependent on oil. The government has significant control over the principal economic activities. Saudi media outlets claim that the Kingdom of Saudi Arabia (KSA) is the largest oil exporter in the world.
Despite having between 16% and 22% of the world’s known oil reserves, the government is very concerned about the country’s population growth, reservoir degradation, and economic dependence on petroleum production and prices.
Creation of Vision 2030
The GCC’s largest economy has begun a journey of growth, diversification, and alliances with a young leader at the forefront.
The historic vision was foreseen by the Council of Economic and Development Affairs, which was presided over by Crown Prince Mohammad bin Salman in 2016.
Saudi Vision 2030’s Themes
Vision 2030 was visualized with three primary themes:
- A vibrant society
- A thriving economy
- An ambitious nation
1. A Vibrant Society
Saudi Arabia will emphasize its citizens and the Islamic religion to create a thriving society. This will be accomplished by fulfilling several commitments, such as increasing Umrah pilgrims from 8 million to 30 million annually.
Saudi Arabia aims to build the largest Islamic museum in the world, renovate Saudi heritage sites registered with UNESCO, and foster the emergence of cultural and leisure opportunities within the Kingdom.
It also intends to encourage healthy lifestyles so that the proportion of citizens who exercise once a week rises from 13 to 40% and develop the country’s infrastructure.
2. A thriving economy
The Kingdom will expand its economy and offer its people exciting career opportunities to build a strong economy. This will be accomplished by pledges to education, commerce, and invention.
Saudi Arabia aims to broaden its economy through the ongoing privatization of state-owned assets. It will create a sovereign wealth fund that will be supported through the partial initial public offering of Saudi Aramco.
It will open undeveloped sectors like manufacturing, renewable energy, and tourism. The government will also work to reform the curriculum and standards of Saudi educational institutions from early infancy.
At least five Saudi institutions will rank among the top 200 in the world by 2030. The country ponders on small and medium-sized enterprises (SMEs) by promoting financial support. SMEs’ share of GDP will rise to 35 percent by 2030 from 20 percent today.
3. An ambitious nation
Saudi Arabia will focus on integrity, transparency, and productivity in its governance approach. According to the Kingdom’s vision, only strong foundations can lead to sustainable success.
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The Kingdom will establish zero tolerance for all forms of corruption. It will increase transparency by enhancing online services and governance standards.
The government will train more than 500,000 public servants in best practices through the King Salman Program for Human Capital Development. It will strengthen the non-profit sector through improved effectiveness and impact.
Transformation Programs of Vision 2030
The Vision 2030 of Saudi Arabia is an approach for the future. This plan offers a novel and incredibly ambitious strategy to realize the Kingdom’s enormous potential by building a diversified and progressive nation.
The striving Saudi Vision 2030 has 11 initiatives in place to meet its 96 strategic goals, according to the Council for Economic and Development Affairs.
Financial Sector Development Program
The program aspires to create a competitive and productive financial industry to assist Saudi Arabia’s economic growth. It will increase its revenue streams, and encourage savings, financing, and investment.
Fiscal Sustainability Program
The plan seeks to improve government performance by increasing spending efficiency, raising revenue, and managing risk.
Health Sector Transformation Program
The project aims to reshape the Saudi health sector into a comprehensive, effective, and integrated health system. This structure will be based on the health of the individual and society and on the value-based care principle.
Housing Program
The scheme will provide housing solutions that meet the needs and aspirations of Saudi families, with a focus on sustainability and technology.
Human Capability Development Program
The program’s goal is to prepare Saudi citizens for the job market and to enable them to compete on a global scale.
This objective will accomplish by developing fundamental and future skills. Improvement of knowledge and values will benefit 21st-century and global citizenship skills.
National Industrial Development and Logistics Program
This agenda intends to turn Saudi Arabia into an industrial powerhouse and global logistics hub by leveraging resources from industries such as mining and energy. It will focus on the development of local content and industry.
National Transformation Program
The project seeks to achieve governmental operational excellence and improve economic enablers. This program will enhance living standards by accelerating the implementation of primary and digital infrastructure and engaging stakeholders.
Pilgrim Experience Program
This initiative desires to enrich and deepen the Hajj and Umrah experience through the provision of exceptional services at all stages of their journey.
Privatization Program
The program aims to increase the role of the private sector by allowing investment in state-owned assets. The quality of services will boost and overall expenditures will decrease if some government functions are privatized.
Public Investment Fund Program
The plan will encourage innovative domestic and international investment to diversify Saudi Arabia’s economy.
Quality of Life Program
The program will enhance people’s quality of life by creating an environment. It will encourage and provide new opportunities for residents and citizens to participate in recreational, environmental, and cultural activities.
Mega Projects of Vision 2030
Saudi Arabia is going through a significant societal, economic, and cultural revolution in line with its Vision 2030. Five mega-projects to make Saudi Arabia’s future prosperous are as follows:
- NEOM
- The Red Sea Project
- The Middle East Green Initiative
- The Soudah Development Company
- SAUDI-MADE
Impact of Vision 2030
Vision 2030 is a very courageous and innovative plan. Vision 2030 is created to break the Kingdom’s reliance on oil exports. It has inaugurated a new era of economic growth and prosperity through investment into vital main sectors.
It has brought about a wave of social reforms that have benefited women and young people. Saudi Arabia opened to the rest of the world for the first time.
Saudi Vision 2030 has created an atmosphere in which citizens are raised and given authority. The government is working cooperatively with its people toward a sustainable future. It is opening doors for a variety of industries and communities.
Since its inception seven years ago, Vision 2030 has laid the groundwork for ongoing social and economic development. Saudi Vision will build a better tomorrow for Saudi Arabia and its nation.
