Vision 2030: Transforming Saudi Arabia’s Future

In 2016 Saudi Arabia unveiled a transformative blueprint and economic growth plan, Vision 2030, that aims to diminish the Kingdom’s dependency on petrowealth by diversifying its economy. The projects under the blueprints umbrella are concentrated in the tourism, infrastructure, and technology sectors, for which the country’s Public Investment Fund acts as a major source of financing. Despite its economic nature, Vision 2030, is connected to a radical change in the Kingdom’s social fabric.

The core objectives of Vision 2030 consist of three main pillars. The first ensures the country’s key role in the Islamic world. The focus hereby lies in maintaining and reviving Saudi Arabia's Islamic and cultural history. Part of this is improving religious and cultural sites, not just as symbols of Islamic faith, but also to create and improve centers for cultural and religious tourism. The first pillar also aims to enhance the health and Social capital of the Saudi population, by improving education, increasing the rate of individual exercising, and more.

For the second pillar, Vision 2030 aims to turn Saudi Arabia into a key player in global investment. Their intended goals go beyond the diversification away from oil money. They include pushing for new ideas in the tech, clean energy, and travel sector, creating a more dynamic economy. Key goals are to increase the role of private businesses in the country's economy and to grow their Public Investment Fund into one of the world's largest, increasing its assets from SAR 600 billion to over SAR 7 trillion. The Kingdom’s economic plans are also affecting the country's social structure, as they aim to decrease unemployment and increase women’s participation in the workforce.

The focus of the third pillar lies on government efficacy. It encompasses objectives such as increasing non-oil government revenue from SAR 163 billion to SAR 1 trillion, becoming a leading nation in E-Governance and improving government services. Furthermore it aims to amplify the GDP contribution of the non-profit sector and foster a significant increase in volunteerism.

With Vision 2030, Saudi Arabia is constructing so-called ‘giga projects’ that reflect the blueprints main goals. These projects include NEOM, a linear city bordering the Red Sea and a floating city port with advanced manufacturing facilities, and the construction of 50 hotels and 1,000 residential properties on islands along the country’s west coast.

Vision 2030 marks a turning point in Saudi Arabia’s social strategy. Though there are obstacles, like diversifying the economy, creating job opportunities for the youth, the current progress demonstrates a strong dedication to this transformative path. The successful realization of Vision 2030 could not only redefine Saudi Arabia’s economic landscape but also profoundly impact the social fabric of the Kingdom.