Saudi Arabia Surpasses Vision 2030 Targets as Economy Doubles and Jobs Rise

Prime Highlights:

Saudi Arabia’s Vision 2030 program is making steady progress, with 85 percent of its goals already achieved or on track for completion by the end of 2024.
The country’s economy has doubled in size since the launch of Vision 2030, showing strong growth and diversification beyond oil.

Key Facts:

The non-oil sector now contributes 56 percent to Saudi Arabia’s GDP, up from 40 percent before Vision 2030 began.
Women’s participation in the workforce has risen to 37 percent, and unemployment has dropped to 7 percent, both surpassing national targets.

Background:

Saudi Arabia’s Vision 2030 plan is making steady progress, with 85 percent of its goals already met or on track to be finished by the end of 2024, said Investment Minister Khalid Al-Falih.

Speaking at the Fortune Global Forum in Riyadh, Al-Falih noted the country’s strong economic growth since the program began in 2016. The minister noted that Saudi Arabia’s non-oil sector now contributes 56 percent to the national GDP, compared to 40 percent before Vision 2030 began. He added that the Kingdom’s economy has expanded significantly, doubling in size from $650 billion to around $1.3 trillion.

Al-Falih said that Saudi Arabia’s efforts to grow its economy beyond oil have brought real progress in many sectors. He said the country has made strong progress in changing its economy and society. By the end of 2025, about 85 percent of the projects were finished or moving ahead as planned, with most goals reached or even surpassed.

The minister also revealed that 675 international companies have been licensed to set up their regional headquarters in Riyadh, surpassing the government’s original 2030 goal of 500. The regional headquarters program gives companies big benefits like a 30-year tax break, lower withholding taxes, and strong government support. This plan is helping make Riyadh a top business center in the region. Global firms such as Northern Trust, IHG Hotels & Resorts, PwC, and Deloitte have already set up offices in the city.

Al-Falih also shared positive updates on employment and social reforms. Saudi Arabia’s unemployment rate has dropped to 7 percent, and women now make up 37 percent of the workforce, going beyond the goals set in Vision 2030.

In another session, Al-Falih shared that British bank Barclays will soon get approval to open its regional headquarters in Riyadh, showing rising global trust in the Kingdom’s expanding economy.