Saudi Vision 2030, sometimes called Project 2030, is a government program launched by the Kingdom of Saudi Arabia. The project aims to diversify the economy of the country, while also evolving it socially and culturally. First announced on April 25, 2016 by the Saudi government, the project aligns with the vision of Saudi Crown Prince and Prime Minister Mohammed bin Salman. The project is the country’s efforts to reduce its dependence on oil.
Oil accounts for a major share of Saudi Arabia's real GDP, varying on a year-to-year basis with fluctuations in oil prices. It accounts for an average of 75% of fiscal revenue for the country.
Since the 1970s, the Saudi Arabia government has been emphasising on the need for a reduced dependence on oil, prioritising alternative sources of generation of revenues, such as taxes, fees, and income from the sovereign wealth fund.
According to its Vision 2030, the Saudi Arabian government plans to reduce the public spending by its citizens by offering more subsidies and higher salaries. The country also aims to increase the portion of the economy contributed by the private sector to provide more employment opportunities.
This vision has three main pillars: to make the country the "heart of the Arab and Islamic worlds", to become a global investment powerhouse, and to transform the country's location into a hub connecting Afro-Eurasia.
Supervised by the National Center for Performance Measurement, the Delivery Unit, and the Project Management Office of the Council of Economic and Development Affairs, Saudi Vision 2030 lays out targets for diversification and improving competitiveness.
Saudi Vision 2030 is structured upon three overarching themes, each delineating precise objectives intended for realisation by the year 2030:
The first thematic pillar focuses on fostering a vibrant society, envisioning advancements in urbanism, culture, entertainment, sports, Umrah pilgrimage, UNESCO heritage sites, and improvements in life expectancy.
The second key theme centers on cultivating a thriving economy, targeting milestones in various economic dimensions. Objectives include facilitating increased employment opportunities, empowering women in the workforce, boosting international competitiveness, leveraging the potential of the Public Investment Fund, encouraging foreign direct investment, and promoting non-oil exports.
The third foundational theme of Saudi Vision 2030 revolves around shaping an ambitious nation. This encompasses a strategic approach to augment non-oil revenues, enhance government effectiveness, embrace e-government initiatives, optimise household savings and income, bolster the role of non-profit organisations, and encourage volunteering. The aim is to build a dynamic and ambitious national landscape that transcends traditional economic paradigms, promoting sustainable growth and prosperity for the nation and its citizens.
The Vision Realisation Programs (VRPs) play a pivotal role in the comprehensive implementation of Saudi Vision 2030. Introduced by the Council of Economic and Development Affairs (CEDA) on April 24, 2017, these thirteen programs are strategically designed to address various facets of the kingdom's development. The programs encompass a wide array of sectors, including the Quality of Life Program, which focuses on enhancing citizens' well-being through improvements in entertainment, sports, and cultural offerings. The Financial Sector Development Program aims to strengthen and diversify the financial sector, fostering economic stability and growth.
Other significant VRPs include the Housing Program, addressing the housing needs of the growing population, and the National Transformation Program, which outlines key goals to shift the country's reliance from oil revenues to alternative income sources. The Public Investment Fund Program, Privatisation Program, and National Industrial Development and Logistics Program are integral components focused on stimulating economic diversification and growth. Additionally, the Human Capital Development Program underscores the importance of investing in education and skills development to empower the Saudi workforce.
Supervision: Crown Prince Mohammad bin Salman oversees the implementation of Vision 2030, with the overall guidance and decision-making authority vested in the Council of Ministers and the Council of Economic and Development Affairs (CEDA). The director of CEDA, along with the managers of the initial 12 Vision Realisation Programs, is tasked with ensuring the plan's proper execution on a five-year basis. Each year, individual entities within the framework are held accountable for their budgets and objectives, emphasising a structured and accountable approach to the realisation of the vision's goals.
The Government Structure
In the pursuit of achieving the strategic objectives outlined in Vision 2030, a comprehensive restructuring of government entities has been implemented, encompassing the creation of new entities and the reorganisation or merging of existing ones. One notable addition is the establishment of the Council of Economic and Development Affairs, designed to play a pivotal role in shaping economic policies and development strategies. Another key introduction is the National Center for Performance Management, aimed at enhancing performance evaluation mechanisms across various government functions.
In the realm of cultural development, the Ministry of Culture has been introduced to foster artistic endeavors and cultural growth. Simultaneously, the General Authority for Entertainment has been formed to oversee and promote the burgeoning entertainment sector. The restructuring efforts extend to strategic planning, with the reorganisation of the Strategic Management Committee and Strategic Management Office, reinforcing their roles in shaping and executing strategic plans.
The Ministry of Commerce now stands as an independent entity, having evolved from the Ministry of Commerce and Industry. Additionally, the introduction of the Ministry of Investment aims to facilitate and promote various investment initiatives. Addressing the human capital and social welfare aspects, the Ministry of Human Resources and Social Development has emerged from the integration of the Ministry of Labor and Social Affairs.
Consolidation efforts include the Ministry of Energy, which now encompasses functions previously handled by the Ministry of Petroleum and Mineral Resources, as well as the Ministry of Industry and Mineral Resources. The Ministry of Environment, Water and Agriculture has undergone restructuring through the merger of the Ministry of Water and Electricity and the Ministry of Agriculture.
Further distinctions have been made with the Ministry of Hajj and Umrah, now operating as a separate entity from the Ministry of Hajj. Finally, the establishment of the Public Education Evaluation Commission aims to oversee and enhance the evaluation processes within the realm of public education
The National Transformation Program, approved by the Council of Ministers on June 7, 2016, serves as a foundational element of Saudi Arabia's Vision 2030, outlining specific goals and targets to be achieved by 2020. Structured in three 5-year phases, each phase plays a pivotal role in advancing the Kingdom towards the overarching objectives of Vision 2030. To facilitate the financing of these transformative projects, Crown Prince Mohammad bin Salman announced in January 2016 the intention to conduct an initial public offering (IPO) for Saudi Aramco, albeit with only 5% of the company made public.
The entertainment sector in Saudi Arabia has undergone a significant transformation, aligning with the goals of Vision 2030. In May 2016, a General Authority for Entertainment was established by royal decree, backed by a substantial investment exceeding $2 billion. Riyadh witnessed its first public live music concert in over 25 years in May 2017, featuring American country musician Toby Keith and Saudi singer Rabeh Sager.
Additionally, the government unveiled plans for a vast sports, culture, and entertainment complex spanning 334 square kilometers at Al-Qidiya, southwest of Riyadh, with a Six Flags theme park.
Celebrating the 87th anniversary of the country's founding as part of Vision 2030, concerts and performances marked the occasion. Notably, this period saw a groundbreaking moment as women were granted access to Riyadh's King Fahd International Stadium for the first time. The General Sports Authority announced a decade-long partnership with World Wrestling Entertainment (WWE) on March 5, 2018, resulting in annual pay-per-view events in Saudi Arabia. While initial events excluded WWE's female performers due to restrictions, the scenario changed at Crown Jewel on October 31, 2019, hosting the first women's professional wrestling match in Saudi Arabia.
Ending a 35-year moratorium on new movie theaters, Saudi Arabia welcomed its first modern cinema on April 18, 2018, owned by AMC Theatres. The Red Sea Film Festival was announced in 2019, featuring prominent Hollywood stars like Will Smith and Johnny Depp in 2023. Riyadh Season, inaugurated in 2019, became an annual winter festival showcasing diverse entertainment, including concerts, attractions, and cultural pavilions. In 2024, Riyadh Season expanded to include captivating sports events such as "Day of Reckoning" boxing matches and the "Last Dance" football match, featuring stars like Lionel Messi and Cristiano Ronaldo.
Looking ahead, Saudi Arabia unveiled plans in January 2020 to construct a new racing circuit in Qiddiya, designed by former Formula One driver Alexander Wurz, with aspirations to host F1 or MotoGP events by 2023. Simultaneously, the development of a circuit in Jeddah was announced to host the inaugural Saudi Arabian Grand Prix in 2021.
Women's rights in Saudi Arabia have undergone notable changes in recent years. In early 2017, Saudi state schools announced the introduction of physical education classes for both boys and girls, scheduled to commence in the fall of 2017. Later the same year, another significant step was taken as the state declared its decision to allow women to attend sports events, including those held inside sports stadiums. On September 26, 2017, a royal decree was issued, granting women the long-awaited right to drive vehicles, effective from June 2018. In August 2019, Saudi Arabia lifted travel restrictions on women and granted greater autonomy to those above the age of 21.
Saudi Arabia took significant steps to promote tourism as part of its Vision 2030 initiative. On September 27, 2019, the country officially announced the issuance of tourist visas, allowing visitors from 49 countries to explore the nation for up to 90 days for a fee of $80. This marked a strategic move to diversify the economy and reduce its reliance on oil.
Numerous major projects have been outlined under Saudi Vision 2030, reflecting the country's commitment to comprehensive development. NEOM, a futuristic city planned for Tabuk, covers an extensive area of 26,500 km2 and is expected to be completed by 2030 with an estimated cost of $500 billion. Qiddiya, located southwest of Riyadh, is a massive entertainment, sports, and cultural complex spanning 334 km2, scheduled for completion in 2030 with an investment of $9.8 billion.
The Red Sea Project, including the Amaala Project, situated in Tabuk over 28,000 km2, is planned in two phases, with completion expected in 2035 and an estimated cost of $23.6 billion. Other noteworthy projects include the Roshn development across multiple locations with an investment of $1.9 billion, the Diriyah Gate project in Diriyah costing $63.2 billion, and the Riyadh Metro, expected to be completed by 2024 with a budget of $22.5 billion.
Among the ambitious ventures is the King Salman Energy Park, covering 50 km2 between Dammam and Al-Ahsa, set for completion in 2021 in its first phase with a cost of $1.6 billion.
Jeddah Central, Jeddah Economic City, and Masar Destination in Mecca are also part of the vision, contributing significantly to the overall investment of $30 billion, $19.9 billion, and $9.8 billion, respectively.
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