The progress made in Saudi Arabia's transformation under Vision 2030 is remarkable, with significant achievements across various socio-economic domains. By the end of 2023, the plan was already ahead of schedule, with 87 percent of its 1,064 initiatives deemed completed or on track.
The economic diversification strategy outlined in Vision 2030 has led to substantial growth in non-oil revenue, foreign direct investment, and the contribution of the private sector to the GDP. Revenues surpassed $121.8 billion by the end of 2023, contributing 50 percent to the real GDP, while the non-oil GDP soared past baseline targets.
Saudi Arabia's strategic location, coupled with economic and regulatory reforms, has made it an attractive destination for foreign investment. More than 180 companies obtained permits to open regional offices in the Saudi capital in 2023.
Additionally, the Kingdom has seen significant progress in reducing unemployment rates and increasing female workforce participation. The unemployment rate dropped to 7.7 percent in 2023, surpassing targets, while female participation reached an all-time high of 35.5 percent, exceeding the Vision's goal.
Efforts to support small and medium enterprises (SMEs) have also yielded positive results, with over 200 percent growth since the launch of Vision 2030. Initiatives such as the establishment of the Small and Medium Enterprises Bank and programs like the "Tomoh" community have provided crucial support to SMEs, fostering their growth and development.
Overall, Saudi Arabia's Vision 2030 has not only transformed the economy but also created opportunities for its citizens, empowered women, and nurtured the growth of SMEs, laying a strong foundation for sustainable development and prosperity.