Kingdom of Saudi Arabia

"We are open for business. We want to create an environment that is attractive for investment. The Saudi people are capable, and the opportunities are enormous."

~ Crown Prince Muhammed bin Salman

A Kingdom in Motion

Saudi Arabia's Vision 2030, launched by Crown Prince Mohammed bin Salman in 2016, is an ambitious and bold initiative aimed at reducing the kingdom's reliance on oil and fostering a diversified economy. The initiative aims to diversify the economy, reduce dependence on oil, and enhance sectors such as tourism, technology, and renewable energy. It is built on three key pillars: a vibrant society, a thriving economy, and an ambitious nation, with strategic programs designed to foster innovation, attract investment, and improve the quality of life for citizens. Vision 2030 also emphasizes sustainability and global collaboration, positioning Saudi Arabia as a leader in modern development.

The plan prioritizes several key sectors, including tourism and entertainment, where Saudi Arabia is investing heavily to become a global destination. Clean and renewable energy is another major focus, with ambitious goals to generate 50% of the country's energy from sustainable sources by 2030. The technology and innovation sector is also expanding, with projects like NEOM integrating AI and smart infrastructure. Additionally, advanced manufacturing and industrial development are being strengthened through initiatives such as the National Industrial Development and Logistics Program. These efforts collectively aim to create a more resilient and diversified economy, positioning Saudi Arabia as a hub for global commerce and innovation.

Saudi Arabia’s Vision 2030 has also laid the groundwork to diversify the Saudi economy and opened the country to foreign business and investment. The rapid transformation of major cities like Riyadh and Jeddah, and the development of the new city of NEOM has led to demand for products, services, and investment in variety of sectors supporting critical infrastructure in Saudi Arabia. Saudi Arabian sovereign wealth funds, government institutions, and private investment groups are investing key foreign innovation that is targeted at developing the Saudi economy and bringing innovation for development and production in Saudi Arabia and export to the broader region.

Saudi Arabia’s cornerstone diversification roadmap is encapsulated in Vision 2030, launched in April 2016, which aims to drastically reduce oil dependency and transition the economy toward a knowledge‑driven, sustainable model.

Vision 2030 Key Sectors Include:

· Manufacturing & advanced industry: expanding high-value petrochemicals, electronics, pharmaceuticals, and local content to spur non-oil exports and job creation.

· Tourism & entertainment: mega‑projects like NEOM, the Red Sea Project, AlUla, Qiddiya, and cultural heritage restorations aim to diversify economic activities and build vibrant social environments.

· Technology & digital infrastructure: heavy investment in AI, IoT, fintech, data centers, and smart city platforms to position Saudi as a regional tech hub.

· Renewable energy & green hydrogen: ambitious targets for solar, wind, and hydrogen powered by the Saudi Green Initiative to reach 50% renewable energy output by 2030.

· Healthcare & lifesciences: expanding the size and scope of the Saudi healthcare network with new hospitals, clinics and research institutions, as well as increased focus on pharmaceuticals development and manufacturing.

· Education, research, and work force development: expanding capacity and quality in line with Vision 2030’s social goals—raising labor force participation, improving human capital, and boosting non‑oil revenues.

· Infrastructure & logistics: deploying massive transport and urban developments—metro systems, smart cities, fiber networks—often through public‑private partnerships to support diversified economic growth.

Taken together, these initiatives—backed by the powerful Public Investment Fund (PIF), regulatory reforms like 100% foreign ownership, and special economic zones—have led to tangible progress: non‑oil GDP growth, increased private sector share (47% of GDP by 2024), and Saudi unemployment halving to around 7% . By committing to strategic investments across these priority sectors, Saudi Arabia is steadily transforming into a diversified, global investment powerhouse.

"We want to be a nation of dreamers and doers, a nation that leads the world in innovation and creativity."