KSA Vision 2030
The Saudi Vision 2030 is a strategic framework launched by the Kingdom of Saudi Arabia in April 2016 and aims to diversify the economy and reduce the country's dependence on oil revenue, create job opportunities for the youth, improve the standard of living for citizens, and promote social and cultural change in the country.
1. A Vibrant Society
This pillar focuses on enhancing the quality of life for Saudi citizens, promoting social and cultural development, and improving the health, education, and entertainment sectors.
2. A Thriving Economy
This pillar aims to diversify the economy, increase private sector participation, and promote entrepreneurship and innovation. It also aims to increase employment opportunities for Saudi citizens.
3. An Ambitious Nation
This pillar focuses on promoting Saudi Arabia's heritage and culture and developing a knowledge-based economy and a sustainable environment.
To achieve these goals, the Saudi Vision Realization Program was announced and includes a range of initiatives and reforms, such as privatizing state-owned companies, developing new tourism and entertainment industries, investing in renewable energy, and improving the country's education and healthcare systems.
The Vision Realization Programs (VRPs) were designed to translate Vision 2030 into action. 11 programs were announced to align their activities through approved delivery plans guided by pre-defined objectives and KPIs tied to 5-year milestones.
As Vision 2030 moves into the next stage, the VRPs have been reviewed, assessed, and re-aligned to match the needs of Saudi Arabia and to best achieve Vision 2030.
- Quality of Life: This program aims to improve the quality of life of Saudi citizens by promoting healthy lifestyles, enhancing cultural and entertainment activities, and developing public spaces.
- National Industrial Development and Logistics Program (NIDLP): This program aims to create an integrated industrial and logistics ecosystem in Saudi Arabia, with a focus on attracting foreign investment and promoting the development of local industries.
- Public Investment Fund (PIF): This program aims to transform the PIF into one of the world’s largest sovereign wealth funds, with a focus on investing in strategic sectors and promoting economic growth.
- Privatization Program: This program aims to privatize state-owned enterprises and promote private-sector investment, with a focus on creating new job opportunities and boosting economic growth.
- Fiscal Balance Program (FBP): This program aims to balance the Kingdom’s budget by increasing revenue and reducing expenditures, with a focus on improving the efficiency of government spending.
- National Transformation Program (NTP): This program aims to implement the Vision 2030 plan by establishing specific targets and initiatives in key sectors, such as education, healthcare, and infrastructure.
- National E-Commerce Strategy: This program aims to promote the growth of e-commerce in Saudi Arabia, with a focus on developing the necessary infrastructure and regulations to support the sector.
- Saudi Arabian Military Industries (SAMI): This program aims to develop Saudi Arabia’s military-industrial capabilities, with a focus on creating local jobs and promoting technology transfer.
- National Renewable Energy Program (NREP): This program aims to increase the share of renewable energy in Saudi Arabia’s energy mix, with a target of generating 50% of the Kingdom’s electricity from renewable sources by 2030.
- Housing Program: This program aims to provide affordable housing to Saudi citizens, with a target of increasing the rate of home ownership to 70% by 2030.
- Human Capital Development Program (HCDP): This program aims to develop the skills and capabilities of Saudi citizens, with a focus on promoting education, training, and employment opportunities.