Saudi Arabia’s economic outlook in line with the Saudi Vision 2030


Experts forecast that the economy of the Kingdom of Saudi Arabia will grow more significantly in the next years as the country looks towards economic diversification, self-sufficiency and sustainability in a bid to minimize the reliance on oil.

It is expected that most sectors will expand and witness more substantial growth in the future. The latest statistics suggest that the financial, insurance, real estate and service sectors will grow by 9% per year in the next years.

One of the many reasons for the growth is the national transformation program launched in 2016. The program concerns the development of the infrastructure in the country and an environment required to achieve the Saudi Vision 2030.

The Saudi Vision 2030 focuses on the aims and intentions of the Kingdom of Saudi Arabia to be achieved by 2030. It features eight key economic transformation targets translated into very specific objectives.

These elements include increasing the contribution of the private sector to gross domestic product (GDP), growing the government’s non-oil revenues and developing the country’s renewable energy capacity, expanding the local contribution to the oil and gas sector and raising the share of non-oil exports in the non-oil GDP. Further, the country is targeting an improvement of the position in global logistics, increasing travel and tourism including the capacity for pilgrimage and promoting household spending on entertainment activities.

The King Abdullah Petroleum Studies & Research Center (KAPSARC) published a paper titled “Economic Diversification Under Saudi Vision 2030: Sectoral Changes Aiming at Sustainable Growth” to mark the fifth anniversary of the launch of the vision. It focused on the macroeconomic and structural transformation of the Saudi Arabian economy.

The paper emphasized evidence that economic diversification would make the economy more resilient to external demand shocks, help to create higher-skilled jobs and establish a knowledge-based economy. It showed that the relative share of the wholesale and retail trade, restaurants and hotel or hospitality was expected to reach 16 percent of the gross domestic product (GDP) by 2030, followed by transport, storage and communication.

Please click on the link and reach out to learn more about the Saudi Vision 2030 as well as opportunities and possibilities in the Kingdom of Saudi Arabia and the initiatives of Business Start Up Saudi Arabia.

Other News

BSUS News 19 - Thumb

Demand and timing key to success in Saudi Arabia

Saudi Arabia’s technology sector is growing rapidly as start-ups, scale-ups and small businesses take advantage of the Kingdom’s ongoing economic reforms.


Read more
BSUS News 17 - Thumb

PIF generated half a million jobs in Saudi Arabia

Saudi Arabia`s Public Investment Fund (PIF) has generated over 500,000 jobs in 13 strategic sectors.

One of the central roles of the PIF is to increase economic and business opportunities in the Kingdom...

Read more
BSUS News 16 - Thumb

Saudi Green Initiative to be launched in November

Saudi Arabia will launch the Saudi Green Initiative in November as the Kingdom continues its journey towards a sustainable future.

Sustainability is at the heart of the Saudi Vision 2030...

Read more
BSUS News 15 - Thumb

Innovation driven by health sector in Saudi Arabia

Saudi Arabia is actively encouraging innovation in the health sector to promote healthier lifestyles with better mental health.

It is expected to result in superior healthcare with benefits including...

Read more
BSUS News 14 - Thumb

Saudi Arabia’s hospitality sector is expanding quickly

Saudi Arabia welcomed 15 million tourists in the first three months of 2022 as the tourism sector witnessed a post pandemic revival.

Prior to the pandemic, Saudi Arabia transformed its tourist visa...

Read more
BSUS News 13 - Thumb

Saudi Arabia’s economy is estimated to grow significantly

Saudi Arabia's economy grew by 9.6% in the first quarter of 2022 according to flash estimates by the General Authority for Statistics (Gastat).

Early figures record...

Read more
BSUS News 12 - 020.00 - Thumb

Turkey and Saudi Arabia enroute to revive ties after visit

Saudi Arabia`s King Salman welcomed Turkish President Tayyip Erdogan recently at the al-Salam palace in the Red Sea city of Jeddah.

It is hoped the visit will lead to the normalisation of relations...

Read more
BSUSA News 11 - Thumb

Saudi Arabia improves status of foreign investors

Saudi Arabia`s most recent investment law is expected to increase international business in the country by 50 percent and significantly increase the country’s non-hydrocarbon gross domestic product.


Read more

Page Break