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 29 - Thumb

Saudi Arabia launches Rua Al Madinah Project

Saudi Arabia recently unveiled the Rua Al-Madinah masterplan - a mega real estate development near the Grand Mosque.

The project will be developed by the Rua Al-Madinah Holding Company,...

Read more
BSUS News 28 - Thumb

Demand for tourism services in Saudi Arabia soars

Saudi Arabia has witnessed demand for tourism services increase 108% according to a recent Business Traveler report.

Consequently, the value of tourism services reached SAR 4.1 billion (USD 1.1 billion)...

Read more
BSUS News 27 - Thumb

Saudi Arabia reports budget surplus from oil revenues

Saudi Arabia’s economy is predicted to grow at 7.6% this year according to the International Monetary Fund’s (IMF) World Economic Outlook 2022 report.

Its estimates for Saudi Arabia contradict the...

Read more
BSUS News 26 - Thumb

More investment in local industry under NIDLP

Saudi Arabia`s National Industrial Development and Logistics Program (NIDLP) invested SAR 378 billion (USD 100 billion) in local industry projects according to its 2021 report.

The program was introduced...

Read more
BSUS News 25 - Thumb

Saudi Arabia’s spending on health and education up

Saudi Arabia has increased its expenditure in the health and education sectors in the first half of 2022 according to recent figures published by the government.


Read more
BSUS News 24 - Thumb

Saudi Arabia’s logistics sector is reaching out to the world

Saudi Arabia`s Ministry of Transport is developing the logistics sector to support the Vision 2030 program of social and economic reform.

Diversifying the economy away from hydrocarbons is an important...

Read more
BSUS News 23 - Thumb

Artificial intelligence to be top contributor in MENA

Artificial intelligence (AI) is estimated to contribute SAR 1.2 trillion (USD 320 billion) to the economic growth in the Middle East and North Africa (MENA) region by 2030.

The figures were derived...

Read more
BSUS News 22 - Thumb

Interest of foreign investors booms in Saudi Arabia

Saudi Arabia’s Ministry of Investment (MISA) facilitated over 100 investment contracts valued at SAR 15 billion (USD 4 billion) in the first quarter of 2022.

The investments will create over 5,800...

Read more

Page Break