Saudi Arabia’s Vision2030 program has achieved major progress, with 85 percent of its targets completed or on track by the end of 2024. Investment Minister Khalid Al-Falih confirmed the milestone during the Fortune Global Forum Conference in Riyadh, underscoring the Kingdom’s rapid transformation under Crown Prince Mohammed bin Salman’s reform plan.
Speaking at the event, Al-Falih said the non-oil sector now contributes 56 percent to Saudi Arabia’s gross domestic product. Before Vision2030 launched in 2016, that figure stood at only 40 percent. The minister added that the Kingdom’s economy has doubled in size, growing from $650 billion to about $1.3 trillion.
The Vision2030 program aims to diversify Saudi Arabia’s economy and reduce dependence on oil revenues. It also focuses on expanding investment, empowering citizens, and enhancing the quality of life. Al-Falih said the country’s progress reflects strong government coordination, private sector confidence, and international partnerships.
During his remarks, Al-Falih highlighted that 675 international firms have already established their regional headquarters in Riyadh. The regional headquarters program offers a 30-year corporate tax exemption, withholding tax relief, and extensive regulatory support. The initiative aims to attract 500 global companies by 2030 but has already exceeded that goal.
Major international corporations such as Northern Trust, IHG Hotels & Resorts, PwC, and Deloitte have set up offices in the capital. The growing number of regional headquarters reinforces Riyadh’s position as a leading business hub in the Middle East.
Al-Falih also noted major social achievements under Vision2030. He said Saudi Arabia’s unemployment rate has dropped to 7 percent, reflecting new job opportunities in diverse sectors. Additionally, women’s participation in the workforce has reached 37 percent, surpassing the original target set in the Vision2030 framework.
In another session at the same conference, Al-Falih revealed that British bank Barclays will soon open its regional headquarters in Riyadh. He said the approval process is nearly complete, signaling continued investor confidence in Saudi Arabia’s expanding financial landscape.
Economic analysts view these developments as a sign of Saudi Arabia’s growing global relevance. The country’s success in implementing Vision2030 demonstrates resilience and long-term planning amid shifting global markets.
As 2025 approaches, the Kingdom continues to attract investment, foster innovation, and empower citizens. With most of its goals already met or nearing completion, Vision2030 remains central to Saudi Arabia’s journey toward a diversified, sustainable, and globally competitive economy.
