By Ijaz Ahmad Tarar, PhD
The Kingdom of Saudi Arabia has marked another trans formative year in its journey toward achieving Vision 2030. The 2024 annual performance review highlights sweeping accomplishments across all dimensions of the national transformation strategy, with many key performance indicators not only achieved but surpassed ahead of schedule. As the second phase of Vision 2030 (2021–2025) nears completion, Saudi Arabia’s steady progress and strategic execution affirm the credibility, resilience, and ambition of the Vision, further elevating national confidence and international recognition.
Saudi Arabia maintained macroeconomic stability in 2024 while accelerating structural reforms
aimed at diversifying its economy. Real GDP growth was driven primarily by non-oil sectors,
with real non-oil GDP rising by 4.3% and overall non-oil economic activity increasing by
3.9%. The shift toward a diversified, resilient economy was further validated by inbound
foreign direct investment reaching $20.69 billion in Q4 2024. Market sentiment remained
highly positive, as reflected in the Saudi Purchasing Managers’ Index (PMI), which registered
58.1—well above expansionary thresholds. Inflation was kept at a minimal 1.7%, among the
lowest rates in the G20, underscoring the Kingdom’s sound fiscal and monetary policies.
The labor market showed strong gains, with the national unemployment rate reaching the
Vision 2030 target of 7%, down from 12.3% in 2016. This reflects the creation of quality job
opportunities across diversified industries, supported by workforce participation strategies.
Credit rating agencies maintained a stable outlook on the Kingdom’s fiscal health: Moody’s
rated Saudi Arabia AA3, Fitch issued an A+ rating, and S&P maintained A/A-1, signaling
international confidence in the country’s long-term economic prospects. Looking ahead,
global institutions including the Saudi Ministry of Finance, OECD, World Bank, and IMF
have forecasted strong GDP growth for 2025, ranging between 3% and 4.6%, highlighting
continued investor confidence and macroeconomic momentum.
Saudi society also witnessed transformative progress in 2024. Under the Vision’s pillar for
building a vibrant society, the Kingdom welcomed a historic 16.92 million foreign Umrah
pilgrims, exceeding its annual target and reinforcing its leadership in serving the Islamic world.
The Saudi homeownership rate climbed to 65.4%, surpassing its 2024 benchmark and
reflecting improvements in family stability and housing accessibility. Cultural preservation
efforts reached a new milestone with eight Saudi sites now inscribed on the UNESCO World
Heritage List—meeting the 2030 target six years ahead of schedule. Civic participation and
volunteerism surged, with the number of registered volunteers exceeding 1.2 million, a figure
that surpasses the Vision’s 2030 goal and signals a growing culture of public engagement.
Economic competitiveness and strategic investment were further reinforced through the
performance of the Public Investment Fund (PIF), whose assets under management soared
to $941.33 billion, well above the 2024 target of $880 billion. The number of unlocked
investment opportunities rose to 1,865, exceeding the target of 1,197, and creating strong
incentives for both domestic and international investors. These outcomes reflect the
Kingdom’s deepening integration of public-private partnerships, proactive regulatory reforms,
and modernization of its economic landscape.
Digital transformation and institutional efficiency have also advanced dramatically. In a major
global leap, Saudi Arabia’s ranking in the United Nations E-Government Development Index
improved by 25 places, rising to 6th worldwide. This significant jump underscores major gains
in digital governance, service delivery, and public sector innovation. Furthermore, enhanced
national planning, financial governance, and performance measurement systems were
deployed, backed by advanced tools co-developed with global organizations. These efforts are
underpinned by ongoing reforms to the national GDP framework in alignment with the
System of National Accounts (SNA), aimed at improving data quality, transparency, and
international comparability.
Performance indicators for Vision 2030 initiatives continue to reflect strong execution and
adaptive planning. Of 1,502 active initiatives, 674 have already been completed and 596 remain
on track. In 2024 alone, 438 new initiatives entered the implementation phase. Out of 374 key
performance indicators currently tracked, 299 were fully achieved—including 257 that
surpassed their targets—while 49 reached between 85% and 99% of their goals. Overall, 93%
of Vision Realization Program (VRP) and national strategy KPIs were either achieved or on
track in 2024. These achievements span across diverse sectors and reflect the strategic
alignment between policy, investment, and delivery mechanisms.
Throughout 2024, Vision 2030 remained dynamic and adaptive, with several indicators
updated or replaced to better reflect shifting national priorities and evolving regional and
global contexts. Technical challenges affecting some programs were swiftly addressed through
targeted corrective measures and recalibrated execution plans. This flexibility, paired with nine
years of accumulated expertise and institutional learning, has positioned Saudi Arabia as a
model for ambitious, yet grounded national transformation.
Saudi Arabia’s global stature also continued to rise. In 2024, the Kingdom played a central role
in regional diplomacy, energy dialogue, and international development. Strategic scaling of
roles for the Public Investment Fund and National Development Fund has amplified the
economic multiplier effect across national projects. At the same time, Vision 2030 initiatives
emphasized long-term sustainability, environmental responsibility, and enhanced public value,
reinforcing the Kingdom’s leadership in shaping a more sustainable, inclusive future.
As 2024 concludes, Saudi Arabia stands as a nation in confident motion—transforming its
economic model, enhancing quality of life, and inspiring a future shaped by opportunity,
resilience, and excellence. The year’s achievements offer more than a snapshot of success; they
reflect a strategic evolution deeply rooted in vision, determination, and the unyielding pursuit
of national greatness.
