Since the inception of a decade of achievement Saudi Vision 2030, eight years have passed. The initiative is to transform the Kingdom of Saudi Arabia into a diversified, dynamic, and globally competitive economy. As reflecting on the milestone, Saudi Arabia not merely stayed on the track but moved ahead in the journey of transformation. Saudi Arabia is on the ambitious journey of achieving the transformative goal of Saudi Vision 2030.
Unveiling the Progress Towards Saudi Vision 2030
Saudi Vision was launched under the guidance of Crown Prince Mohammad bin Salman in 2016. This vision created a transformative, sustainable, and diversified Kingdom. A kingdom that not merely relies on oil revenues but, is a thriving hub for entrepreneurship, innovation, and investment. Saudi Arabia is on the road to remarkable achievements towards the ambitious goal of a decade of achievement Saudi Vision 2030.
In the journey of Saudi Vision 2030, combined efforts of the Government, Saudi citizens, International partners, and private sectors are involved. Eight years since its launch the efforts are ongoing. Saudi Arabia is now entering into the implementation phase of 2025 for a genuine transformation.
At the end of the previous year 2023, 197 of 243 key performances were achieved. And revenue surpassed almost $121.8 billion which contributes 50%. The improvement in the business ecosystem is also a part of the vision. Increasing the number of small and medium-sized enterprises through providing more opportunities. Saudi Arabia aims to provide ease in foreign ownership in many sectors and streamline the business ecosystem.
Delve into the Percentages
The contribution of the Private sector in the GDP is almost 45% which is a remarkable increase from 40.3% and moving closer to the target of 65%. Foreign Direct Investment is contributing 2.4% to the GDP.
The public Investment fund is over $749 billion which crossed the target of $720 billion. The venture capital investment is $1.4 billion. The rate of unemployment decreased from 12.3% in 2016 to 7.7% as per the previous year 2023 which also crossed the target of 8% and is near to achieving Saudi Vision 2030 target of 7%.
SMEs; A key component of the Vision 2030
Small and medium-sized enterprises (SMEs) and small and medium-sized businesses (SMBs) play a significant role in contributing to the economy of the Kingdom. Therefore, since the launch of Vision, there has been almost above 200% growth recorded in this sector. Financial aid of SR10 billion which is $2.67 billion is for SMEs.
During the year 2022, the Small and Medium Enterprises Bank provided aid and assistance to SMEs. Moreover, to enhance the contribution of SMEs in the economy.
The vision initiative is to provide assistance and support to the several programs provided by Monsha’at, The General Authority of Small and medium-sized enterprises. There’s another community for the growth of SMEs is Tomoh. Additionally, this community contributed to the listing of 18 enterprises on the Saudi Stock Exchange.
Empowering the Participation of Women in Vision 2030
The most remarkable achievement is the participation of females in the labor force, about 35.5% which surpasses the Vision 2030 goal. Also, a massive number of women are leading in the government, academia, media, and business sectors. The government also played a key role in increasing job opportunities for women across various sectors.
The aspect of Vision 2030 is that it encourages female entrepreneurs to thrive in the business market. Loan programs, networking events, and business incubators assist female entrepreneurs in the growth of their businesses.
Conclusion
MFD Business Solution embarking the Vision 2030 by supporting SMEs, and SMBs and by providing its services in the Kingdom as well as globally. Exceed your expectations with MFD Business Solutions to foresee the Kingdom of Saudi Arabia as a dynamic, innovative, and transformative hub in Vision 2030.