The Saudi Economic outlook for 2030 heralds a significant transformation in the country’s economic landscape and the local and foreign investment markets.
Current economic indicators in the Kingdom suggest progress across various sectors, in alignment with the efforts and initiatives of Saudi Vision 2030.
In this article, we will explore the Saudi Economic expectations for 2030 and highlight the key economic goals outlined in Vision 2030.
Saudi Economic Expectations for 2030
The Saudi government, under Vision 2030, is actively working to enhance the national economy in order to build a dynamic economic society.
Authorities are striving to create an attractive environment for investments, while also generating job opportunities and utilizing citizens’ talents and capabilities.
In line with the implementation of Vision 2030 initiatives, the Saudi Economic forecast for 2030 indicates continued national growth and development.
Key projections for the Saudi Economic landscape by 2030 include:
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Raising the non-oil GDP contribution to 50%, up from 18.7%.
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Increasing the private sector’s contribution to GDP to 65%, compared to 40% currently.
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Boosting foreign direct investment (FDI) to 5.7% of GDP, up from 3.8%.
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Growing the Public Investment Fund (PIF) assets to over SAR 7 trillion, compared to SAR 600 billion.
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Ranking within the top 10 globally in the Competitiveness Index.
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Advancing to 25th place in the Logistics Performance Index, up from 49th.
Current State of the Saudi Economic Situation
After examining the future projections, what is the current status of the Saudi Economic situation?
Seven years into Vision 2030, economic indicators suggest that nearly 75% of the plan’s targets have already been achieved.
The Vision has led to success across several economic sectors and has contributed to a noticeable decline in the national unemployment rate.
Looking forward, the Saudi economy is expected to witness further advancement and prosperity, particularly with the gradual rollout of mega-projects aligned with Vision 2030.
According to the Saudi Minister of Finance, economic growth in 2024 is expected to reach 4.4%.
Vision 2030 Economic Goals
At the core of Vision 2030 are ambitious economic goals centered on building a prosperous and resilient Saudi Economic environment.
Vision 2030 aims to grow emerging industries, diversify the economy, and make the Saudi investment landscape more appealing to foreign investors.
The government also seeks to encourage entrepreneurship, create employment opportunities, and support local talents through legislative reforms and supportive programs.
Crown Prince Mohammed bin Salman has emphasized the critical role of public-private partnerships in driving economic growth.
Key strategic economic goals of Vision 2030 include:
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Facilitating business and economic activity.
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Developing the Saudi financial market.
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Empowering financial institutions to support private sector growth.
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Attracting more domestic and foreign investments.
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Increasing production and distribution capacity for gas.
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Raising local content in the oil and gas sectors.
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Advancing oil and gas-related industries.
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Privatizing certain government services.
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Opening state-owned assets to private sector participation.
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Rehabilitating economic zones and cities.
Accounting and Financial Services in Saudi Arabia
Business Pillars Company is a licensed professional firm offering a range of accounting and financial services to companies in the Kingdom.
The firm provides auditing, tax, and consulting services through a team of certified accountants.
Our services include:
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Feasibility studies for new projects.
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Corporate governance services.
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Internal and external audit procedures.
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Zakat and tax services.
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Local content compliance.
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Agreed-upon procedures.
Conclusion
The Saudi Economic outlook for 2030 is highly optimistic, promising substantial growth across both oil and non-oil sectors.
Through consistent effort and strategic initiatives, Saudi Arabia aims to realize the goals of Vision 2030 and foster a thriving, dynamic economy.
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