Saudi Minister: Vision 2030 Achieves 85% Completion
Saudi Arabia’s investment minister, Khalid Al-Falih, announced significant progress regarding Vision 2030 initiatives during the Fortune Global Forum in Riyadh. As of the end of 2024, 85% of the targets have been achieved or are on track for completion.
Progress on Vision 2030 Goals
Al-Falih highlighted the remarkable transformations within the kingdom’s economy and society. “We’ve made remarkable progress transforming our economy and society,” he stated. Most of the established targets have either been met or exceeded, demonstrating the kingdom’s commitment to its ambitious goals.
Key Statistics and Achievements
- 85% of Vision 2030 initiatives completed or on track as of late 2024.
- Regional headquarters of 675 companies established in Riyadh.
This update comes just before the annual Future Investment Initiative conference, which is set to begin on Tuesday. However, specific achievements of the 2030 plan were not detailed by the minister.
Challenges Facing the Vision 2030 Program
Despite the positive report, the multi-billion dollar Vision 2030 program encounters considerable challenges. Economic headwinds and logistical issues have led to delays and reassessments of certain projects.
Focus on Economic Diversification
Vision 2030 aims to reduce the country’s reliance on oil by diversifying the economy. The initiative encompasses modernization and efforts to establish Saudi Arabia as a global hub for investment and tourism.
NEOM Megacity Project
One of the flagship projects, NEOM, has experienced several delays. Reports indicate that this ambitious megacity project has been scaled back as Riyadh prioritizes essential infrastructure projects. This shift is particularly important in light of hosting significant global events, including the 2034 World Cup.
The ongoing development of Vision 2030 reflects Saudi Arabia’s adaptive strategies, ensuring the kingdom remains a competitive player on the global stage.
