Everything you need to know about the economy in the Vision 2030 report
The report captures the qualitative shift in the economy and society since the Vision launched in 2016, pointing to a more diversified economy, growth in non-oil GDP, an improved unemployment rate, and rising foreign direct investment. Socially, home-ownership rates have climbed, the numbers of Hajj and Umrah pilgrims have grown, and the count of UNESCO heritage sites has doubled. On governance, the Vision programs have achieved strong effectiveness, with 93% of performance indicators meeting or approaching their 2030 targets.
Macroeconomic performance and financial indicators
The Saudi economy delivered a balanced performance: real GDP grew 1.3% in 2024, while real non-oil GDP grew 3.9%, the clearest sign of successful economic diversification. On the financial side, inflation stayed relatively low at the end of 2024, while the Kingdom maintained strong credit ratings: Moody’s at Aa3 with a stable outlook, Fitch at A+ with a stable outlook, and Standard & Poor’s at A/A-1 with a positive outlook.
Investment opportunities
Within the Vision 2030 framework, the Kingdom is strengthening investment opportunities to achieve economic diversification. The 2025 report showed an attractive investment environment taking root, supported by reforms and initiatives, with opportunities spanning diverse sectors driven by the Public Investment Fund (PIF). In the digital economy and technology sector, digitalization accelerated alongside support for entrepreneurship in artificial intelligence, cloud computing, and financial technology, while tourism and culture emerged as promising investment tracks with giant projects such as the Red Sea, NEOM, and Diriyah. The number of investment opportunities offered and realized in 2024 exceeded 1,865, surpassing the target.
The role of small and medium-sized enterprises in the Saudi economy
Small and medium-sized enterprises receive substantial support under Vision 2030 to strengthen their contribution to GDP and their competitiveness. In 2025, these enterprises received exceptional support, including financing exceeding SAR 28 billion for more than 4,885 establishments up to July 2024. A total of 210 credit advisory sessions were provided, the “Kafalah” program made available more than SAR 1 billion to 34 establishments, and the pre-qualification platform prepared more than 300 companies to work with major corporations. Commercial registration also grew from 1.4 million in 2023 to more than 1.6 million by the end of 2024.
Foreign direct investment
In 2025, Saudi Arabia strengthened its appeal to foreign investment through reforms and initiatives. Foreign direct investment inflows reached around SAR 96 billion in 2023, a 50% increase over the prior year (excluding the Aramco deal). Even so, the foreign direct investment index fell 1.31 percentage points between 2021 and 2023 due to global pressures. The Kingdom ranked sixth worldwide in nominal gross fixed capital formation and led the venture capital market in the Middle East and North Africa with a 27.5% share of deals in 2024, supported by major projects such as NEOM, Qiddiya, the Red Sea, and ROSHN.
Local content in the Vision
Strengthening local content is one of the core pillars of the Vision 2030 framework, aiming to build a more diversified and sustainable economy and reduce reliance on imports. The 2025 annual report showed tangible progress through the Local Content and Government Procurement Authority, which took charge of drafting the policies and regulations needed to raise the share of local components. The report highlights the Kingdom’s efforts to raise the localization rate of military industries, which climbed from 7.7% to 19.35% in 2023, while the 2030 target is to reach 50%.
Mining: promising future opportunities
The Saudi mining sector underwent a radical transformation to become the third economic pillar after oil and petrochemicals, driven by initiatives and reforms under Vision 2030. Estimates of mineral wealth jumped to around USD 9.4 trillion, and investments and licenses rose, making Saudi Arabia one of the fastest-growing mining environments worldwide. The Kingdom is carrying out the world’s largest geological survey project, running for 7 years, and established a mining fund to support financing, while an advanced licensing system cut the duration to around 90 days. The Kingdom ranked first worldwide in the speed of growth of its mining investment environment, and second in the quality of its licensing environment.
Industry
With Vision 2030, the Kingdom entered a new phase of industrial transformation to become an industrial power and a global logistics platform, by developing four key sectors: national industries, logistics services, mining, and energy. The Vision is anchored in Fourth Industrial Revolution technologies, innovation, digital transformation, and the localization of vital industries through the “Made in Saudi” initiative. The number of industrial establishments grew from 7,206 in 2016 to more than 12,000 in 2024.
The digital economy and the technology sector
The 2025 report reflected qualitative leaps in the digital economy and the technology sector: internet penetration reached 99% of the population, and more than 3.9 million homes were covered by fiber-optic service. The size of the digital economy rose to USD 495 billion, contributing 15% of GDP, one of the highest rates of digital contribution worldwide. The telecom and technology market reached USD 180 billion by the end of 2024, with total investments in artificial intelligence and cloud computing of USD 55 billion. In financial technology (FinTech), the number of companies grew from 17 in 2019 to 261 in 2024.
On digital competitiveness, the Kingdom achieved advanced global rankings: first worldwide on the index for number of internet users, and second worldwide on the index for digital transformation in companies and the index for technology development and adoption. In government digital services, the Kingdom ranked first regionally on digital government indices, second within the G20 in government digitalization, and fourth worldwide on the government digital services index.
Conclusion
This report covered the headline economic themes drawn from the 2025 annual Vision 2030 report, spotlighting the figures and achievements delivered across foreign investment, local content, mining, industry, the digital economy, and the technology sector. Together, these indicators confirm the scale of the diligent work and strategic transformation the Kingdom is undertaking on every front toward a thriving economy, a vibrant society, and an ambitious nation by 2030.