Saudi Arabia says 85% of Vision 2030 goals met
Saudi Arabia’s economic diversification plan, Vision 2030, is now 85% complete, according to Minister of Investment Khalid Al-Falih. Speaking at the Fortune Global Forum in Riyadh, Al-Falih stated that as of the end of 2024, 85% of the plan’s targets have either been met or exceeded.
Although he did not specify which goals had been achieved, the minister highlighted that 675 international companies have now established their regional headquarters in Riyadh, part of ongoing efforts to attract global business operations to the Saudi capital.
The Vision 2030 strategy aims to reduce the kingdom’s dependence on oil, diversify its economy, attract foreign investment, and develop tourism. Many initiatives, especially in the financial sector, focus on digital transformation, including digital payments, fintech startups, and e-government services. Blockchain and digital assets are also considered integral to Saudi Arabia’s digital economy and trade logistics strategy.
Al-Falih emphasized that the process of economic diversification continues, with a strong focus on relocating international business hubs to Riyadh, modernizing domestic economic structures, and expanding export-oriented industries. However, not all components of the plan have been executed flawlessly.
Major investments and deeper U.S. cooperation needed
The multibillion-dollar NEOM megacity project has faced several delays, with Reuters reporting a slowdown in funding as the government prioritizes infrastructure tied to international sporting events, including preparations for the 2034 FIFA World Cup.Another flagship initiative, the New Murabba project in central Riyadh, envisions a 400-meter-tall cubic residential complex with over 100,000 housing units, commercial centers, and full urban infrastructure. The ambitious project requires significant international financing, and Saudi leadership is actively pursuing diplomatic and economic partnerships to support it.
Crown Prince Mohammed bin Salman is expected to visit the United States next month, his first trip since 2018, where he will reportedly sign a defense agreement with Washington that could also lay the foundation for a deeper economic alliance.
As we wrote, Central Bank of Saudi Arabia announces Bitcoin strategy
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