Economists and experts agree that, coinciding with the anniversary of the pledge of allegiance to Crown Prince and Prime Minister, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, may God protect him, he has created the greatest success story of the 21st century. His Highness has become an exceptional leader since his pledge of allegiance as Crown Prince near the Holy Mosque in Mecca on the 27th night of Ramadan in 2017. Experts affirm that this historic phase was led by His Highness with a bold reformist vision that transformed challenges into promising opportunities and directed national capabilities towards building a diversified and sustainable economy, making the Saudi experience a remarkable development model on a global scale.
Launch of an ambitious vision on the anniversary of the Crown Prince's pledge of allegiance
The anniversary of the Crown Prince's pledge of allegiance highlights the historical context of the national transformation journey that has led the country into a new phase of economic and developmental reforms. This phase was based on "Saudi Vision 2030," launched as a comprehensive roadmap to reshape the national economy. Since then, the Kingdom has witnessed wide-ranging transformations encompassing various economic, social, and cultural sectors, and the Vision has evolved into an integrated action plan that promotes economic diversification, raises the quality of life, and solidifies the Kingdom's position as an influential economic power at both the regional and global levels.
Public Investment Fund: A global investment engine
Economic expert Professor Yahya Al-Wazna affirms that Saudis are currently reflecting on a significant historical milestone characterized by ambition and modernization. He explained that the most prominent transformation is the growing role of the Public Investment Fund (PIF) as a primary driver of investment and development. He predicted that by 2026, the fruits of Vision 2030 will materialize, with the PIF ranking fifth globally among the largest sovereign wealth funds, boasting assets of $1.15 trillion (approximately 4.3 trillion riyals). This surge of $226 billion in just one year underscores the PIF's status as the main engine of the local economy, surpassing the targets previously set for 2025. These investments have not been limited to the domestic market but have extended to global markets, bolstering the Kingdom's international presence and opening avenues for the transfer of knowledge and modern technologies.
A digital miracle and leaps in the tourism sector
For his part, economic and legal advisor Hani Mohammed Al-Jafri points out that the accelerated shift towards a diversified economy is the most prominent feature of this phase. The Kingdom has witnessed remarkable growth in the tourism, entertainment, industry, and logistics sectors. He added, “We have achieved a digital miracle; by the end of 2023, the tourism sector recorded record spending, and the Kingdom welcomed more than 122 million domestic and international tourists.” This success prompted the leadership to update the Vision 2030 targets, raising the ambition to 150 million visitors by 2030. These new sectors have also contributed to creating quality job opportunities for citizens and attracting foreign investment.
A historic shift towards a diversified and sustainable economy
Economist Zaid Al-Harbi believes that the pledge of allegiance marked a historic turning point, launching a series of structural reforms. He explained that Vision 2030 was not merely a traditional plan, but a comprehensive transformation project aimed at building a knowledge-based and innovation-driven economy. A key feature of this phase is the strengthening of the non-oil sector, whose contribution to GDP has risen to unprecedented levels. He noted that the upgrade of the Kingdom's credit rating by international rating agencies reflects the strength of the Saudi economy and the stability of its financial policies, thus bolstering the confidence of international investors.
The regional and international impact of the Kingdom's successes
Economic expert Mohammed Al-Ghaithi affirms that social and service-related gains have been strongly evident, with homeownership among Saudi families exceeding 66% by the end of 2023, and more than one million families benefiting from housing support programs. Simultaneously, the non-oil economy recorded growth of 4.8%, contributing to the sustainability of the quality of life. Regionally and internationally, the Kingdom has successfully implemented legislative reforms that have attracted global companies, most notably the program to attract regional headquarters to Riyadh, which boosts economic growth and creates thousands of jobs. Furthermore, the Kingdom's hosting of major events such as Expo 2030 and the 2034 FIFA World Cup reflects growing international confidence in the Saudi economy's ability to lead massive global projects, making the Kingdom one of the fastest-growing economies among the G20 countries.
