Significant economic achievements under Vision 2030
His Excellency the Minister of Investment, Engineer Khalid bin Abdulaziz Al-Falih, announced that the Kingdom of Saudi Arabia has achieved remarkable economic milestones, including a decrease in the unemployment rate from 13% to approximately 7.5%, and the creation of over 800,000 new jobs across various sectors of the Saudi economy. These remarks were made during a government press conference, where he highlighted the fundamental transformations underway in the national economy as part of the objectives of the Kingdom's Vision 2030.
General context: Saudi Vision 2030 as an engine for change
These promising figures come within the context of the comprehensive National Transformation Plan, “Vision 2030,” launched in 2016 with the aim of diversifying income sources away from dependence on oil, strengthening the role of the private sector, increasing the efficiency of government spending, and developing human capital. Vision programs have worked to restructure the economy, open new sectors for investment, and improve the business environment, leading to the creation of quality job opportunities for Saudi citizens. Al-Falih noted that the Kingdom’s GDP jumped from 2.6 trillion riyals to 4.7 trillion riyals in less than a decade, reflecting the scale of the achieved growth.
Empowering women and attracting foreign investment
One of the most prominent features of this transformation is the doubling of women's contribution to the economy, representing a significant social and economic success that aligns with the goals of empowering women and increasing their participation in the labor market. Regarding attracting investments, the Minister explained that the Kingdom has granted more than 700 licenses to international companies that have decided to relocate their regional headquarters to Saudi Arabia, thus reinforcing the Kingdom's position as a regional business hub. He added that foreign direct investment inflows reached SAR 119 billion in 2024, and the total number of foreign investors reached 62,000, a strong indicator of the international business community's confidence in the future of the Saudi economy.
Importance and future impact
Reducing the unemployment rate and creating this number of jobs has a direct impact at the local level, contributing to improving the standard of living for Saudi families and increasing social stability. Regionally and internationally, these successes reinforce the Kingdom's position as a leading economic power in the Middle East and a model for economic reform. Al-Falih affirmed that all initiatives within the National Investment Strategy have been completed, with an updated strategy to be launched soon to continue the growth trajectory and attract more high-quality investments that serve the Kingdom's sustainable development goals.
