Saudi Arabia released its Vision 2030 mid-term progress report on Monday revealing that over $500 billion has been invested in diversification projects since the initiative was launched in 2016. Non-oil GDP now contributes 52% to the overall economy for the first time in the kingdom history, up from 34% in 2016. Tourism, entertainment, and technology sectors saw the largest growth, with tourism arrivals reaching 110 million in 2024 against a target of 100 million.
Crown Prince Mohammed bin Salman called the progress a vindication of the bold reforms undertaken. Key projects including NEOM remain under construction with the first residential phase of The Line expected in 2027. Saudi Arabia also reported that female labour participation has risen to 33%, up from 17% when the reforms began. Saudi Arabia aims to become a top-10 global economy by 2030 and attract $100 billion in annual foreign investment.
