95th National Day: Saudi progress under Vision 2030

 

The slogan of the 95th Saudi National Day: Our Pride is in Our Nature

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Saudi Arabia observes its National Day on Sept. 23 every year. The occasion commemorates the unification of the Kingdom on Sept. 23, 1932, under the leadership of its founder, King Abdulaziz bin Abdul Rahman Al Saud.

 

King Abdulaziz bin Abdulrahman Al Saud

Reign: (Sept. 23, 1932 – Nov. 9, 1953)

 

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King Saud bin Abdulaziz Al Saud

Reign: (Nov. 9, 1953 – Nov. 2, 1964)

 

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King Faisal bin Abdulaziz Al Saud

Reign: (Nov. 2, 1964 – March 25, 1975)

 

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King Khalid bin Abdulaziz Al Saud

Reign: (March 25, 1975 – June 13, 1982)

 

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King Fahd bin Abdulaziz Al Saud

Reign: (June 13, 1982 – Aug. 1, 2005)

 

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King Abdullah bin Abdulaziz Al Saud

Reign: (Aug. 1, 2005 – Jan. 23, 2015)

 

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King Salman bin Abdulaziz Al Saud

Reign: (Jan. 23, 2015 to date)

 

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The identity of the 95th Saudi National Day came under the slogan, “Our Pride is in Our Nature”, a sincere expression of the values that define our character and national identity. We have always been — and will continue to be — marked by our authentic nature, carrying the qualities we were raised with, which have become deeply rooted in our way of life. These values are reflected in our daily interactions and attitudes. Saudis are renowned for inherent traits that have accompanied them since birth, such as generosity, ambition, readiness to help, authenticity, and benevolence, along with a vision aimed at achieving success.

 

The National Day identity also includes “Our Pride is in Our Vision”, referring to Saudi Vision 2030, led by Crown Prince Mohammed bin Salman bin Abdulaziz. The vision encompasses several key projects, foremost among them are The Red Sea projects, NEOM, The Line, AMAALA, Trojena, Saudi Green Initiative, Riyadh Metro, National Renewable Energy Program, Qiddiya, the Shaheen Sat, the Historic Diriyah Development Program, railway projects, the establishment of Riyadh Air, and others — all of which have solidified the Kingdom’s strength and position to continue playing its pivotal role across all sectors.

 

The identity projects also include The Mukaab, the Saudi Space Program, CEER electric vehicle project, Shuaibah Solar Power Plant, King Salman Park, Sports Boulevard, Soudah Development Project, The Line, AlUla development, Diriyah Gate project, and Sindalah Island project.

 

 

As the nation commemorates its 95th National Day, this report by Argaam covers the key breakthroughs and milestones achieved by Saudi Arabia in different sectors to boost economic growth, enhance the standard of living, make balanced development across the Kingdom, develop human resources, diversify its economic base in terms of production and income sources, and support the private sector.

 

On April 25, 2016, the Saudi Cabinet, headed by King Salman, approved Vision 2030, which was presented by the Council of Economic and Development Affairs (CEDA).

 

At that time, King Salman said: “We hope that citizens will work together to achieve this ambitious vision.”

 

Crown Prince Mohammed bin Salman had revealed the key features of Vision 2030, including several plans and objectives, such as building a diversified solid economy away from oil, promoting various sectors, transforming the Public Investment Fund (PIF) into an investment institution with SAR 7 trillion assets, and transforming Saudi Aramco from being an oil producer to an industrial giant that operates worldwide.

 

The Saudi Vision 2030 is based on three pillars to execute sustainable development programs and a more robust economy. Several action plans were designed to turn this vision into reality, such as the National Transformation Program (NTP), the PIF Program, the Housing Program, the Pilgrim Experience Program, the Fiscal Sustainability Program, the Human Capability Development Program, the Quality-of-Life Program (QOLP), the Privatization Program, the Heath Sector Transformation Program, the Financial Sector Development Program (FSDP), and the National Industrial Development and Logistics Program (NIDLP).

 

Crown Prince and Prime Minister, Mohammed bin Salman, recently stated that Saudi Arabia will be the greatest success story of the 21st century, being the fastest-growing nation. The country is poised to be one of the strongest economies globally.

 

Below are the major developments since the Vision 2030 rollout:

 

- In 2022, Saudi Arabia's gross domestic product (GDP) at current prices exceeded $1 trillion for the first time, reaching SAR 4.2 trillion.

 

- The PIF’s assets under management (AUMs) rose nearly six times from SAR 570 billion by the end of 2015 to about SAR 3.42 trillion by the end of 2024.

 

- The Kingdom launched mega projects, such as NEOM, Qiddiya, The Red Sea, ROSHN, Diriyah Gate, and Riyadh Air.

 

- Established companies in diverse sectors, such as entertainment, tourism, military industries, renewable energy and refinancing.

 

- Saudi Aramco went public in 2019. A total of 1.5% of Aramco's shares began trading on the Saudi Stock Exchange (Tadawul), the largest listing in the history of the Saudi market and globally. After that, the government floated a secondary public offering of ordinary shares, amounting to 1.545 billion shares, accounting for about 0.64% of the company’s shares issued during the current year.

 

- Home ownership percentage among Saudis increased from 47% in 2016 to 65.4% in 2024.

 

- The Kingdom established the OPEC+ group, which reached a historic achievement in 2020, by realizing the largest reduction in production ever known to the oil market. It contributed to restoring stability and balance to global markets and confronting the effects of the COVID-19 pandemic on the worldwide economy.

 

- Saudi Arabia launched an anti-corruption campaign, recouping SAR 247 billion in the last three years, or 20% of total non-oil revenue.

 

- Achieved Vision 2030 target of reducing Saudi unemployment rate to 7%, marking the lowest level on record in the Kingdom. The Ministry of Human Resources now aims to further lower unemployment to 5% as a new target.

 

- Saudi Arabia also launched the PIF Strategy 2021-2025. In addition, the fund prevented government agencies from contracting with any foreign firm with a regional headquarters other than Saudi Arabia, as of 2024. It transferred 4% of Aramco’s shares to the PIF and 4% to Sanabil Investments.

 

- Saudi Arabia launched Boutique Group to develop historical palaces into luxury boutique hotels, and Trojena, the global destination for mountain tourism in NEOM.

 

Moreover, several strategies were implemented, including the National Development Fund (NDF) strategy and the Custodian of the Two Holy Mosques Scholarship Program.

 

During this period, the Diriyah project was included as the PIF's fifth giga-project. In addition, the Events Investment Fund (EIF) was established.

 

The PIF invested in a bundle of national and international companies. The New Square Development Co. was set up to develop the most modern downtown in the world in Riyadh. It also established Riyadh Air, the first phase of Riyadh buses, four special economic zones (SEZs), the general plan for logistics hubs, and a global water organization.

 

Additionally, the Sports Clubs Investment & Privatization project was unveiled, while $7.8 billion was allocated to Expo 2030.

 

The government further transferred 8% of Aramco’s total issued shares from state ownership to wholly owned PIF subsidiaries. The government conducted a secondary public offering of 1.545 billion ordinary shares, representing 0.64% of issued shares.

 

During the first quarter of 2025, Saudi Arabia raised the valuation of mineral resources from SAR 4.9 trillion to SAR 9.4 trillion and launched a geographical survey project for renewable energy projects.

 

Here are the major developments witnessed by Saudi Arabia since the Vision 2030 rollout:

 

- Saudi Cabinet approves NTP 2020

 

 

In June 2016, the Saudi Cabinet greenlit the NTP 2020. Among its major goals is to generate 450,000 jobs, accelerate privatization and reduce government spending on initiatives by 40%. It also aims to maximize local content through investing over SAR 270 billion in localization.

 

- Launch of Sakani Program

 

 

The program’s first phase started in January 2017. The total number of beneficiary households reached 1.4 million by 2022. A total of 55,000 Saudi families benefited from the program during the first half of 2024 and 54,000 Saudi families in H1 2025. The program aims to provide 95,000 housing units by 2025, focusing on the main regions that receive the most housing subsidies.

 

In 2023, the program announced the launch of an updated housing support scheme designed to address the needs of beneficiaries in line with their varying financing capacities and the demand for suitable homeownership.

 

Saudi Arabia aims to raise the home ownership rate to 70% by 2030, in line with the objectives of the Housing Program, one of Vision 2030’s key initiatives.

 

At the end of 2024, the Saudi home ownership rate reached 65.4%. The number of housing units occupied by Saudi families increased by 233,000 units, up 2.7% year-on-year (YoY), to 4.4 million units, representing 50.6% of total occupied housing units.

 

In May 2025, amendments were introduced to the housing subsidy regulations, including lowering the eligibility age for applicants to 20 years from 25 and abolishing the dependency requirement for wives and divorced mothers to qualify for housing subsidy.

 

Qiddiya project

 

 

In April 2017, the Crown Prince launched the Kingdom’s largest qualitative cultural, sports and entertainment city project in Qiddiya City, southwest of Riyadh. This first-of-its-kind city spans 334 square kilometers (sq kms).

 

The project aims to make Qiddiya an entertainment destination and a hub of activities, discovery and participation in the Kingdom. It also seeks to transform the concept of entertainment in the Kingdom and capitalize on the promising opportunities offered by the local market.

 

Launch of National Renewable Energy Program

 

 

The National Renewable Energy Program was launched in April 2017 as a strategic initiative under the Vision 2030 framework, aimed at maximizing Saudi Arabia's share in renewable energy production. The program is projected to attract investments for its projects, totaling SAR 60 billion. The grid-connected capacity is expected to reach 12,713 megawatts by the end of 2025 and 20,013 megawatts by the end of 2026.

 

Red Sea Project

 

 

Crown Prince Mohammed bin Salman launched a worldwide tourism project in the Kingdom called the "Red Sea Project" in August 2017. Upon completion of all phases, 22 islands out of over 90 will be developed, generating nearly 70,000 job opportunities.

 

The project seeks to significantly promote economic diversity in the Kingdom by attracting around one million tourists annually and contributing SAR 22 billion to the national GDP.

 

The Red Sea destination officially welcomed its first guests in 2023. The destination currently features five operational resorts, including Six Senses Southern Dunes, St. Regis Red Sea Resort, and Nujuma, a Ritz-Carlton Reserve, as well as Shebara Resort and Desert Rock, both directly operated by Red Sea Global.

 

Earlier this month, Red Sea Global inaugurated the first resort and tourist attractions on Shura Island, and they will soon start to welcome visitors. Once fully developed, Shura Island will feature 11 top-notch resorts that are scheduled to open gradually over the next few months.

 

Two more resorts are slated to open later this year, Miraval Red Sea and Four Seasons Red Sea.

 

NEOM Project

 

 

In October 2017, Crown Prince Mohammed bin Salman announced the launch of the NEOM project, supported by over $500 billion from the government, PIF, and local and global investors.

 

Amaala Project

 

 

Amaala Project, a posh tourist attraction on the Red Sea coast, was launched in September 2018. It is funded and developed to become a distinctive tourist hub within the Prince Mohammed bin Salman Royal Reserve in northwest Saudi Arabia. The project is anticipated to be fully completed by 2028.

 

Once all phases of the project are finished, 22 islands out of more than 90 will be developed, creating over 70,000 job opportunities. The project aims to play a significant role in driving economic diversification in the Kingdom by attracting around one million tourists annually and contributing SAR 22 billion to the national GDP.

 

King Salman Park

 

 

In March 2019, King Salman bin Abdulaziz launched four major qualitative projects in Riyadh, with a total cost of SAR 86 billion. These projects include King Salman Park, Green Riyadh, Sports Boulevard, and Riyadh Art.

 

King Salman Park is the largest urban park in the world, covering an area of 13.4 square kilometers, and is being developed on the grounds of the former King Salman Air Base (Old Riyadh Airport). It serves as an environmental, recreational, cultural, and investment project, featuring gardens, green spaces, and open areas exceeding 9.3 million square meters (sqm).

 

In addition, the park will include residential, office, commercial, and hotel facilities, such as residential complexes providing 12,000 diverse housing units, 16 hotels offering 2,300 hotel rooms, and commercial spaces for restaurants, cafes, and retail shops exceeding 500,000 sqm, along with office buildings spanning 600,000 sqm.

 

Sports Boulevard

 

 

In March 2019, King Salman bin Abdulaziz launched four major quality projects in Riyadh, with a total cost of SAR 86 billion. These projects include King Salman Park, Green Riyadh, Sports Boulevard, and Riyadh Art.

 

The Sports Boulevard, a 135-kilometer project that links Riyadh's east and west, aims to promote healthy commuting practices and sports participation among its citizens.

 

In 2021, the Sports Boulevard Foundation awarded contracts worth SAR 2.48 billion to several national companies to implement the project’s first phase in Riyadh.

 

In February 2025, Saudi Arabia inaugurated the first phase of the Sports Boulevard Project. It includes five key destinations: Wadi Hanifah Destination, The Promenade, the area between the intersection of Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al Awwal Road, the internal track within Princess Nourah bint Abdulrahman University, and phase one of Al Rimal Sports Park.

 

By the time of the inauguration, 83 kilometers of the project had been completed, resulting in a 40% overall completion rate.

 

Green Riyadh Project

 

 

In March 2019, King Salman bin Abdulaziz launched four major quality projects in Riyadh, with a total cost of SAR 86 billion. These projects include King Salman Park, Green Riyadh, Sports Boulevard, and Riyadh Art.

 

The Green Riyadh project aims to lower temperatures, conserve energy, improve air quality, and provide economic benefits while enhancing the quality of life. This initiative involves planting over 7.5 million trees throughout Riyadh and increasing the per capita green space from 1.7 sqm to 28 sqm, equivalent to a 16-fold increase.

 

The project also seeks to improve the urban environment by greening residential neighborhoods, in addition to contributing to one of the goals of the Saudi Green Initiative and Vision 2030, which aims to plant 10 billion trees within the Kingdom over the coming decades.

 

Riyadh Art

 

 

In March 2019, King Salman bin Abdulaziz launched four major quality projects in Riyadh, with a total cost of SAR 86 billion. These projects include King Salman Park, Green Riyadh, Sports Boulevard, and Riyadh Art.

 

The Riyadh Art project aims to transform Riyadh into an open-air art gallery by implementing over 1,000 artworks and artistic landmarks.

 

Diriyah Gate

 

 

In November 2019, King Salman bin Abdulaziz sponsored the groundbreaking ceremony for the Diriyah Gate project, valued at SAR 64 billion. This project is set to become a global tourist destination, with the master plan covering an area of seven square kilometers. It will feature four plazas, an open amphitheater for gatherings and exploration, six museums, and an arts district.

 

The Diriyah Gate Development Authority launched the first phase of the Diriyah historical area rehabilitation and development in June 2020, with a total investment of SAR 75 billion.

 

As of February 2025, 35% of the project's infrastructure works had been completed.

 

King Abdulaziz International Airport in Jeddah

 

 

In September 2019, King Salman bin Abdulaziz inaugurated the new Terminal 1 of King Abdulaziz International Airport in Jeddah, spanning 105 sqm and being developed in three phases.

 

The first phase is to serve 30 million passengers per year; the second phase, 50 million passengers by 2025; and the last phase is intended to handle 80 million passengers by 2035.

 

The Line, at Neom

 

 

In January 2021, Crown Prince Mohammed bin Salman launched the "The Line" project, a multi-million-person city in NEOM. The project's infrastructure cost will range between $100 billion and $200 billion.

 

Major Investment Opportunities in Saudi Arabia

 

 

In January 2021, Crown Prince Mohammed bin Salman highlighted significant investment prospects in the Kingdom, valued at up to $6 trillion over the next decade. This includes $3 trillion in new project investments as part of Vision 2030, which aims to unlock the Kingdom's untapped potential and establish new and promising growth sectors.

 

Approval of PIF’s Five-Year Strategy

 

 

The board of directors of the Public Investment Fund (PIF), chaired by Crown Prince, Prime Minister, and President of the Council of Economic and Development Affairs (CEDA) Mohammed bin Salman, approved the fund's strategy for the next five years, covering the period from 2021 to 2025.

 

Coral Bloom

 

 

In February 2024, Crown Prince Mohammed bin Salman, Chairman of the Red Sea Global Co. (RSG), unveiled the design vision "Coral Bloom" for the main island of the Red Sea Project.

 

Soudah Development Co.

 

 

Crown Prince, Prime Minister, President of the Council for Economic and Development Affairs (CEDA) and Chairman of the Public Investment Fund (PIF) Mohammed bin Salman bin Abdulaziz launched Soudah Development Co. in Aseer region, with expected investments exceeding SAR 11 billion to invest in infrastructure and develop the tourism and entertainment sectors.

 

Riyadh Strategy

 

 

In January 2021, Crown Prince Mohammed bin Salman announced that the Kingdom aims to position Riyadh among the top 10 global city economies and that it intends to build the world's largest industrial city in Riyadh.

 

Launch of Saudi and Middle East Green Initiatives

 

 

Crown Prince and Prime Minister Mohammed bin Salman announced the forthcoming launch of the Saudi Green Initiative (SGI) and the Middle East Green Initiative (MGI), which will define the Kingdom's and the region's approach for environmental and earth protection. These initiatives seek to offer a clear and ambitious roadmap and make a substantial contribution to achieving global sustainability targets.

 

Launch of Shaheen Sat

 

 

In March 2021, King Abdulaziz City for Science and Technology (KACST) announced the successful launch of the Shaheen Sat satellite, designed for Earth imaging and ship tracking from low orbits. The satellite was launched from the Baikonur Cosmodrome in Kazakhstan aboard a Russian Soyuz rocket. 

 

Private Sector Partnership Reinforcement Program (Shareek)

 

 

In March 2021, Crown Prince Mohammed bin Salman launched the Private Sector Partnership Reinforcement Program (Shareek), aimed at supporting local companies and facilitating access to SAR 5 trillion in investments by the end of 2030.

 

In 2023, the program unveiled its first package of supported projects for eight national companies, valued at SAR 192.4 billion across various strategic and vital sectors. Major company investments amount to SAR 120 billion and are expected to contribute over SAR 466 billion to the GDP by 2040, while creating more than 64,000 job opportunities.

 

‘Journey Through Time’ Masterplan

 

 

In April 2021, the Crown Prince announced the “Journey Through Time” master plan to revitalize and rehabilitate the core historical area of AlUla. The project is a key part of the AlUla Development Program, which seeks to transform the region into a global destination for arts, heritage, culture, and nature. The first of the project's three main phases is expected to be finished by the end of 2023. Upon finalization in 2035, the development strategy is set to provide 38,000 new job opportunities and will contribute SAR 120 billion to the Kingdom’s GDP.

 

Sakaka IPP PV, Signing of Power Purchase Agreements for 7 New Projects

 

 

In April 2021, the Crown Prince, Prime Minister, Minister of Defense and Chairman of the Supreme Committee for Energy Mix Affairs for Electricity Production and Enabling Renewable Energy Sector Mohammed bin Salman launched Sakaka Solar Power Plant Project (IPP PV) and signed seven new project agreements to produce electricity from solar energy across the Kingdom.

 

National Transport and Logistics Strategy

 

 

Crown Prince Mohammed bin Salman launched the National Transport and Logistics Strategy, which entails an ambitious package of mega projects, enabling economic and social goals, as well as the adoption of effective governance models to institutionalize efforts in the transport sector. In line with changing the Ministry’s name from the Ministry of Transport to the Ministry of Transport and Logistics Services, the strategy aims to advance the Kingdom’s position to become the fifth global air transit passenger route, increase international destinations to more than 250, and launch an additional national carrier.

 

In 2023, the Crown Prince announced the launch of Riyadh Air, a new national carrier backed by the PIF, which is expected to commence operations in 2025. The airline aims to operate flights to more than 100 destinations worldwide by 2030.

 

Made in Saudi Program

 

 

Bandar Alkhorayef, Minister of Industry and Mineral Resources and the Chairman of the Saudi Export Development Authority (SEDA), declared the start of the "Made in Saudi" program. The program aims to promote a “culture of loyalty to the national product,” which will enhance the localization of industries and fulfill self-sufficiency on different levels.

 

Riyadh Metro Inauguration

 

 

At the end of November 2024, Custodian of the Two Holy Mosques King Salman bin Abdulaziz inaugurated the Riyadh Metro Project, valued at $25 billion. The project features six lines spanning 176 kilometers and 85 stations, which were opened sequentially. The Riyadh Metro is fully integrated with the previously launched Riyadh Bus Project, covering a total network length of 1,900 kilometers.

 

Historic Jeddah Revival Project

 

 

The Crown Prince launched the Historic Jeddah Revival Project as part of the Historic Jeddah Development Program, which aims to develop the living space in the region to be an attractive center for business and cultural projects and a major destination for aspiring entrepreneurs.

 

Since the program’s launch and up to October 2024, 233 heritage buildings with rich architectural and historical features at risk of collapse have been reinforced and preserved. As part of the first phase of restoration planning, 89 studies were completed, 58 buildings were fully restored, and 35 heritage buildings were rehabilitated and prepared for reuse.

 

Human Capability Development Program

 

 

Crown Prince, Prime Minister, and Chairman of the Human Capability Development Program Committee Mohammed bin Salman launched the Human Capability Development Program, one of the programs to achieve Saudi Arabia's Vision 2030.

 

The program’s plan comprises 89 initiatives aimed at accomplishing 16 strategic goals of the Vision 2030. The program's strategy consists of three main pillars: developing a solid and flexible educational foundation for all, preparing for the future labor market locally and globally, and providing lifelong learning opportunities.

 

Aseer Development Strategy

 

 

In September 2021, the Crown Prince launched the strategy to develop the Aseer region into a global tourism destination, under the theme "The Arabian Highland.” This plan calls for SAR 50 billion in diversified investments to finance vital infrastructure and develop tourist attractions across the Aseer Mountain peaks.

 

National Investment Strategy

 

 

In October 2021, the Crown Prince launched the National Investment Strategy, one of the key promoters to achieve the objectives of the Kingdom's Vision 2030. The strategy aims to increase the total manufacturing GDP to SAR 895 billion by 2030, create 2.1 million jobs in the industrial sector, and reach non-oil exports worth SAR 557 billion by the end of 2030.

 

THE RIG Project

 

 

PIF launched the new “THE RIG” project, a new tourism project inspired by offshore oil platforms. The project covers more than 300,000 sqm near Juraid Island and the Bari oil field in the Arabian Gulf, located 40 km off the coast. By 2032, it is expected to attract over 900,000 visitors annually, catering to local, regional, and international tourists.

 

660 Multinational Firms Relocate HQs to Riyadh, Surpassing Vision 2030 Goals

 

 

Minister of Investment Khalid Al-Falih announced that the Multinational Companies Regional Headquarters (RHQ) Program now includes 660 RHQs, surpassing the 2030 target of 500 companies.

 

Saudi Arabia to host Expo 2030 in Riyadh

 

 

In November 2023, Saudi Arabia won the vote of the General Assembly of the Bureau International des Expositions (BIE) to host Expo 2030, after officially submitting its bid in October 2021. The bid received final approval in June 2025.

 

Expo 2030 Riyadh will be held from October 1, 2030, to March 31, 2031, spanning an area of 6 million square meters, making it one of the largest Expos in history. The allocated budget for hosting the event is SAR 7.8 billion, equivalent to SAR 29.3 billion ryals, and it is expected to attract over 40 million visits.

 

The total contribution of Expo 2030 and its facilities to the Kingdom’s GDP during the construction phase is estimated at around SAR 241 billion, with 171,000 direct and indirect jobs expected to be created. During the operational phase, the contribution to GDP is projected to reach SAR 21 billion.

 

King Salman grants Saudi citizenship to people with special competencies, specializations

 

 

King Salman issued several royal decrees granting Saudi citizenship to a number of individuals with outstanding competencies, expertise and rare specializations.

 

In July 2024, a royal approval was issued to grant Saudi citizenship to Argaam CEO, Islam Zuwein, who holds a master’s degree in science from Alexandria University in Egypt, and has more than 25 years of experience in the fields of technology, media, and business management.

 

Crown Prince unveils NEOM’s “OXAGON,” the world’s largest floating industrial city

 

 

In November 2021, Crown Prince Mohammed bin Salman bin Abdulaziz, Chairman of NEOM’s Board of Directors, announced the establishment of NEOM Industrial City “OXAGON.” The city represents another step within NEOM’s master plan, aiming to present a new model for future manufacturing hubs in line with NEOM’s strategy to redefine the way humanity lives and works in the future.

 

On this occasion, the Crown Prince said: “The industrial city OXAGON will be a catalyst for economic growth and diversification in NEOM in particular, and the Kingdom in general, fulfilling our ambitions to achieve the goals of Vision 2030.”

 

Saudi Energy Ministry launches major gas expansion programs

 

 

The Saudi Ministry of Energy announced the commercial viability of the Kingdom’s vast unconventional resources and the launch of major gas expansion programs at Saudi Aramco, expecting Jafurah field to produce 2 billion standard cubic feet per day of sales gas by 2030.

 

Crown Prince launches the master plan and main features of the Jeddah Central Project

 

 

The Crown Prince has launched the master plan and main features of the Jeddah Central Project (formerly “New Jeddah Downtown”), with total investments estimated at SAR 75 billion.

 

Crown Prince launches Boutique Group for luxury hospitality

 

 

Crown Prince Mohammed bin Salman launched *Boutique Group* on Jan. 20, 2022, aimed at developing, managing, and operating a collection of Saudi Arabia’s most iconic historical and cultural palaces. The project will transform them into ultra-luxury boutique hotels, reviving national heritage and offering a unique hospitality experience.

 

8% of Aramco shares transferred to PIF and Sanabil

 

 

On Feb. 13, 2022, the Crown Prince announced the transfer of a 4% stake in Saudi Aramco to the Public Investment Fund (PIF). A further 4% stake was transferred to Sanabil Investments, wholly owned by PIF, on Apr. 14, 2023. The Crown Prince said the transfers are part of Saudi initiatives to boost the national economy, diversify resources, and expand investment opportunities in line with Vision 2030. The transactions are also set to strengthen PIF’s asset base and returns, enhancing its strong financial position and credit profile.

 

Trojena, a global mountain tourism destination in NEOM, unveiled

 

 

In March 2022, Crown Prince Mohammed bin Salman, Chairman of NEOM, announced *Trojena*, a new global mountain tourism destination within NEOM. The project is designed to redefine mountain tourism worldwide by creating a fully sustainable, environmentally friendly ecosystem aligned with Vision 2030 objectives to improve quality of life and promote healthy living.

 

Crown Prince launches scholarship program strategy

 

 

On Mar. 7, 2022, Crown Prince Mohammed bin Salman launched the strategy for the *Custodian of the Two Holy Mosques Scholarship Program*. The new phase is intended to boost citizens’ global competitiveness by building human capital in emerging and promising sectors.

 

Crown Prince launches NDF Strategy

 

 

On Mar. 14, 2022, Crown Prince Mohammed bin Salman, Chairman of the National Development Fund (NDF), launched the Fund’s strategy to serve as a key enabler of Vision 2030’s economic and social objectives. The plan includes injecting more than SAR 570 billion into the Saudi economy by 2030, tripling the non-oil GDP contribution to SAR 605 billion, and creating thousands of jobs. In 2023, the Small and Medium Enterprises Bank, part of NDF’s network, officially began operations.

 

PIF launches Saudi Coffee Company with SAR 1.2B investment

 

 

The Public Investment Fund (PIF) launched the Saudi Coffee Co. (SCC), which plans to invest SAR 1.2 billion over 10 years to develop the domestic coffee sector.

 

HHC and CNHI Established

 

 

In June 2022, the Cabinet approved the establishment of the Health Holding Co. (HHC) and the organization of the National Health Insurance Center (CNHI) to reform Saudi Arabia’s healthcare system.

 

Crown Prince announces national priorities for R\&D and innovation

 

 

Crown Prince Mohammed bin Salman unveiled Saudi Arabia’s national aspirations and priorities for research, development, and innovation for the next two decades. The plan focuses on four key areas: human health, environmental sustainability and basic needs, energy and industrial leadership, and future economies.

 

PIF launches AviLease aircraft leasing company

 

 

The PIF launched AviLease, an aircraft leasing company focused on leasing, trading, and fleet management. The company plans to expand operations by purchasing and re-leasing aircraft, as well as placing direct orders with manufacturers.

 

Crown Prince unveils The Line designs in NEOM

 

 

Crown Prince Mohammed bin Salman, Chairman of NEOM, revealed designs for the Line, a human-centric smart city set to become a global model of sustainability and livability in harmony with nature.

 

Crown Prince launches infrastructure works and master plan for Rua Al Madinah project

 

 

In August 2022, the Crown Prince launched infrastructure works and the master plan for the Rua Al Madinah Project. Covering 1.5 million square meters, the development aims to add 47,000 hospitality units by 2030.

 

Crown Prince launches NGES

 

 

In September 2022, the Crown Prince launched the National Gaming and Esports Strategy (NGES), with the goal of positioning Saudi Arabia as a global hub for the sector by 2030.

 

PIF launches Real Estate Registry – RER

 

 

In September 2022, PIF launched the National Real Estate Registration Services Company (Real Estate Registry – RER), in collaboration with the Real Estate General Authority (REGA) and other government bodies. The platform will provide a comprehensive digital registry for real estate units and related services.

 

Crown Prince launches SDC

 

 

Crown Prince Mohammed bin Salman, Chairman of PIF, announced the launch of Saudi Downtown Co. (SDC), which will develop and operate urban centers and destinations across the Kingdom.

 

Crown Prince launches NIS

 

 

The Crown Prince, in his capacity as Prime Minister and Chairman of the Council for Economic and Development Affairs, launched the National Industrial Strategy (NIS) after cabinet approval. The plan seeks to boost the Kingdom’s industrial capacity and competitiveness.

 

Crown Prince launches GSCRI

 

 

The Crown Prince announced the launch of the Global Supply Chain Resilience Initiative (GSCRI), designed to position Saudi Arabia as a leading hub and vital link in global supply networks.

 

PIF launches HPDC

 

 

The Public Investment Fund announced the establishment of the Halal Product Development Co. (HPDC) to invest in and localize the halal products industry in Saudi Arabia.

 

PIF establishes 5 regional investment companies

 

 

Crown Prince Mohammed bin Salman announced that PIF has established five regional investment companies targeting opportunities in Jordan, Bahrain, Sudan, Iraq, and Oman.

 

PIF launches Local Content Development Program

 

 

The Public Investment Fund launched the Local Content Development Program to raise its and its subsidiaries’ local content contribution to 60% by 2025, supporting and enabling the private sector while boosting competitiveness and innovation.

 

Crown Prince launches Seer, Saudi Arabia’s 1st EV brand

 

 

Crown Prince Mohammed bin Salman announced the launch of Seer Holding Group, the Kingdom’s first homegrown EV brand. In 2023, the company secured an industrial license to build a 1 million-square-meter manufacturing facility in King Abdullah Economic City’s Industrial Valley. Seer plans to roll out its first vehicles in Q4 2026, with additional models slated for 2027, 2028, and 2029.

 

Crown Prince approves development plan for Darin, Tarout Islands, establishes Development Authority

 

 

Based on a Cabinet decision, Crown Prince Mohammed bin Salman approved the development strategy and future initiatives for Darin and Tarout Islands, and announced the establishment of a dedicated development authority.

 

Crown Prince launches KSIA master plan

 

 

Crown Prince Mohammed bin Salman unveiled the master plan for King Salman International Airport (KSIA) in Riyadh, designed to position the capital as a global gateway for transport, trade, and tourism, and to strengthen Saudi Arabia’s role as a logistics hub connecting East and West.

 

Saudi Arabia discovers several new natural gas fields

 

 

Energy Minister Prince Abdulaziz bin Salman announced that Saudi Aramco discovered multiple new natural gas fields in the Central Region, the Empty Quarter, the Northern Borders, and the Eastern Province.

 

HRSD launches ocalization 2nd phase program targeting 170,000 Jobs

 

 

The Ministry of Human Resources and Social Development (HRSD) launched the second phase of the Localization Program, aimed at creating 170,000 employment opportunities.

 

PIF launches Aseer Investment Company

 

 

The Public Investment Fund launched Aseer Investment Co. (AIC), its investment arm in the Aseer region. The company seeks to attract local and international investment to drive the region’s development.

 

Crown Prince announces Sindalah, NEOM luxury island

 

 

In December 2022, Crown Prince Mohammed bin Salman announced the development of Sindalah, NEOM’s first luxury island tourism destination and a key project supporting Saudi Arabia’s national tourism strategy. The island officially opened in October 2024.

 

Transport Minister launches SILZ, apple named 1st investor

 

 

In October 2022, Transport Minister Saleh Al-Jasser inaugurated the Riyadh Integrated Logistics Zone (SILZ). Apple was announced as the zone’s first major investor.

 

Diriyah Project becomes 5th giga-project owned by PIF

 

 

In 2023, Crown Prince Mohammed bin Salman announced the inclusion of the Diriyah Project as the fifth giga-project under the ownership of the Public Investment Fund.

 

Crown Prince launches events EIF with SAR 14B capital

 

 

Crown Prince Mohammed bin Salman launched the Events Investment Fund (EIF), with initial capital of SAR 14 billion. The fund aims to build sustainable infrastructure to support four key sectors: culture, tourism, entertainment, and sports, while attracting foreign investment.

 

New companies law comes into effect in Saudi Arabia

 

 

Saudi Arabia’s new Companies Law and its executive regulations took effect on Jan. 19, 2023. The law introduces several reforms, including allowing the par value of shares to be split.

 

Crown Prince directs Aallocation of 100M sqm of land for housing

 

 

Housing Minister Majed Al-Hogail announced that Crown Prince Mohammed bin Salman directed the allocation of 100 million square meters of land in Riyadh and other high-demand cities to support the residential sector.

 

PIF Invests SAR 5B in new shares of Four National Construction Firms

 

 

The PIF invested SAR 5 billion through subscriptions in new shares of four Saudi construction companies: Nesma & Partners, Al-Seif Engineering Contractors (ESEC), Albawani Holding, Co. and Almabani General Contractors Co.

 

Crown Prince launches NMDC to build Riyadh modern downtown

 

 

Crown Prince Mohammed bin Salman announced the launch of New Murabba Development Co. (NMDC), which will develop the world’s largest modern downtown in Riyadh, in alignment with Vision 2030 goals to transform the capital’s future.

 

Unemployment rate among Saudis falls to all-time low of 7%​

 

 

The unemployment rate among Saudis continued to drop, reaching a record low at 7%, achieving the Saudi Vision 2030 target.

 

Saudi Arabia has set a new unemployment target for citizens at 5% by the year 2030, after having already achieved the previous Vision 2030 target of 7% seven years ahead of schedule.

 

Launch of 4 SEZs in Saudi Arabia for investors​

 

Crown Prince, and Chairman of the Council of Economic and Development Affairs, launched four special economic zones (SEZs) in the Kingdom.

 

Sports Clubs Investment & Privatization Project

 

 

Crown Prince launched the Sports Clubs Investment & Privatization project, converting Al-Ittihad, Al-Ahli, Al-Nassr, and Al-Hilal into companies owned by PIF and nonprofit sports institutions. Four more clubs will also be transformed into companies with ownership transferred to development entities.

 

In July 2024, the Ministry of Sports launched the second phase of the second track of the Sports Clubs Investment and Privatization Project, in coordination with the National Center for Privatization, based on the Cabinet’s decision approving the privatization plan for 14 sports clubs from various divisions.

 

In July 2025, the ministry, in cooperation with the National Center for Privatization, announced the privatization of the first three Saudi sports clubs through a public offering, namely, Al Ansar, Al-Kholood, and Al-Zulfi, with ownership transferred to investment entities.

 

Launch of KAUST’s New Strategy

 

 

Crown Prince launched the new strategy for King Abdullah University of Science and Technology (KAUST), aimed at turning science and research into economic innovations, focusing on national priorities, and strengthening partnerships with the private sector to meet the Saudi Vision 2030 goals.

 

Launch of Master Plan for Logistics Centers to make Kingdom a Global Logistical Hub

 

 

Crown Prince launched the logistics center master plan to develop infrastructure, diversify the local economy, and establish Saudi Arabia as a global logistics hub and top investment destination.

 

Establishment of Global Water Organization in Riyadh

 

 

The Crown Prince announced the establishment of the Global Water Organization (GWO) in Riyadh to address water challenges through international cooperation.

 

Masterplan for Qimam Al-Soudah Project

 

 

The Crown Prince launched the Qimam Al-Soudah project, developing Al-Soudah region and parts of Rijal Alma to boost tourism and urban development.

 

Lucid Group opens its 1st plant in Saudi Arabia

 

 

Lucid Group, partially owned by PIF, opened its first electric vehicle (EV) factory in KAEC, Saudi Arabia.

 

PIF establishes Al-Balad Development for Historic Jeddah

 

PIF set up Al-Balad Development Co. to lead the development of Historic Jeddah.

 

Launch of EVIQ​

 

 

PIF and Saudi Electricity Co. launched Electric Vehicle Infrastructure Co. (EVIQ) to build high-quality infrastructure for fast EV charging.

 

PIF announces Tasaru Mobility Investments

 

 

PIF launched Tasaru Mobility Investments to enhance local supply chains for the automotive and mobility sector.

 

Abha International Airport Masterplan

 

The Crown Prince unveiled the new Abha International Airport masterplan, set to raise its capacity to 13 million passengers and 90,000 flights annually.

 

Launch of Ardara to develop AlWadi in Abha

 

 

The Crown Prince launched Ardara Co. to develop AlWadi in Abha as a key urban and tourism hub, aligning with Vision 2030.

 

Esports World Cup

 

The Crown Prince kicked off the Esports World Cup, the largest event of its kind, to be held annually in Riyadh starting summer 2024.

 

FIFA President announces Saudi Arabia as 2034 World Cup host​

 

 

FIFA President Gianni Infantino announced Saudi Arabia will host the 2034 World Cup. The event will be held in five cities: Riyadh, Jeddah, Al-Khobar, Abha, and NEOM.

 

Launch of Qiddiya City’s Urban Plan & Global Brand

 

The Crown Prince launched the urban plan and global brand for Qiddiya City, a key project under the Qiddiya Investment Co.

 

PIF Announces Dan Company to Specialize in Agri- and Ecotourism

 

 

PIF launched Dan Company, specializing in agritourism and ecotourism projects in cities with unique natural and agricultural features.

 

Completion of Riyadh Bus Network

 

The Royal Commission for Riyadh announced the completion of the main Riyadh bus network, with 54 routes, 679 buses, and 2,145 stations/stops.

 

New Tax Incentives to Attract Regional HQs of Global Companies

 

The Ministry of Investment introduced a 30-year tax incentive package to attract regional headquarters of global companies to Saudi Arabia.

 

Mineral Wealth Valued at SAR 9.4T

 

 

Minister of Industry and Mineral Resources, Bandar AlKhorayef, announced Saudi Arabia’s mineral wealth valuation has increased to SAR 9.4 trillion ($2.5 trillion) from SAR 4.9 trillion ($1.3 trillion) in 2016.

 

Launch of National Biotechnology Strategy

 

 

The Crown Prince launched the National Biotechnology Strategy to position Saudi Arabia as a leader in biotechnology, enhancing health, quality of life, and economic opportunities.

 

Launch of Alat Co.

 

 

The Crown Prince launched Alat Co., focused on advanced technology and electronics, to make Saudi Arabia a global hub for sustainable industries.

 

Introducing Clean Diesel and Gasoline (Euro 5)

 

 

The Ministry of Energy completed the rollout of clean diesel and gasoline (Euro 5), replacing the older fuel options in the market.

 

Transfer of 8% of Aramco shares to PIF-owned entities

 

The Crown Prince announced the transfer of 8% of Saudi Aramco’s shares from state ownership to PIF-owned entities.

 

Construction of Ceer’s EV Plant

 

Ceer announced the start of construction of its EV manufacturing complex in KAEC, valued at nearly SAR 5 billion.

 

PIF launches Neo Space Group

 

 

PIF launched Neo Space Group (NSG), a company focused on satellite and space services.

 

Saudi Aramco Announces Secondary Offering of 1.54B Shares

 

 

Saudi Aramco announced a secondary public offering of 1.54 billion shares, representing 0.64% of its issued shares.

 

Launch of Geographical Survey Project for Renewable Energy in Saudi Arabia

 

 

Ministry of Energy launched the Geographical Survey Project for Renewable Energy, with 1,200 stations monitoring solar and wind energy across the Kingdom.

 

Launch of phase 1 of Riyadh Parking Project

 

 

Riyadh Municipality launched the first phase of the Riyadh Parking Project, creating over 24,000 public parking spaces and managing more than 140,000 residential parking lots.

 

Launch of Boulevard Business Park in Riyadh with over SAR 1 bln investment

 

 

Turki Al Sheikh, Chairman of the General Entertainment Authority (GEA), announced the launch of Boulevard Business Park in Riyadh, with investments exceeding SAR 1 billion.

 

Saudi Arabia rises to fourth in the UN E-Government Development Index

 

 

Saudi Arabia moved up 25 places to rank fourth globally in the UN E-Government Development Index, ranking first in the region and second among G20 countries.

 

PIF establishes SARCC to meet demand for housing solutions for employees

 

 

PIF announced the establishment of Smart Accommodation for Residential Complexes Co. (SARCC), a real estate development and operations company for residential compounds serving all categories of workers involved in major construction and development projects across the Kingdom.

 

Saudi Arabia Unveils Preliminary Budget for 2025

 

 

The Ministry of Finance announced the preliminary budget for 2025, estimating public expenditures at SAR 1.28 trillion and revenues at SAR 1.18 trillion, projecting a deficit of SAR 101 billion.

 

National Red Sea Sustainability Strategy

 

 

The initiative was launched to protect and regenerate the Red Sea's ecosystem, drive a sustainable blue economy.

 

PIF launches Hotel Management Company (Adeera)

 

 

The Public Investment Fund (PIF) announced the launch of Adeera, a hotel management company aimed at becoming a leading national player in the Kingdom’s hospitality sector. The company will focus on developing new Saudi hospitality brands to global standards, while fostering local talent and enhancing industry expertise.

 

World Cup 2034 Hosting Higher Authority

 

 

Crown Prince Mohammed bin Salman announced the establishment of the World Cup 2034 Hosting Higher Authority, reaffirming Saudi Arabia’s commitment to delivering an exceptional edition of the world’s most prestigious football tournament.

 

Standard Incentives Program

 

 

The Ministry of Industry and Mineral Resources, in cooperation with the Ministry of Investment, announced in January 2025 the launch of a Standard Incentives Program (SIP) for the industrial sector.

 

The program aims to enable and expand local manufacturing of products not yet produced in the Kingdom, while enhancing the sector’s long-term competitiveness.

 

Enablers and Incentives

 

 

The Ministry of Industry and Mineral Resources unveiled 15 enablers and incentives for enterprises enrolled in the Authorized Economic Operator (AEO) program.

 

The initiative underscores the ministry’s commitment to boosting the competitiveness of Saudi exports, facilitating access to global markets, and reinforcing the Kingdom’s position as a regional logistics hub.

 

Riyadh Main and Ring Road Axes Development Program

 

 

The Royal Commission for Riyadh City (RCRC) announced the start of the second phase of its Riyadh Main and Ring Road Axes Development Program, comprising eight projects with a total cost exceeding SAR 8 billion.

 

Aircraft Industrial Zone

 

 

Saudi Arabia opened its first industrial zone dedicated to aircraft manufacturing and maintenance in Jeddah during the Aerospace Connect Forum.

 

Al Waha

 

 

The Public Investment Fund (PIF) announced the launch of Al Waha Duty-Free Company (Al Waha), the Kingdom’s first Saudi-owned operator of duty-free retail for travelers.

 

Saudi Architecture Characters Map

 

 

Crown Prince Mohammed bin Salman introduced the Saudi Architecture Characters Map, featuring 19 architectural styles inspired by the Kingdom’s geography and cultural heritage.

 

The initiative aims to celebrate architectural heritage, enhance quality of life, and enrich urban landscapes in line with Vision 2030 objectives.

 

Measures to stabilize Riyadh’s real estate sector

 

 

Crown Prince and Prime Minister Mohammed bin Salman ordered measures, based on studies by the Royal Commission for Riyadh City and the Council of Economic and Development Affairs (CEDA), to address rising land and rental prices and ensure greater balance in the capital’s real estate market.

 

Idle Land Tax

 

 

The Saudi Cabinet, chaired by Crown Prince and Prime Minister Mohammed bin Salman, approved an amendment to the idle land tax law.

 

New oil and gas discoveries

 

 

Energy Minister Prince Abdulaziz bin Salman said Saudi Aramco discovered 14 new oil and gas reservoirs in the Eastern Province and the Empty Quarter, including six oil fields, two oil reservoirs, two gas fields, and four gas reservoirs.

 

Housing support regulation update

 

 

The Saudi Council of Ministers approved an amendment to the housing support regulation, lowering the minimum eligibility age for applicants from 25 to 20 years.

 

Expo 2030 Riyadh Company

 

 

The Public Investment Fund announced the creation of Expo 2030 Riyadh Company (ERC), fully owned by the fund. The company will develop and operate facilities for Riyadh Expo 2030, the Kingdom’s first event of its kind, and manage their long-term investment.

 

Commercial Paper Program

 

 

The Public Investment Fund launched its first commercial paper (CP) program, marking a further step in diversifying its financing instruments.

 

 

FDI hits SAR 119 billion in 2024

 

 

Foreign direct investment (FDI) inflows into Saudi Arabia reached SAR 119 billion in 2024, up 24% from SAR 96 billion a year earlier. FDI outflows rose to SAR 39 billion, compared with SAR 10 billion in 2023.

 

Saudi Arabia advances to 23rd rank globally on Investment Attractiveness Index

 

 

Saudi Arabia’s mining sector ranked 23rd globally on the Investment Attractiveness Index in the Fraser Institute’s 2024 Annual Survey of Mining Companies.

 

Operational factories in Saudi Arabia reach 9,991

 

 

At the end of Q4 2024, the Kingdom was home to more than 9,991 operational factories, employing around 980,000 workers, with total investments exceeding SAR 966 billion.

 

Saudi Arabia ranks 1st globally by international tourism revenue growth

 

 

Saudi Arabia ranked first globally as the fastest-growing destination in international tourism revenues in Q1 2025 compared with Q1 2019, according to the UN World Tourism Organization’s May 2025 World Tourism Barometer report.

 

PIF launches Tasama

 

 

The Public Investment Fund (PIF) launched Tasama Business Services Co. (Tasama), a wholly owned subsidiary, to strengthen the integrated business ecosystem and drive further economic growth in both the public and private sectors.

 

Saudi population grows to 35.3 million

 

 

The Kingdom’s population rose 4.7% year-on-year to 35.3 million at the end of 2024.

 

GCC residents allowed to invest in Main Market

 

 

The Saudi market regulator approved amendments to investment account rules, allowing residents of GCC countries, as well as former residents of Saudi Arabia and the Gulf, to invest directly in the Main Market.