Vision 2030 drives economic transformation: Analysts

Saudi Arabia’s Vision 2030 annual report for 2025 showed continued progress across key performance metrics and targets, underscoring an accelerating pace of economic transformation and supporting the transition to the third phase of the vision.

As the third phase begins in 2026, efforts are set to focus on consolidating gains and building on them, while accelerating execution and placing greater emphasis on high-impact sectors that drive social empowerment and economic diversification. This will be supported by further development of policy tools and continued assessment of spending efficiency and economic and social impact.
   

Strong Growth in the Non-Oil Sector
 

Economist Ahmed Alshehri

Economist Ahmed Alshehri said the Saudi economy has undergone a clear transformation since the launch of Vision 2030, with the contribution of non-oil activities exceeding 55% of real GDP. The non-oil sector has also outpaced the oil sector in growth in recent years.
 

He added that the private sector’s contribution has risen to around 51% of GDP, driven by the expansion of SMEs and growth in tourism, logistics, industry, and services, supported by government spending and the Public Investment Fund (PIF).
 

Abdullah Alsalloum, professor of finance at Imam Mohammad Ibn Saud Islamic University

Abdullah Alsalloum, professor of finance at Imam Mohammad Ibn Saud Islamic University, said non-oil exports have increased significantly, with non-oil activities becoming a key driver of GDP growth. He expects this trend to continue in the coming years.
 

Bander Al-Juaid an academic and economic writer

For his part, Bander Al-Juaid, an academic and economic writer, said that the Saudi economy was previously more closely tied to oil price fluctuations, but has since become more diversified. This shift is reflected in a broader labor market, greater female participation, stronger private sector growth, and increased high-quality investments led by PIF.
 

Economic Resilience and Policy Impact
 

Alshehri said the resilience of non-oil growth despite oil price volatility in recent years signals a more robust economy and reduced reliance on oil as the primary growth engine.
 

He added that economic policies have directly accelerated the achievement of Vision 2030 targets, alongside the pivotal role of PIF in enabling the private sector and developing new industries. He noted that PIF’s contribution is estimated at no less than 10% of non-oil GDP.
 

Alsalloum said the Kingdom’s transformation remains ongoing, with a more mature phase expected in the coming years following the structuring of Vision 2030 into three distinct phases, each with its own priorities.
 

He explained that the first phase focused on laying the foundations and restructuring, including the introduction of key fiscal and regulatory policies, the establishment of new entities, and the empowerment of institutions tasked with delivering the vision’s objectives. This has helped create a solid base for the progress now being seen.
 

Al-Juaid added that economic policies have been instrumental through three main channels: regulatory reform, improving the efficiency of spending and investment, and directing resources toward priority sectors such as tourism, industry, logistics, mining, and housing. He noted that more than 2,200 regulatory reforms and measures have been implemented across the vision’s phases, significantly improving the business environment and enhancing the economy’s capacity to attract investment and sustain growth.

Analysts surveyed by Argaam said current indicators point to an advanced structural shift in the Saudi economy, driven by the expanding role of non-oil activities and the private sector, with expectations of a more mature phase in the years ahead.