As the ninth anniversary of the accession of Crown Prince Mohammed bin Salman, may God protect him, approaches, the Kingdom of Saudi Arabia looks back on one of the most significant turning points in its modern history, having witnessed an accelerated course of economic, developmental, and social reforms in recent years. Since his appointment as Crown Prince on 26 Ramadan 1438, corresponding to June 21, 2017, the Kingdom has entered a new phase of comprehensive modernization, driven by an ambitious strategic vision aimed at building a diversified economy and strengthening the country’s presence on the regional and international stage.
A historic moment in the nation’s journey
In June 2017, the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, issued a decree appointing Prince Mohammed bin Salman as Crown Prince, a move that marked a turning point in the course of Saudi leadership. This decision received broad support within the Allegiance Council, where the Crown Prince secured a large majority of 31 votes out of 34 members, reflecting the high level of trust he enjoyed within the royal family.
This selection marked the beginning of a new phase in the Kingdom’s journey, as work began on implementing a series of economic and social reforms aimed at promoting stability and development and consolidating the Kingdom’s position at the regional and international levels.
Saudi Vision 2030: The Roadmap for Transformation
Saudi Vision 2030 is the largest national project driving the Kingdom’s transformation, aiming to reduce dependence on oil as the primary source of income and diversify the economy by developing new sectors such as tourism, entertainment, technology, and renewable energy.
Since the launch of this vision, the Kingdom has embarked on comprehensive economic and structural reform programs that have contributed to improving the business environment and attracting foreign investment, while supporting the private sector and strengthening its role in driving development.
Official reports on the implementation of the Vision have also shown remarkable progress in achieving its goals, with the majority of initiatives proceeding according to plan, while some programs have exceeded their targets ahead of schedule.
Mega Projects Reshaping the Economy
Recent years have seen the launch of a number of major development projects that have become emblematic of the Kingdom’s economic transformation, led by the NEOM project, which is one of the largest future city projects in the world and aims to build a new model for smart cities based on innovation and advanced technologies.
Also prominent is the Red Sea tourism project, which aims to develop one of the world’s leading tourist destinations, as well as the Qiddiya project, which focuses on developing the entertainment and sports sector to become a regional hub for recreational and cultural activities.
These projects seek to enhance the Kingdom’s appeal as a global investment and tourism destination, while providing thousands of job opportunities for Saudi youth and supporting the growth of the national economy.
Broad Social and Cultural Reforms
The transformations witnessed by the Kingdom were not limited to the economic sphere alone, but extended to the social and cultural spheres as well. Recent years have seen a significant expansion in women’s participation in the labor market and a marked increase in their empowerment across various sectors.
The country has also seen an expansion of cultural and recreational activities through the organization of international festivals and events across the Kingdom, which has helped revitalize tourism and promote cultural openness.
In addition, international sporting events hosted by the Kingdom have gained prominence, reflecting a trend toward strengthening Saudi Arabia’s presence in the fields of culture, sports, and entertainment.
Economic Growth and Progress in Diversification
Economic reforms have yielded tangible results in the performance of the Saudi economy, with non-oil activities experiencing sustained growth in recent years. The contribution of these activities to GDP has risen to unprecedented levels, reaching approximately 50 percent, reflecting the success of efforts to diversify the economy.
The GDP of non-oil sectors also grew by 4.3 percent last year, indicating the continued expansion of these sectors and the strengthening of their role in supporting the national economy.
In this context, the Public Investment Fund plays a pivotal role in supporting the Saudi economy, with the value of its managed assets rising to approximately 3.47 trillion riyals, making it one of the largest sovereign wealth funds in the world.
International Achievements Strengthen Global Standing
In recent years, the Kingdom has strengthened its presence on the international stage by hosting and organizing a number of major global events. It hosted the G20 Summit in 2020, a move that underscored the Kingdom’s growing role in the global economy.
The Kingdom also won the bid to host Expo 2030 in the capital, Riyadh, in addition to hosting the 2034 FIFA World Cup, reflecting growing international confidence in the Kingdom’s organizational and economic capabilities.
Housing Sector and Improving Quality of Life
As part of the Saudi Vision 2030 programs, the housing sector has made remarkable progress in providing diverse housing options for citizens. Tens of thousands of Saudi families have received their homes in recent years, and thousands of new housing units have been launched across the Kingdom. The rate of home ownership among citizens has risen to over 63 percent, an indication of the success of government policies aimed at improving quality of life and providing housing stability for Saudi families.
A Steady March Toward the Future
As the Crown Prince’s reign enters its ninth year, the Kingdom continues to implement its reform programs and development projects at an accelerated pace, as part of efforts to achieve the goals of Saudi Vision 2030.
Observers believe that the coming phase may witness further economic and developmental transformations, with the continued implementation of major projects and the strengthening of the role of non-oil sectors, thereby supporting the consolidation of the Kingdom’s position as an influential economic power at the regional and international levels.
