Saudi Crown Prince says 93% of 'Vision 2030' indicators achieved their targets

Saudi Crown Prince Mohammed bin Salman stated that 93% of 'Vision 2030' performance indicators achieved their targets, in the annual royal address opening the ninth session of the Shura Council. The address serves as an annual occasion to review the achieved goals of the Vision before members of the council.

He added that non-oil exports grew by 155% compared to 2016, the year the Vision was launched. This represents more than double the growth in the Kingdom's non-oil exports in nearly ten years, reflecting a shift in the structure of Saudi exports away from reliance on oil revenues, which is the core objective of the plan.

He explained that the private sector's contribution to the economy reached 51%, an indicator of progress in plans to empower the private sector and increase its role in economic activity alongside the state. This increased contribution means that non-governmental companies and institutions produce and employ a larger share of economic output.

'Vision 2030' is the developmental framework relied upon by Saudi Arabia to modernize its economy and expand its non-oil sectors. The annual address before the Shura Council measures the achieved targets of the Vision and serves as an occasion to review progress in economic diversification files and new sectors such as tourism, industry, and technology. Markets follow these indicators as they paint a clearer picture of the pace of economic reform in the Kingdom.

What do these terms mean?

Vision 2030: A Saudi development plan launched in 2016 aimed at diversifying the economy away from oil dependency. Non-oil exports: Goods and products exported by the country that do not include crude oil. Private sector: Companies and institutions owned by individuals and investors, not the state. Shura Council: The Saudi advisory council that participates in enacting regulations and reviewing policies.