Saudi Arabia’s Crown Prince Mohammed bin Salman provided an update on the Vision 2030 initiative, emphasizing progress in tourism and employment.
In his address to the Shoura Council, he noted steady economic diversification, with non-oil activities contributing 50% to the Kingdom’s GDP in 2023. This shift is vital for reducing reliance on oil revenues.
The crown prince highlighted significant achievements, including surpassing tourism targets. The national tourism strategy aimed for 100 million tourists by 2030 but reached 109 million in 2023. The new goal is 150 million visitors by 2030.
Unemployment among Saudi citizens hit a historic low of 7.6% in early 2024, down from 12.8% in 2017. Homeownership has also increased from 47% in 2016 to over 63%.
Saudi Arabia has become a key player in renewable energy and boasts the largest repository of natural resources globally. The nation is set to host major events like Expo 2030 and the FIFA World Cup 2034.
The crown prince emphasized Saudi Arabia’s growing global confidence, attracting major companies and international activities in sports, investment, and culture.