Why Saudi Vision 2030 Will Not Fail: A Strategy Designed for Success

Many strategies fail because they lack the necessary components to be really strategic. As Freek Vermeulen explains, and many others concur, a considerable fraction of tactics fail for numerous reasons. So, what distinguishes Saudi Vision 2030? What distinguishes this ambitious strategy and drives its 11 Transformation Programs and several ministries to achieve their objectives?

Since its creation over eight years ago, Vision 2030 has attracted some criticism. Some pundits, lacking a thorough understanding of the program's main aims - a Vibrant society, a Thriving economy, and an Ambitious nation - have quickly dismissed its promise.Eight years later, the progress made under each of these pillars speaks for itself.

As His Royal Highness Prince Mohammad bin Salman said, "We have created a comprehensive and ambitious strategy for Saudi Arabia until 2030. It is the first step towards a better and brighter future for our country and its residents."

Let's look at the accomplishments so far:

• A Thriving Economy: Economic diversification, a cornerstone of the strategy, has resulted in non-oil revenues rising from $46.6 billion in 2016 to a remarkable $121.1 billion in 2023, or an almost 50% increase. Furthermore, inflation has been effectively reduced, falling from 3.1% in 2022 to 1.6% in 2023, despite major expenditures in megaprojects like as NEOM, the Red Sea, Qiddiya, Roshn, and Diriyah. The unemployment rate has also decreased significantly, going from 12.3% in 2016 to 7.7% in 2023.
• A Vibrant Society: The Kingdom's average life expectancy has climbed to an impressive 78.1 years. The number of Umrah pilgrims increased from 10 million in 2016 to 13.56 million in 2023, demonstrating the Kingdom's rising popularity as a tourism destination. Homeownership among Saudi families has also increased significantly, rising from 47% in 2016 to 67.4% by 2023.

• An Ambitious Nation: Government non-oil income have increased dramatically, from 1.293 billion SAR in 2016 to a staggering 457 billion SAR in 2023. The government effectiveness measure has continuously increased, reaching 70.8 points in 2022 from 60.7 in 2016. Volunteerism has also witnessed a favourable trend, with the number of volunteers rising from 670,000 in 2016 to 834,000 by 2023.

So, what distinguishes Saudi Vision 2030?

• Clear Vision and Goals: The three pillars - a dynamic society, a successful economy, and an ambitious nation - serve as a well-defined framework for the whole programs. quantifiable Targets and KPIs: Each pillar has defined, quantifiable targets and Key Performance Indicators, which allow for progress tracking and modifications as needed.
• Top-Down Monitoring: The approach is monitored at the highest levels of government to ensure accountability and ongoing improvement.

Saudi Vision 2030 has set itself up for success. It is a compelling illustration of how well-crafted initiatives can lead to actual achievements, paving the way for a better future for the Saudi Arabia and its citizens.

Saudi Vision 2030 - Report 2023.