The Crown Prince Mohammed bin Salman bin Abdulaziz first announced Vision 2030 in the year 2016. The Vision primarily focusses on increasing Saudi Arabia’s non-oil economy, by diversifying the overall approach in private sectors and developing public sectors such as health, education, infrastructure, recreation, and tourism. The Vision was created keeping in mind the need of the hour as well as the fact that 60% of Saudi’s population is under the age of 35 and it might be quicker to onboard and execute new ideas.
The Three Pillars of Vision 2030
Vision 2030 was based on three pillars namely vibrant society, thriving economy, and ambitious nation. Each pillar is well defined as to what area of development it focusses on.
Vibrant Society has to do with quality of living, where people of Saudi Arabia get to enjoy a rich and happy life along with strong Islamic foundations of culture and heritage. Efficient social and healthcare systems also form a part of this pillar.
Thriving Economy creates an environment that provides the necessary base for business opportunities creating employment opportunities for Saudis. The main aim of this pillar is to attract global investment and talent to KSA.
Ambitious Nation focuses on making a high performing, effective, transparent, and accountable government. A leadership that empowers the private sector, citizens, and non-profits to march ahead with confidence.
Latest Economic Highlights of Vision 2030
Since the launch of Vision 2030, all three pillars have been picking up space in their respective departments. Let us take a look at Saudi’s latest economic highlights and observe the thriving economy of Saudi Arabia.
- Launch of Global Supply Chain Resilience Initiative
Positioning Saudi Arabia as a Key Link in Global Supply Chains, His Royal Highness Prince Mohammed bin Salman, recently announced the launch of Global Supply Chain Resilience Initiative.
- World’s Most Innovative Economic Zone launched in Riyadh
Spanning across 3 million Square Meters, using top-class Tech, the new Zone will prove to be an important link between billions of potential customers across Africa, Asia, and Europe. A remarkable step to attract global opportunities.
- PIF launches Local Content Growth Program
Public Investment Fund (PIF) has been growing steadily since last 5 years, from 5% in 2016 to 31% in 2020. The Public Investment Fund launched local content growth program with the aim to grow private sector competition and innovation in the private sector with an aim of increasing its contribution to the economy to 60% by 2025.
- Non-oil Government Revenue Significantly Increased
In the first five years of the launch of Vision 2030, the non-oil revenue has gone up by a substantial 122% from 44 billion USD in 2015 to 107 billion USD last year. The figures of 2022 are sure to bring in even larger figures.
- Huge Investments in Digital Infrastructure
Saudi’s digitization has also picked up since the last 5 years. In this year’s open signal global 5G benchmark, the Kingdom ranked 2nd
for 5G availability in the Middle East, 3rd
for 5G Reach and 4th
in 5G Download Speed.
- Saudi Secured the Second Position in Digital Competitiveness
In the 2021 Digital Riser Report by the European Centre for Digital Competitiveness, Saudi ranked 2nd
amongst the G20 nations. This can be considered as one of the major milestones for KSA and Vision 2030.
Lamaa and Vision 2030
At Lamaa, we completely believe in and support Saudi’s Vision 2030 and the pillar that brings it all together for us – the strong and Thriving Economy
. Saudi has been growing and diversifying at lightning speed and so are we. Lamaa has seen a growth like never before this year and the great new focus on the Fintech Sector from the people and government of Saudi Arabia has brought in a new level of excitement in us to perform better. We have been expanding our team, offices and product capabilities and look forward to taking bigger leaps in the years to come, right alongside Vision 2030.
Lamaa’s Dynamic Discounting benefits large enterprises, SMEs and Investors alike. Our Shariah Compliant finance facility brings in value by streamlining processes, giving access to early payments and creating robust investment opportunities.