Saudi Vision 2030 Enters Third Phase with 93% of Targets Met

The Saudi capital, Riyadh (SPA)
The Saudi capital, Riyadh (SPA)
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Saudi Vision 2030 Enters Third Phase with 93% of Targets Met

The Saudi capital, Riyadh (SPA)
The Saudi capital, Riyadh (SPA)

Saudi Arabia will enter the third phase of its Vision 2030 reform program in 2026, with 93% of performance indicators having met, exceeded or nearly reached their targets, according to the initiative’s 2025 annual report.

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud said the Kingdom was moving toward a better future through the achievements of Vision 2030, describing it as a model for harnessing resources and capabilities to deliver broad-based development.

Crown Prince Mohammed bin Salman, for his part, stressed that a decade of reforms under Vision 2030 had produced an “exceptional transformational model,” translating ambitions into tangible results through the efforts of Saudi citizens and state institutions.

“What we have achieved in recent years places upon us a great responsibility to redouble efforts and intensify plans and tools in a way that strengthens gains and ensures sustainable impact,” he stated.

The report highlighted that Saudi Arabia was entering the third and final five-year phase of Vision 2030, running through 2030, after a decade of economic and social reforms aimed at diversification and sustainable growth.

Vision 2030 is structured in three five-year phases. The first, from 2016 to 2020, focused on legislative and institutional foundations, including regulatory reforms, creation of new entities and restructuring of the Public Investment Fund as a driver of growth.

The second phase, from 2021 to 2025, accelerated implementation of national strategies across sectors and regions while investing in new growth opportunities.

Performance indicators

Official data showed 93% of performance indicators under Vision programs had achieved or exceeded annual targets, or were close to doing so.

Of 390 active indicators, 309 met or surpassed interim targets, while 52 had achieved between 85% and 99% of their goals. Of 1,290 active initiatives, 935 have been completed since the launch of the plan, while 225 are progressing on schedule, meaning 90% are either complete or on track.

Economic indicators

Real GDP grew 4.5% in 2025 from a year earlier, the highest annual expansion in three years, while non-oil activities accounted for more than half of the economy, the report said.

Saudi unemployment fell to 7.2% at the end of 2025 from 12.3% at the end of 2016, helped by labor market reforms and broader economic growth. Inflation remained relatively stable at 2.0%.

Major ratings agencies maintained positive sovereign assessments. Moody’s affirmed an Aa3 rating with a stable outlook, while Fitch Ratings and S&P Global Ratings maintained A+ ratings with stable outlooks.

Growth forecasts

The International Monetary Fund forecasts Saudi growth of 3.1% in 2026 and 4.5% in 2027. The World Bank projects growth of 4.3% and 4.4% in those years, while the Organisation for Economic Co-operation and Development forecasts 4.0% and 3.6%. For its part, Saudi Arabia’s Finance Ministry projects growth of 4.6% in 2026 and 3.7% in 2027.

Social and sector reforms

Home ownership among Saudi households rose and participation in physical activity increased. Non-oil exports reached record levels, driven by industrial growth and logistics development, while the Kingdom improved its position in global competitiveness rankings.

Efforts to digitize government services and expand access to data continued, alongside growth in volunteering and volunteer opportunities.

Third phase

The report said the third phase would maintain long-term goals while adapting implementation methods to new requirements.

Governance and regular monitoring of performance indicators would remain central to measuring progress and adjusting course amid global economic shifts requiring flexibility and spending efficiency aligned with national priorities.



China’s January-September Fiscal Revenue up 5.1% y/y

People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
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China’s January-September Fiscal Revenue up 5.1% y/y

People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)

China's fiscal revenue increased 5.1% in the first nine months of 2026 from a year earlier, following a gain of 5.7% in the January-August period, the finance ministry said on Friday.

In the January-September period, fiscal revenue totaled 17.2 trillion yuan ($2.58 trillion), with tax revenue growing 6.1% year-on-year and non-tax ‌revenue expanding ‌1.2%.

Fiscal expenditure was up ‌1.0% ⁠on the year ⁠in the period, slowing from a rise of 1.2% in the first eight months.

China has accelerated local special bond issuance this year and plans to front-load part of its 2027 ⁠quota, finance ministry official Zhao Zeyong ‌told a press ‌conference on Friday.

Net special bond issuance ‌from January to September reached 3.56 trillion ‌yuan, accounting for 81% of the annual quota, and issuance for September was at 633.5 billion yuan, up by 214.8 billion yuan ‌from the same month last year, Zhao said.

Revenue from ⁠government ⁠land sales fell 27.9% on the year for the period from January to September, narrowing from a fall of 28.6% in the first eight months of this year.

The property sector downturn that began in mid-2021 has eroded land-sale revenue, long a crucial funding source for Chinese local governments.


Asian Stocks Mixed Ahead of Weekend as Tech Recovers Early Losses

 A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
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Asian Stocks Mixed Ahead of Weekend as Tech Recovers Early Losses

 A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)

Asian equities were mixed Friday as tech firms managed to claw back some early losses on bargain-buying at the end of tough week for the sector, while traditional safe havens benefited from a generally cautious mood.

Since AI-linked companies hit record highs in June, their equity prices have been pummeled by concerns they were overvalued, their huge outlays on infrastructure and hardware might not return a profit and, more recently, their servicing costs were spiraling.

That has combined with an Iran war-fueled surge in oil prices to more than $100 that has ramped up inflation, forced central banks to hike interest rates and sent government borrowing costs to multi-decade highs.

Strong earnings in past quarters have been able to temper many of the concerns, but analysts pointed out that investors are demanding better and better results to justify their backing.

Earnings from Facebook-parent Meta and chip equipment maker Lam Research this week have beaten forecasts but seen their shares dive.

"Even positive news is being ignored," said FOREX.com's Fawad Razaqzada.

"Strong results are no longer enough if the outlook fails to match an already demanding valuation. Investors are becoming much less forgiving."

The rush out of tech has, however, boosted industrial companies overlooked for much of the AI boom, with the Dow rising this week while the Nasdaq and S&P 500 retreated.

The general losses in New York filtered through to Asia in the morning, but some markets staged a comeback as the day progressed.

Seoul -- which was at the forefront of the AI boom and has led recent losses -- shed more than two percent after the open but was up at the close.

Chipmaker and market heavyweight SK hynix -- a major target amid the waves of buying and selling -- ended up more than four percent. However, its US shares fell more than eight percent Thursday after it said it was scrapping plans for an initial public offering for its US subsidiary Solidigm, citing "market conditions and share price trends".

There were also gains in Hong Kong, Shanghai, Sydney, Singapore and Jakarta.

Tokyo's Nikkei 225, which is also heavily weighted to tech, ended in the red, though well off earlier lows. Wellington, Mumbai and Manila were also down. Taipei was closed as Typhoon Champi neared Taiwan.

London, Frankfurt and Paris dropped in the morning.

Safe havens benefited, with the yen rallying against the dollar, helped by strong Japanese inflation data that boosted bets on another interest rate hike.

The currency has struggled against the greenback in recent years owing to the wide interest rate gap between the United States and Japan, as well as worries about the Asian giant's fiscal situation.

US Treasuries were also in demand, with yields falling from two-decade highs.

"Markets are looking for safe havens as the now familiar fears over AI and the tech sector, alongside ever higher oil and energy prices are powering a move back into bonds," said National Australia Bank's Gavin Friend.

"Regardless of the continued climb in oil prices, investors are increasingly looking for safe havens with the recent pullback in US Treasury yields getting a sizeable push," he said, adding that two- and 10-year Treasury yields were at one-month lows.

And Carol Kong at Commonwealth Bank of Australia said the yen could benefit further if the tech trade continued to deteriorate.

Oil prices added to the dour mood on fresh Middle East worries. Brent extended Thursday's spike and headed back towards $115 a barrel for the first time since May, while WTI topped $100.

The latest rally came after Iran threatened to hit US bases in the region if its military continued to escort ships through the Strait of Hormuz.


Gold Heads for Steep Weekly Loss as Oil Prices Fuel Fed Rate Concerns

British gold bars and Sovereign gold coins are displayed at Baird & Co. in Hatton Garden, London (Reuters)
British gold bars and Sovereign gold coins are displayed at Baird & Co. in Hatton Garden, London (Reuters)
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Gold Heads for Steep Weekly Loss as Oil Prices Fuel Fed Rate Concerns

British gold bars and Sovereign gold coins are displayed at Baird & Co. in Hatton Garden, London (Reuters)
British gold bars and Sovereign gold coins are displayed at Baird & Co. in Hatton Garden, London (Reuters)

Gold eased on Friday, headed for its steepest weekly decline in over four months as elevated oil prices bolstered higher-for-longer interest rate expectations, while investors awaited next week's Federal Reserve policy meeting.

Spot gold eased 0.1% to $4,021.04 per ounce by 0554 GMT, paring losses slightly after touching its lowest level since July 20 earlier in the session. The metal has fallen ‌3.6% so far ‌this week, putting it on track for ‌its ⁠worst week since June.

US ⁠gold futures for December delivery dropped 0.6% to $4,035.50.

Speculators are trying to defend the key $4,000 level for gold because a clean break below would signal that the market has stopped pricing rate relief and started pricing sticky inflation, elevated yields, and a stronger dollar, said Monte Safieddine, head of market research at Capital.com.

Oil ⁠prices rose on Friday after Houthi attacks in ‌Saudi Arabia stoked concerns of further ‌disruption to energy supplies from the Middle East.

Elevated energy prices bolster expectations ‌of higher-for-longer interest rates by the Fed, increasing the opportunity cost ‌of holding non-yielding bullion.

"Any further escalation on the geopolitical front risks pushing oil even higher. Higher oil is reviving inflation fears, lifting yields, and delaying Fed easing. That is a difficult cocktail for bullion," ‌Safieddine added.

Focus has turned to the Fed's October 27-28 policy meeting and next week's Personal ⁠Consumption Expenditures ⁠data, a closely watched gauge because it is the central bank's preferred inflation measure for its 2% inflation target.

Traders are largely expecting the central bank to leave interest rates unchanged next week, but expectations for an interest rate hike in December remain at 76%.

Meanwhile, analysts at HSBC cut their average 2026 platinum and palladium price forecasts in a research note on Thursday, citing shifting market fundamentals and investor liquidation.

Among other metals, spot silver slid 0.4% to $54.31 per ounce, platinum rose 0.3% to $1,574.33 and palladium gained 0.3% to $1,056.49.

However, all three metals were headed for weekly declines.