عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Vision 2030 Progress Accelerates Saudi Arabia’s Economic Growth

The Saudi capital Riyadh. SPA
The Saudi capital Riyadh. SPA
TT
TT

Vision 2030 Progress Accelerates Saudi Arabia’s Economic Growth

The Saudi capital Riyadh. SPA
The Saudi capital Riyadh. SPA

Saudi Arabia is nearing the end of the second phase of its Vision 2030 plan (2021-2025), a period that has seen strong growth and expanding opportunities across multiple sectors, with key economic indicators reflecting the Kingdom’s progress.

Performance data for 2024 shows that Saudi Arabia, the Arab world’s largest economy, is firmly on course to meet its Vision 2030 targets, with a significant number of metrics exceeding initial projections.

According to the latest figures, 93% of the tracked indicators have been either fully or partially achieved. A total of 299 indicators have met their goals entirely.

Meanwhile, data on Vision 2030 initiatives show that 85% have either been completed or remain on schedule, with 674 initiatives fully implemented and another 596 progressing according to plan, out of a total of 1,502 active initiatives.

Saudi Arabia’s economy continued to expand in 2024, with real non-oil GDP rising by 3.9% year-on-year, driven by a 4.3% increase in non-oil sectors. The non-oil private sector Purchasing Managers’ Index (PMI) also posted a strong performance, climbing to 58.1 points in the fourth quarter.

The Kingdom’s unemployment rate among Saudi citizens fell to a record low of 7% in 2024, achieving the Vision 2030 target six years ahead of schedule, compared to 12.3% in 2016.

Meanwhile, Saudi Arabia maintained inflation at 1.7% by the end of 2024, one of the lowest rates among G20 nations, supported by balanced economic policies.

Boosting Competitiveness

Saudi Arabia advanced to 16th place in the 2024 IMD World Competitiveness Ranking, up from 36th in 2017, reflecting ongoing reforms to improve the business environment.

Global credit rating agencies also reaffirmed their confidence in the Kingdom’s economic outlook. Moody’s maintained Saudi Arabia’s rating at “A1” with a stable outlook, Fitch Ratings assigned it “A+” and S&P Global rated the Kingdom at “A/A-1.”

A Vibrant Society and Ambitious Nation

Saudi Arabia recorded major achievements on the social and cultural fronts. The number of UNESCO World Heritage sites in the Kingdom rose to eight, reaching the Vision 2030 target ahead of schedule.

The number of foreign Umrah pilgrims hit a record 16.92 million in 2024, surpassing the year’s target of 11.3 million.

Homeownership among Saudi families reached 65.4% in 2024, exceeding the year's target of 64%.

In digital governance, Saudi Arabia climbed to sixth place globally in the United Nations E-Government Development Index, rising 25 spots and nearing its Vision 2030 goal of fifth place.

Volunteerism also surged, with the number of volunteers exceeding 1.2 million, surpassing the Vision 2030 target of one million volunteers and reflecting a growing culture of civic engagement.

Positive Growth Outlook

International institutions forecast a strong outlook for Saudi Arabia’s economy in 2025.

The Organization for Economic Co-operation and Development (OECD) projects growth of 3.8%, the International Monetary Fund (IMF) expects 3% growth, and the World Bank forecasts an expansion of 3.4%. Saudi Arabia’s Ministry of Finance projects a higher growth rate of 4.6%.

The sustained economic momentum and rapid transformation under Vision 2030 have strengthened Saudi Arabia’s position as an attractive investment destination and a rising hub for promising opportunities.

Most Viewed

 
 
Business

Treasury Chief Says US May 'Unsanction' Iran Oil Already Being Shipped

Ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo/Altaf Qadri)
Ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo/Altaf Qadri)
TT
TT

Treasury Chief Says US May 'Unsanction' Iran Oil Already Being Shipped

Ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo/Altaf Qadri)
Ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo/Altaf Qadri)

US Treasury Secretary Scott Bessent said Thursday that Washington might "unsanction" Iranian oil that is already being shipped, as energy prices soar due to the war in the Middle East.

Bessent's comments to Fox Business came as oil and gas prices made a renewed surge after Iran hit the world's biggest liquefied natural gas (LNG) facility in Qatar and threatened to destroy the region's energy infrastructure, AFP reported.

Bessent added in the interview that the US government could also release more oil from its strategic reserves.

US President Donald Trump's administration has been scrambling to rein in rocketing energy costs after US-Israeli strikes on Iran on February 28.

Tehran's retaliation brought commercial shipping through the Strait of Hormuz to a virtual halt, snarling energy supply chains.

Around a fifth of global crude oil and liquefied natural gas passes through the critical waterway during peacetime.

Already, international benchmark Brent surged 10 percent earlier before easing to a 5.0 percent increase at $112.76 per barrel.

Recently, the United States also temporarily allowed the sale of sanctioned Russian oil that is at sea. On Wednesday, Trump temporarily waived a century-old maritime shipping law in an attempt to help ease energy prices.

Business

UK Wage Growth Slows to Weakest in 5 Years

FILED - 17 February 2016, United Kingdom, London: A Job Centre Plus is pictured in this file photo from February 17, 2016. Photo: Philip Toscano/PA Wire/dpa
FILED - 17 February 2016, United Kingdom, London: A Job Centre Plus is pictured in this file photo from February 17, 2016. Photo: Philip Toscano/PA Wire/dpa
TT
TT

UK Wage Growth Slows to Weakest in 5 Years

FILED - 17 February 2016, United Kingdom, London: A Job Centre Plus is pictured in this file photo from February 17, 2016. Photo: Philip Toscano/PA Wire/dpa
FILED - 17 February 2016, United Kingdom, London: A Job Centre Plus is pictured in this file photo from February 17, 2016. Photo: Philip Toscano/PA Wire/dpa

British wages rose at their slowest pace since late 2020 in the three months to January, according to official data which also suggested a weakening in employment might have bottomed out before the start of the war in the Middle East.

The figures would normally boost bets on the Bank of England cutting interest rates. But the central bank is widely expected to signal at 1200 GMT that it is waiting to see the impact of the war on Britain's economy before deciding its next move.

Yael Selfin, chief economist at KPMG UK, said Thursday's data would not change the BoE Monetary Policy Committee's immediate views.

"Priorities have shifted, with MPC members set to turn their attention to the new upside risks to the inflation outlook," she said. "This could see interest rates staying higher for longer, raising the prospect of a more pronounced loosening in the labor market over the coming months."

Last ⁠week ONS data ⁠showed zero growth in Britain's economy in January, but a surge in oil prices means an expected fall in inflation back towards its 2% target in April may prove more fleeting than the BoE had hoped.

The Office for National Statistics said regular earnings, which exclude bonuses, rose by 3.8% in the November-to-January period, the smallest increase since the three months to November 2020 and down from 4.1% in the final quarter of 2025.

Economists polled by Reuters had mostly expected regular pay growth of 4.0%. Total pay growth, which includes bonuses, showed a similar trend, slowing to 3.9%.

The ONS data also ⁠showed Britain's unemployment rate - which is calculated from a survey that the ONS is still overhauling - held at 5.2%, its highest since the COVID-19 pandemic period but below a median forecast in the Reuters poll for a rise to 5.3%.

Unemployment for 16-24 year olds - a key focus of government concern - edged down to 16.0% from an 11-year high of 16.1% in the final quarter of 2025.

Separate, more timely tax office data, also released on Thursday, showed the number of people in payrolled employment rose by a provisional estimate of 20,000 people between January and February.

In January, payrolls rose by a revised estimate of 6,000 compared with a provisional estimate of a fall of 11,000.

The latest data and revisions make it the first time that there have been three consecutive monthly rises in payrolled employment since May 2024.

"Today's labor market data will make for some positive reading. After nearly a year of disappointment, signs of stabilization are emerging," Sanjay Raja, ⁠chief UK economist at Deutsche ⁠Bank, said.

Until this month, the BoE had been trying to gauge whether lingering inflation heat in the labor market or a weakening of hiring in recent months posed the bigger risk to the economy.

But new inflation pressures have emerged, caused by the jump in energy prices after the start of the war in the Middle East.

The BoE is expected to keep borrowing costs on hold on Thursday at the end of the MPC's March meeting which, until recently, had been expected to result in a quarter-point rate cut.

The ONS data showed private sector annual regular wage growth - a measure of inflation heat closely watched by the BoE - slowed to 3.3% in the three months to January from 3.4% in the three months to December, also its weakest since late 2020.

Last month, the BoE said pay growth needed to be around 3.25% to keep inflation at its 2% target.

Deutsche Bank's Raja said the figures showed wage growth was slowing by slightly more than the BoE had forecast, offering some relief from the worries about a new energy price shock coming from the US-Israeli war on Iran.

"This, we think, can allow the MPC to remain cool-headed as we brace for another inflation wave - at least for now," he said.

Business

Morgan Stanley Joins Peers in Pushing Back Fed Cut Forecasts on Inflation Fears

FILE PHOTO: Morgan Stanley logo appears in this illustration taken December 1, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Morgan Stanley logo appears in this illustration taken December 1, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
TT
TT

Morgan Stanley Joins Peers in Pushing Back Fed Cut Forecasts on Inflation Fears

FILE PHOTO: Morgan Stanley logo appears in this illustration taken December 1, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Morgan Stanley logo appears in this illustration taken December 1, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Morgan Stanley on Thursday joined Goldman Sachs and Barclays in pushing back its forecast for the US ​Federal Reserve's next interest rate cut to September from June after the central bank flagged inflationary risks amid the Middle East conflict.

The Wall Street brokerage now expects quarter-point reductions in September and December, revising its earlier forecast of reductions in June and September.

"In the near term, ‌higher energy prices ‌will push up overall inflation, ​but ‌it ⁠is ​too soon ⁠to know the scope and duration of the potential effects on the economy," Fed Chair Jerome Powell said in a press conference after the central bank kept interest rates unchanged on Wednesday.

New projections show that Fed policymakers as a ⁠group anticipate the Federal Open Market Committee ‌will cut the policy rate ‌by a quarter percentage point ​before the end ‌of the year, while major Wall Street firms ‌still expect two rate cuts.

"A cautious Fed means delay. The primary risk to our view remains that rate cuts come later or not at all," Morgan ‌Stanley strategists said in a note.
"In the other direction, a second-round surge ⁠in oil ⁠prices could mean activity and labor markets weaken, prompting cuts."

Oil prices have climbed above $100 a barrel due to the ongoing Middle East conflict that has led to the closure of the Strait of Hormuz, a key trade route that handles almost a fifth of the global oil trade.

Traders are currently pricing in over a 70% chance that the US central bank will ​hold rates steady ​in September, according to the CME FedWatch tool.