What is the overall project status on Saudi Vision 2030?
Introduction
As of February 2025, Saudi Vision 2030 has made significant progress across various sectors, though some projects have faced challenges and reassessments. Here’s an overview of the project status:
Economic Diversification
Non-oil revenue has more than doubled, reaching 50% of real GDP
The private sector’s contribution has increased to 45% of GDP
The financial sector has seen strong growth, with 43 new companies added to the Saudi capital market through IPOs
Social and Cultural Progress
Female labor force participation has increased to 35%
Home ownership has risen from 47% to 67%
The tourism and cultural sectors have experienced substantial growth
Major Projects
NEOM
Only 2.4 kilometers of The Line are expected to be completed soon, with 70% of plans for the urban area reportedly abandoned
Renewable Energy
Capacity increased from 700MW in 2022 to 2.8GW by the end of 2023, with plans to launch new projects totaling 20GW by 2024
Infrastructure
Riyadh has unveiled a comprehensive master plan to coordinate infrastructure projects for 2025
Challenges and Reassessments
Some ambitious projects, like The Line, have been scaled back
The Neom project, initially valued at $1.5 trillion, has faced setbacks
Experts warn of potential cognitive atrophy among workers due to increased reliance on AI tools
International Collaboration
Strategic partnerships and investments in AI and technology infrastructure have been announced, including a $15 billion investment in AI
Collaborations with companies like Groq, Aramco Digital, and Lenovo to enhance AI infrastructure and manufacturing
Future Outlook
The International Monetary Fund expects 6% growth for the Saudi economy in 2025
Saudi Arabia aims to source at least 50% of its power from renewable energy by 2030
The kingdom is positioning itself to become a global hub for quantum technology
Conclusion
While Vision 2030 has made notable progress in diversifying the economy and advancing social reforms, some mega-projects have been reassessed.
The focus appears to be shifting towards more practical and achievable goals, with emphasis on technology, renewable energy, and economic diversification.
