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

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.