Saudi Arabia’s key developments since launch of Vision 2030

Saudi Arabia celebrates its National Day today, Sept. 23 each year, marking the unification and founding of the Kingdom on Sept. 23, 1932, under the leadership of its founder, King Abdulaziz bin Abdulrahman Al Saud.

King Abdulaziz bin Abdulrahman Al Saud

Reign: Sept. 23, 1932 – Nov. 9, 1953

King Abdulaziz was succeeded by his sons, who have ruled the Kingdom ever since.

King Saud bin Abdulaziz Al Saud

Reign: Nov. 9, 1953 – Nov. 2, 1964

King Faisal bin Abdulaziz Al Saud

Reign: Nov. 2, 1964 – March 25, 1975

King Khalid bin Abdulaziz Al Saud

Reign: March 25, 1975 – June 13, 1982

King Fahd bin Abdulaziz Al Saud

Reign: June 13, 1982 – Aug. 1, 2005

King Abdullah bin Abdulaziz Al Saud

Reign: Aug. 1, 2005 – Jan. 23, 2015

King Salman bin Abdulaziz Al Saud

Reign: Jan. 23, 2015 – present

The Kingdom celebrates its 96th National Day under the slogan “Our Pride Is in Our Nature,” which reflects pride in the nation and a sense of belonging, drawing on the authentic values and traits that characterize Saudi society, including courage, vision, authenticity, determination, generosity, and giving.

The slogan’s key values are captured in the phrases “Our Pride Is in Our Courage,” “Our Pride Is in Our Vision,” “Our Pride Is in Our Authenticity,” “Our Pride Is in Our Determination,” “Our Pride Is in Our Generosity,” and “Our Pride Is in Our Giving.” Each phrase represents an authentic trait of Saudi society, all under the main slogan, “Our Pride Is in Our Nature.”

To mark the 95th National Day, Argaam reviews the key developments in Saudi Arabia since the launch of Vision 2030, including major decisions and large-scale projects across various sectors, aimed at boosting economic growth, improving living standards, achieving balanced development across the Kingdom’s regions, developing human capital, diversifying sources of production and income, and supporting the private sector.

On April 25, 2016, the Saudi Cabinet, chaired by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, approved Saudi Vision 2030, submitted by the Council of Economic and Development Affairs.

At the time, King Salman said: “We hope that citizens will work together to achieve this ambitious vision.”

Crown Prince Mohammed bin Salman then outlined the key features of Vision 2030, which included building a strong economy less dependent on oil, developing various economic sectors, transforming the Public Investment Fund (PIF) into a global investment powerhouse and increasing its assets to SAR 7 trillion, as well as transforming Saudi Aramco from an oil producer into a global industrial company.

The vision is built on three key pillars that support sustainable development and a more resilient economy. Several programs were launched under Vision 2030 to translate its objectives into action, including the National Transformation Program, Public Investment Fund Program, Housing Program, Pilgrim Experience Program, Fiscal Sustainability Program, Human Capability Development Program, Quality of Life Program, Privatization Program, Health Sector Transformation Program, Financial Sector Development Program, and National Industrial Development and Logistics Program.

Crown Prince and Prime Minister Mohammed bin Salman said Saudi Arabia would become the biggest success story of the 21st century, the fastest-growing economy, and one of the world’s strongest economies.

Key achievements since the launch of Vision 2030

· Saudi Arabia’s nominal GDP exceeded $1 trillion for the first time, reaching SAR 4.2 trillion in 2022.

· PIF assets under management grew nearly sixfold from SAR 570 billion by the end of 2015 to more than SAR 3.42 trillion by the end of 2024.

· Major projects launched included NEOM, Qiddiya, The Red Sea Project, ROSHN, Diriyah and Riyadh Air.

· Numerous companies were established across sectors including entertainment, tourism, defense, renewable energy, refinancing and sports.

· Saudi Aramco was partially floated on the Saudi Exchange (Tadawul). In 2019, 1.5% of the company’s shares were offered and listed, marking the largest listing in Saudi market history and the world’s largest IPO at the time. The government also conducted a secondary public offering of 1.54 billion Aramco shares in 2024, representing about 0.64% of the company’s issued shares.

· Saudi citizens’ homeownership rate rose from 47% in 2016 to around 66% in 2025.

· Saudi Arabia joined with other oil-producing countries to establish OPEC+. In 2020, the group agreed to the largest oil production cut in the market’s history, helping restore stability and balance to global markets amid the impact of the COVID-19 pandemic.

· The Kingdom launched a wide-ranging anti-corruption campaign, with total proceeds from anti-corruption settlements exceeding SAR 247 billion, equivalent to 20% of total non-oil revenues.

· Saudi Arabia achieved Vision 2030’s target of reducing the unemployment rate among Saudi citizens to 7%, its lowest level on record. The Ministry of Human Resources aims to lower the rate further to 5%.

During the same period, Saudi Arabia introduced several major initiatives and decisions, including approving the PIF’s five-year strategy; requiring government entities, starting in 2024, to stop contracting with foreign companies that have regional headquarters outside Saudi Arabia; transferring 4% of Aramco’s shares to PIF; and transferring another 4% to Sanabil Investments.

The Kingdom also launched Boutique Group, a luxury hospitality company, and Trojena, a global mountain tourism destination in NEOM.

It also introduced several strategies, including the National Development Fund Strategy and the Custodian of the Two Holy Mosques Scholarship Program Strategy.

Diriyah was added as the fifth major project owned by PIF, the Events Investment Fund was launched and PIF expanded its investments in local and global companies. New Murabba Development Co. was established to develop a major urban downtown in Riyadh.

Other initiatives included establishing Riyadh Air, launching the first phase of Riyadh Bus, establishing four special economic zones, launching the investment and privatization program for sports clubs, allocating $7.8 billion for Expo 2030, launching the master plan for logistics centers, and establishing a global water organization.

Saudi Arabia also completed the transfer of 8% of Aramco’s total issued shares from state ownership to portfolios of companies wholly owned by PIF.

The government also conducted a secondary public offering of 1.54 billion Aramco shares, representing about 0.64% of the company’s issued shares.

The Kingdom raised its estimate of mineral wealth from SAR 4.9 trillion to SAR 9.4 trillion and launched a geographic survey project for renewable energy projects in the Kingdom.

Key developments in Saudi Arabia since the launch of Vision 2030:

National Transformation Program 2020

The Saudi Cabinet approved the National Transformation Program 2020 in June 2016 as part of Saudi Vision 2030. The program aimed to set strategic targets for participating government entities, translate them into initiatives, implement them, and achieve their objectives. It also targeted creating 450,000 jobs in the non-government sector and strengthening partnerships with the private sector, which would cover 40% of government spending on initiatives.

The program also aimed to boost local content by localizing more than SAR 270 billion in spending, increasing its value added and reducing reliance on imports.

Sakani Program

Sakani was launched in January 2017. More than 1.4 million families benefited from the program between 2017 and 2022. In the first half of 2024, 55,000 Saudi families benefited from the program, compared with 54,000 in the first half of 2025. The program targeted.

providing 95,000 housing units by 2025, focusing on major regions with the highest demand for housing support.

In 2023, Sakani launched an updated housing support program designed to meet beneficiaries’ needs based on their varying financing capabilities and housing requirements.

Saudi Arabia aims to raise the homeownership rate to 70% by 2030 under the Housing Program, one of the programs of Vision 2030.

The homeownership rate among Saudi households reached 65.4% at the end of 2024. The number of homes occupied by Saudi families rose by about 233,000, or 2.7%, in 2024 to 4.4 million, accounting for 50.6% of all occupied homes.

In May 2025, Saudi Arabia amended its housing support regulations, lowering the minimum age for housing support applicants to 20 from 25 and removing the requirement for a wife or divorced mother to be a dependent to qualify for housing support.

Qiddiya Project

Crown Prince Mohammed bin Salman launched Qiddiya in April 2017 as a major cultural, sports, and entertainment destination in the Kingdom, southwest of Riyadh. Spanning 334 square kilometers, Qiddiya is designed as a global entertainment destination and a hub for activities, discovery, and participation, with the aim of reshaping the entertainment sector in Saudi Arabia and tapping into opportunities in the local market.

National Renewable Energy Program

The National Renewable Energy Program was launched in April 2017 as a strategic initiative under Vision 2030 to maximize Saudi Arabia’s share of renewable energy generation. Investments in the program’s projects are expected to reach about SAR 60 billion, while grid-connected capacity is expected to reach 12,713 MW by the end of 2025 and 20,013 MW by the end of 2026.

The Red Sea Project

Crown Prince Mohammed bin Salman launched The Red Sea Project in August 2017 as a global tourism destination in Saudi Arabia. Once completed, the project will develop 22 islands out of more than 90, create more than 70,000 jobs, attract about 1 million tourists annually, and contribute SAR 22 billion to the Kingdom’s GDP.

The Red Sea destination welcomed its first guests in 2023 and currently has five operating resorts: Six Senses Southern Dunes, The St. Regis Red Sea Resort, Nujuma, a Ritz-Carlton Reserve, and Shura Island resorts Shebara and Desert Rock, both operated directly by Red Sea Global.

Earlier this month, Red Sea Global opened the first resorts and attractions on Shura Island, which will begin welcoming guests soon. Once fully developed, Shura Island will feature 11 international resorts, opening in phases over the coming months. Two additional resorts — Miraval The Red Sea and Four Seasons Resort The Red Sea — are scheduled to open this year.

NEOM Project

Crown Prince Mohammed bin Salman launched NEOM in October 2017, backed by more than $500 billion from the Saudi government, PIF, and local and international investors.

AMAALA Project

PIF launched AMAALA in September 2018 as a luxury tourism destination on the Red Sea coast. PIF will provide the project’s initial funding and oversee its development as a premium tourism destination within the Prince Mohammed bin Salman Natural Reserve in northwestern Saudi Arabia. The project is expected to be fully completed by 2028.

Once completed, the destination is expected to develop 22 islands out of more than 90, create more than 70,000 jobs, attract about 1 million tourists annually, and contribute SAR 22 billion to the Kingdom’s GDP.

King Salman Park Project

Custodian of the Two Holy Mosques King Salman bin Abdulaziz launched four major projects in Riyadh in March 2019, with a combined cost of SAR 86 billion: King Salman Park, Riyadh Green, Sports Boulevard, and Riyadh Art.

King Salman Park is set to become the world’s largest urban park, covering 13.4 square kilometers. It is being developed on the site of the former King Salman Air Base, Riyadh’s old airport, as an environmental, recreational, cultural, and investment project. The park will include gardens, green spaces, and open areas covering more than 9.3 million square meters.

The project will also include residential, office, commercial, and hospitality facilities, including residential complexes with 12,000 housing units, 16 hotels with 2,300 hotel rooms, more than 500,000 square meters of retail space for restaurants, cafes, and shops, and office complexes covering 600,000 square meters.

Sports Boulevard Project

Sports Boulevard is a 135-kilometer project connecting western and eastern Riyadh, designed to encourage residents to engage in sports and adopt healthier modes of transportation.

In 2021, the Sports Boulevard Foundation awarded contracts worth SAR 2.48 billion to several Saudi companies to implement the project’s first phase in Riyadh.

The first phase opened in February 2025, covering five destinations: Wadi Hanifah, The Promenade, the section between Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al Awwal Road, the internal route at Princess Nourah bint Abdulrahman University, and the first phase of the Sand Sports Park. The project had completed 83 kilometers of its total length at the time, representing 40% overall completion.

Riyadh Green Project

Riyadh Green aims to lower temperatures, reduce energy consumption, improve air quality, generate economic benefits, and enhance quality of life by planting more than 7.5 million trees across Riyadh.

The project is also designed to increase green space per capita from 1.7 square meters to 28 square meters, a 16-fold increase, and improve the city’s urban environment through tree planting in residential neighborhoods. It contributes to the targets of the Saudi Green Initiative and Vision 2030, including planting 10 billion trees across the Kingdom over the coming decades.

Riyadh Art Project

Riyadh Art aims to transform the capital into an open-air art gallery through the installation of more than 1,000 artworks and landmarks.

Diriyah Gate Project

Custodian of the Two Holy Mosques King Salman bin Abdulaziz attended the groundbreaking ceremony for the SAR 64 billion Diriyah Gate project in November 2019. The project is planned as a global tourism destination, with a master plan covering seven square kilometers. It will feature four plazas, an open-air amphitheater for gatherings and exploration, six museums, and an arts district.

The Diriyah Gate Development Authority began the first phase of rehabilitation and development of historic Diriyah in June 2020, with a total investment of SAR 75 billion. Infrastructure works were 35% complete as of February 2025.

King Abdulaziz International Airport in Jeddah

Custodian of the Two Holy Mosques King Salman bin Abdulaziz inaugurated the new King Abdulaziz International Airport Terminal 1 in Jeddah in September 2019. The airport spans about 105 square kilometers and is being developed in three phases.

The first phase is designed to accommodate 30 million passengers annually, while the second phase targets capacity of about 50 million passengers annually by 2025. The final phase is planned to raise capacity to 80 million passengers annually by 2035.

THE LINE in NEOM

Crown Prince Mohammed bin Salman launched THE LINE, a planned futuristic city in NEOM, in January 2021. Infrastructure costs for the project are estimated at between $100 billion and $200 billion.

Crown Prince announces major investment opportunities

In January 2021, Crown Prince and Deputy Prime Minister Mohammed bin Salman announced investment opportunities in Saudi Arabia worth up to $6 trillion over the following 10 years, including $3 trillion in investments in new projects. The opportunities were presented as part of Vision 2030’s efforts to unlock the Kingdom’s untapped potential and establish new and promising growth sectors.

Crown Prince launches Coral Bloom

In February 2024, Crown Prince Mohammed bin Salman, Chairman of The Red Sea Development Company, unveiled the Coral Bloom design concept for the main island of The Red Sea Project.

Soudah Development Co. launched by Crown Prince

Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister and Chairman of the Public Investment Fund (PIF), launched Soudah Development Co. (SDC) in the Asir region, with expected investments of more than SAR 11 billion to invest in infrastructure and develop the tourism and entertainment sectors.

Riyadh City Strategy

In January 2021, Crown Prince Mohammed bin Salman said Saudi Arabia aims to make Riyadh one of the world’s top 10 city economies and that the world’s largest industrial city would be announced in Riyadh.

Saudi Green Initiative and Middle East Green Initiative launched

Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister, announced that the Saudi Green Initiative and the Middle East Green Initiative (MGI), which were set to be launched soon, would chart the Kingdom’s and the region’s direction in protecting the environment and nature and establish a clear and ambitious roadmap, contributing significantly to achieving global targets.

Saudi Arabia launches Shaheen Sat

In March 2021, King Abdulaziz City for Science and Technology announced the successful launch of Saudi Satellite Shaheen Sat, a satellite designed to capture Earth images and track ships from low Earth orbits. It was launched from the Baikonur Cosmodrome in Kazakhstan aboard the Russian Soyuz rocket.

Crown Prince launches Shareek program to boost private-sector partnership

In March 2021, Crown Prince Mohammed bin Salman bin Abdulaziz launched the Shareek program to boost private-sector partnership, aiming to support local companies and enable them to access SAR 5 trillion in domestic investments by 2030.

In 2023, the program announced its first package of supported projects for eight national companies, with a total value of SAR 192.4 billion across several strategic and vital sectors.

Major companies accounted for SAR 120 billion of the investments. These investments are expected to contribute more than SAR 466 billion to GDP by 2040 and create more than 64,000 jobs.

“Journey Through Time Masterplan” design concept launched under AlUla Development Program

In April 2021, the Crown Prince launched the design concept for the “Journey Through Time” master plan, aimed at revitalizing and developing AlUla’s main archaeological area. The project is a key component of the AlUla Development Program, which seeks to transform the region into a global destination for art, heritage, culture, and nature.

The “Journey Through Time” master plan comprises three main phases, with the first phase scheduled for completion by the end of 2023. By 2035, the development strategy is expected to create 38,000 new jobs and contribute SAR 120 billion to Saudi Arabia’s GDP.

Sakaka Solar Power Plant Inaugurated, PPAs Signed for 7 New Projects

In April 2021, Crown Prince Mohammed bin Salman inaugurated the Sakaka solar power plant and witnessed the signing of power purchase agreements (PPAs) for seven new solar power projects across various regions of the Kingdom.

National Transport and Logistics Strategy Launched

Crown Prince Mohammed bin Salman launched the National Transport and Logistics Strategy, which includes a package of major enabling projects designed to achieve economic and social targets and adopts effective governance models to strengthen institutional performance across the transport ecosystem. The strategy coincided with renaming the Ministry of Transport as the Ministry of Transport and Logistics Services.

The strategy aims to position the Kingdom fifth globally in air transit traffic, expand the number of destinations to more than 250 international destinations, and launch a new national carrier.

In 2023, Crown Prince Mohammed bin Salman announced that the Public Investment Fund (PIF) had established Riyadh Air, the new national carrier, which was expected to commence operations in 2025. The company aims to operate flights to more than 100 destinations worldwide by 2030.

Made in Saudi Program Launched

The Ministry of Industry announced the launch of the “Made in Saudi” program to promote a “culture of loyalty to national products,” contributing to the localization of industries and achieving self-sufficiency at various levels.

Riyadh Metro Begins Operations

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud inaugurated the Riyadh Metro project in late November 2024 at a total cost of $25 billion. The project comprises six lines spanning 176 kilometers and 85 stations, with all six lines brought into operation successively.

The Riyadh Metro is integrated with the previously launched Riyadh Bus network, which spans 1,900 kilometers.

Historic Jeddah Revitalization Project

The Crown Prince launched the “Historic Jeddah Revitalization” project as part of the Historic Jeddah Development Program, which aims to enhance the area’s living environment an businesses and cultural projects, as well as a key destination for ambitious entrepreneurs.

From the program’s launch through October 2024, work was completed to reinforce and preserve 233 heritage buildings featuring rich architectural and heritage elements that had been at risk of collapse. A total of 89 studies were also completed as the first phase of planning restoration works, while restoration was completed on 58 buildings and 35 heritage buildings were prepared and rehabilitated.

Crown Prince Launches Human Capability Development Program, One of Saudi Vision 2030 Programs

Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister and Chairman of the Human Capability Development Program Committee, launched the Human Capability Development Program, one of the programs established to achieve the objectives of Saudi Vision 2030.

The program’s plan comprises 89 initiatives aimed at achieving 16 strategic objectives of Saudi Vision 2030. Its strategy rests on three main pillars: developing a resilient and strong educational foundation for all, preparing for the future labor market locally and globally, and providing lifelong learning opportunities.

Aseer Development Strategy Launched to Transform Region Into Global Tourism Destination

The Crown Prince launched the Aseer Development Strategy under the theme “The Arabian Highland” in September 2021, aiming to transform Aseer into a year-round global destination through SAR 50 billion in diversified investments to finance vital projects and develop tourist attractions across Aseer’s mountain peaks.

Crown Prince Launches National Investment Strategy

The Crown Prince launched the National Investment Strategy in October 2021 as one of the key enablers for achieving Saudi Vision 2030 targets. The strategy aims to increase manufacturing GDP to SAR 895 billion by 2030, create 2.1 million jobs in the industrial sector and raise non-oil exports to SAR 557 billion by the end of 2030.

THE RIG, World’s First Offshore Platform Tourism Destination,

The Public Investment Fund (PIF) launched The RIG, a new tourism project to be developed on platforms inspired by offshore oil rigs.

The project will cover more than 300,000 square meters near Al Juraid Island and the Berri oil field in the GCC, 40 kilometers off the coastline. By 2032, THE RIG is expected to attract more than 900,000 visitors annually, targeting a broad range of local, regional and international visitors.

Over 700 Global Companies Move Regional Headquarters to Riyadh, Exceeding 2030 Target

The number of regional headquarters of global companies in Saudi Arabia rose to more than 700, exceeding the target of 500 companies by 2030.

Saudi Arabia Officially Wins Bid to Host Expo 2030 in Riyadh

Saudi Arabia won the Bureau International des Expositions (BIE) General Assembly vote in November 2023 to host Expo 2030, after the Kingdom formally submitted its bid to host the event in Riyadh in October 2021. The bid received final approval in June 2025.

Expo 2030 Riyadh will run from Oct. 1, 2030, through March 31, 2031, across an area of 6 million square meters, making it one of the largest World Expos in history. The allocated budget for hosting the event stands at SAR 7.8 billion, or SAR 29.3 billion, and the event is expected to attract more than 40 million visits.

Expo 2030 and its facilities are expected to contribute around SAR 241 billion to the Kingdom’s GDP during the construction phases and create 171,000 direct and indirect jobs. The operational phase is expected to contribute around SAR 21 billion to GDP.

Saudi Citizenship Granted to Distinguished Experts and Specialists in Rare Fields

Custodian of the Two Holy Mosques issued a number of decisions granting Saudi citizenship to distinguished experts and specialists in rare fields.

In July 2024, royal approval was issued to grant Saudi citizenship to Argaam CEO Islam Zween. He holds a Master of Science degree from Alexandria University in Egypt and has more than 25 years of experience in technology, media and business management.

Crown Prince Announces OXAGON, NEOM’s Industrial City and World’s Largest Floating Industrial Complex

Crown Prince Mohammed bin Salman bin Abdulaziz, Chairman of NEOM, announced in November 2021 the establishment of OXAGON, NEOM’s industrial city, marking another step in NEOM’s master plan. The project aims to introduce a new model for future manufacturing hubs in line with NEOM’s strategy of redefining how humanity will live and work in the future.

The Crown Prince said on the occasion: “OXAGON will be a catalyst for economic growth and diversity in NEOM in particular and the Kingdom in general, further meeting our ambitions under Vision 2030.”

Energy Ministry Launches Major Gas Business Expansion Programs

Saudi Arabia’s Ministry of Energy announced the commercial viability of the Kingdom’s vast unconventional resources and the launch of major programs to expand Saudi Aramco’s gas business, expecting the Jafurah field to produce 2 billion standard cubic feet per day of sales gas by 2030.

Crown Prince Launches Jeddah Central Master Plan and Key Features

The Crown Prince launched the master plan and key features of the Jeddah Central project, formerly known as New Jeddah Downtown, with total investments of up to SAR 75 billion.

Crown Prince Launches Boutique Group for Ultra-Luxury Hospitality

Crown Prince Mohammed bin Salman launched Boutique Group on Jan. 20, 2022, to develop, manage and operate a collection of the Kingdom’s iconic historic and cultural palaces and transform them into ultra-luxury boutique hotels, reviving the national heritage rooted in Saudi culture and providing an exceptional and unique hospitality experience.

8% of Saudi Aramco Shares Transferred to PIF, Sanabil Investments

The Crown Prince announced on Feb. 13, 2022, the transfer of a 4% stake in Saudi Aramco to the Public Investment Fund. On April 14, 2023, he announced the transfer of another 4% stake in Saudi Aramco to Sanabil Investments, which is wholly owned by PIF.

The Crown Prince said the transfers complement the Kingdom’s initiatives aimed at strengthening the national economy over the long term, diversifying its resources and creating further investment opportunities, contributing to the achievement of Saudi Vision 2030 targets. He added that the transfers help maximize PIF’s assets and increase its investment returns, strengthening the fund’s robust financial position and credit rating.

TROJENA, NEOM’s Global Mountain Tourism Destination, Announced

Crown Prince Mohammed bin Salman bin Abdulaziz, Chairman of NEOM, announced in March 2022 the establishment of TROJENA, NEOM’s new global mountain tourism destination. TROJENA will contribute to redefining global mountain tourism by providing an environmentally friendly tourism ecosystem in all its dimensions, in line with Saudi Vision 2030 targets to enhance quality of life and provide a safe and healthy lifestyle for all.

Crown Prince Launches Custodian of the Two Holy Mosques Scholarship Program Strategy

Crown Prince Mohammed bin Salman launched the strategy for the Custodian of the Two Holy Mosques Scholarship Program on March 7, 2022, marking a new phase in scholarship programs aimed at enhancing Saudi citizens’ competitiveness by improving human capital capabilities in new and promising sectors.

Crown Prince Launches National Development Fund Strategy

Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister and Chairman of the National Development Fund, launched the National Development Fund strategy on March 14, 2022.

The strategy aims to position the fund as a key enabler of the economic and social objectives of Saudi Vision 2030 by addressing existing development challenges in line with global best practices. It also targets contributing to the growth of the Kingdom’s real GDP by injecting more than SAR 570 billion by 2030, more than tripling the share of non-oil GDP to SAR 605 billion by 2030, and creating numerous employment opportunities across the Kingdom.

In 2023, the Small and Medium Enterprises Bank, one of the development funds and banks affiliated with Saudi Arabia’s National Development Fund, officially launched its operations.