Saudi Arabia says Vision 2030 enters final phase with focus on delivery and impact

Saudi Arabia has formally moved Vision 2030 into its third and final phase, with Crown Prince Mohammed bin Salman signaling that the next five years will focus on accelerating delivery, consolidating gains and maximizing the long-term impact of reforms already set in motion across the Kingdom.

The statement, issued following a session of the Council of Economic and Development Affairs, frames 2026 as the beginning of the final implementation stretch of the national transformation plan. While the broad objectives of Vision 2030 remain unchanged, the emphasis is shifting toward execution at scale, stronger institutional readiness and a more adaptive approach to evolving economic priorities.

At the center of the message was continuity. The Crown Prince said Vision 2030 has delivered a qualitative shift in Saudi Arabia’s development model, driving transformation across economic and social sectors despite a decade marked by global volatility and geopolitical disruption. The next phase, running through 2030, is being positioned as the period in which earlier reforms are translated into deeper structural results.

The council’s review presented the third phase as one built on already-established foundations. According to the update, 93% of performance indicators have either met or are close to meeting annual targets, while 90% of the 1,290 total initiatives are either completed or on track. Over the first two phases, the Vision delivered more than 1,000 structural, economic, fiscal and legislative reforms, alongside over 1,200 regulatory and procedural measures, creating what officials describe as a higher level of governance maturity and institutional effectiveness.

The economic case remains central to the Vision’s narrative. Saudi Arabia said real GDP exceeded SAR4.9 trillion by the end of 2025, with non-oil activities contributing 55% of total output. The council also highlighted stronger competitiveness, noting the Kingdom’s rise to 17th globally in the IMD World Competitiveness Ranking and its position among the strongest G20 growth projections for 2026 and 2027.

The third phase will rely on sustained government capital spending, continued deployment of sectoral and regional strategies, and an expanded role for both the Public Investment Fund and the National Development Fund in mobilizing domestic investment. At the same time, the private sector is expected to play a larger role in growth and diversification, supported by efforts to raise local content, improve essential services and build national skills capacity.

The Vision update also underscored the scale of change across core social indicators. Saudi homeownership reached 66.24%, up from levels that had remained below 47% for years. Average life expectancy rose to more than 79.7 years, nearing the 2030 target of 80. The number of pilgrims performing Umrah from outside the Kingdom surpassed 18 million by the end of 2025, while adult sports participation climbed to 59.1%, exceeding both annual and forward targets.

Education and labor market outcomes were also presented as evidence of a deeper transformation centered on citizens. The number of Saudi students enrolled in the world’s top 200 universities more than doubled to 28,493, while women’s labor force participation rose to 35%, up from 22.8% in 2016. Unemployment among Saudis declined to 7.2%, compared with 12.3% at the start of the Vision period.

On the investment and industrial front, officials highlighted a broadening of the productive base. The number of factories rose to 12,900, with investments totaling roughly SAR1.2 trillion. Non-oil merchandise exports increased to more than SAR623 billion, up from SAR242 billion, while the number of operational logistics centers reached 24, reinforcing the Kingdom’s ambition to become a major transport and trade hub.

Tourism continues to be one of the most visible areas of expansion. The Kingdom said it had already surpassed its original 2030 target of 100 million tourists, reaching 123 million by the end of 2025, prompting the target to be raised to 150 million by 2030. Total tourism spending exceeded SAR300 billion, supported by flagship developments and destination projects including NEOM, The Red Sea, Diriyah, Qiddiya and AlUla.

The update also emphasized the growing scale of the PIF. Assets under management have risen from SAR720 billion in 2015 to more than SAR3.4 trillion, while domestic spending over the past five years reached SAR750 billion, representing 60% of total investments. Officials credited the fund with supporting ten promising sectors and accelerating the rollout of high-profile projects.

Beyond economics, the third phase is being presented as a continuity phase rather than an endpoint. The council stressed that 2030 is not the conclusion of Saudi Arabia’s development journey, but a platform for further expansion in the decades ahead. That framing suggests Vision 2030 is increasingly being treated not only as a time-bound reform agenda, but as the foundation of a longer-term state development model.

For markets, investors and policy observers, the key takeaway is clear: Saudi Arabia wants the final phase of Vision 2030 to be seen as a period of intensified execution rather than policy reset. The strategy now is to convert institutional readiness, capital deployment and reform momentum into durable economic scale and global positioning.