Saudi Crown Prince Highlights Vision 2030 Progress as Kingdom Approves 2026 State Budget

📷SPA

RIYADH, December 2, 2025 (Saudi Arabia Breaking News) – His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Council of Economic and Development Affairs, affirmed on Tuesday the government’s commitment to placing citizens’ interests at the forefront of its priorities following the approval of the state budget for fiscal year 1447/1448 AH (2026).

Prince Mohammed bin Salman attributed the Kingdom’s achievements to the directives of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and to the efforts of Saudi citizens.

He said Vision 2030 will enter its third phase in 2026, requiring intensified implementation and accelerated progress to ensure sustainable impact beyond 2030. He noted that structural transformation since the Vision’s launch has driven growth in non-oil activities, kept inflation below global averages, improved the business environment, strengthened the private sector, and reinforced the Kingdom’s position as a global economic and investment hub.

The Crown Prince said the government will continue supporting economic growth and fiscal sustainability to strengthen the economy’s ability to withstand global fluctuations while maintaining development momentum. This support is enabled through flexible and disciplined fiscal, economic and social policies, long-term planning and the strategic use of sovereign financing tools under the medium-term debt strategy.

He highlighted significant progress in empowering youth, noting that the number of Saudi employees in the private sector reached 2.5 million, an all-time high. As a result, unemployment rates fell below Vision 2030’s target of 7%. The Kingdom has also advanced initiatives to create quality employment, support entrepreneurship and empower women.

Real estate initiatives, he added, have increased homeownership among Saudi families to 65.4% by the end of 2024, exceeding the 2025 target. The government will continue supporting social assistance programs and promoting investment opportunities.

The Crown Prince pointed to positive economic indicators under Vision 2030 reforms, citing preliminary estimates of 4.6% real GDP growth, driven by a 4.8% increase in non-oil activities.

He said the 2026 state budget reaffirms the government’s commitment to strengthening economic resilience and ensuring sustainable growth amid global volatility. This includes maintaining sustainable public debt levels, building financial reserves, diversifying the economic base, stimulating investment and accelerating transformation in line with Vision 2030.

Prince Mohammed bin Salman emphasized that the Public Investment Fund (PIF) will continue to support Vision 2030 by developing strategic sectors and building global economic partnerships, complementing broader efforts to diversify the economy and enhance long-term fiscal sustainability. He also noted the role of the National Development Fund and its affiliates in driving economic growth alongside the general state budget.

He added that ongoing reforms have significantly enhanced the private sector’s contribution, which has reached 50.3% of real GDP. He reaffirmed the government’s commitment to implementing infrastructure development programs, improving basic services and ensuring spending efficiency, transparency and adherence to fiscal sustainability while completing all Vision 2030 projects.

In closing, the Crown Prince said the Kingdom takes pride in investing in its citizens, achieving comprehensive development, and advancing leadership in multiple fields while continuing its humanitarian contributions domestically and internationally.

He added: “We will continue our steady progress toward achieving our goals, relying on Allah Almighty and placing our trust in Him.”