RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman highlighted the progress made by the Kingdom in tourism and employment as he delivered an update on the Vision 2030 initiative.
In the annual royal address after inaugurating the first year of the ninth session of the Shoura Council, the crown prince said that Saudi Arabia’s economic diversification efforts are progressing steadily, with non-oil activities recording the highest contribution to the Kingdom’s real gross domestic product at 50 percent in 2023.
Bolstering this sector is crucial for Saudi Arabia as it seeks to reduce its dependence on oil revenues, and the crown prince described praised the Kingdom for its “many fundamental achievements during this great journey,” according to the Saudi Press Agency.
Reflecting on the progress of Vision 2030, which was announced in 2016, he said: “In the field of tourism, achievements preceded the target date, as the national tourism strategy, which was launched in 2019, set a target of 100 million tourists in 2030, and this target was exceeded and reached 109 million tourists in 2023.”
The Kingdom’s tourism ambition has now been altered to attracting 150 million visitors by 2030 as a result of hitting this target.
The crown prince highlighted that unemployment among Saudi citizens, both male and female, recorded its lowest level in history in the first quarter of 2024, reaching 7.6 percent, compared to 12.8 percent in 2017.
He added: “The Public Investment Fund continues its role in achieving its goals to be a driving force for investment.”
The crown prince added that the percentage of homeownership among Saudi nationals increased from 47 percent in 2016 to more than 63 percent.
According to the crown prince, Saudi Arabia has also achieved an advanced position in the field of renewable energy, becoming one of its most active players in the sector, regionally and internationally.
Highlighting the growth of the mining sector in the Kingdom, he said that Saudi Arabia is now the world’s largest repository of natural resources.
The crown prince added that the country is emerging as a top destination for mega events, with the nation gearing up to host Expo 2030 and FIFA World Cup 2034.
“The Kingdom enjoys global confidence that has made it one of the first destinations for global centers and major companies, most notably the opening of the International Monetary Fund’s regional office and a center for multiple international activities in sports, investment, and culture, serving as a gateway to cultural communication,” he said.
