Saudi Arabia's Vision 2030 transformation 85% complete, says Al-Falih

27/10/2025 01:23 AST

Saudi Arabia's Vision 2030 program is progressing steadily, with 85 percent of the targets outlined in the initiative completed or on track for completion by the end of 2024, according to the country's investment minister.

Speaking at the Fortune Global Forum Conference in Riyadh, Khalid Al-Falih said that the non-oil sector's contribution to Saudi Arabia's gross domestic product currently stands at 56 percent, up from 40 percent before the launch of Vision 2030.

The minister added that the Kingdom's economy has doubled in size from $650 billion to about $1.3 trillion since the launch of Vision 2030 program.

Launched in 2016, Saudi Arabia's Vision 2030 program aims to transform the Kingdom both economically and socially. Strengthening the non-oil sector is one of the crucial goals outlined in this initiative, as the Kingdom currently pursues broader economic diversification efforts to reduce its reliance on crude revenues.

"We (Saudi Arabia) have made remarkable progress in transforming our economy and society. As of the end of 2025, 85 percent of our initiatives were completed or on track with most targets met or exceeded," said Al-Falih.

Al-Falih also added that the number of international firms licensed to establish their regional headquarters in Riyadh has reached 675.

The regional HQ program offers a 30-year corporate tax exemption, withholding tax relief, and regulatory support, reflecting efforts to position the Kingdom as a regional business hub and attract multinational corporations to the capital.

Some of the noted firms that have established regional bases in Riyadh include Northern Trust, IHG Hotels & Resorts, PwC, and Deloitte.

"We have our regional headquarters program, which was launched targeting 500 RHQs by 2030. I am happy to say to this audience, we have reached 675 regional headquarters already," said Al-Falih.

The minister added that Saudi Arabia has made remarkable progress in reducing unemployment, with the current joblessness in the Kingdom standing at just seven percent.

He further said that women's participation in the workforce has reached 37 percent, exceeding Vision 2030 targets.

In a separate panel discussion, Al-Falih said that British bank Barclays' application to launch its regional headquarters in Riyadh will be approved soon.

"If I may break that news, we will be recognizing Barclays for the regional headquarters in a couple of days, and I'd like to thank you for that word of confidence into the kingdom as a platform," said Al-Falih.