Saudi Vision 2030 seeks economic diversification through reforms and major projects

What Vision 2030 aims to do

Saudi Vision 2030 is a development framework intended to strengthen the kingdom’s economy and broaden its sources of growth. The Saudi Press Agency describes it as built around three pillars supporting sustainable development. The Public Investment Fund, or PIF, presents its major projects as tools for reducing dependence on oil.

As of November 2026, official project plans and the International Monetary Fund’s July 2026 assessment offer two different perspectives on the strategy: what Saudi institutions intend to build, and how the wider economy is performing. The IMF’s economic figures do not measure how much individual projects have delivered.

Programmes and investment

The official Vision 2030 website identifies a framework of Vision Realization Programs, including the National Transformation Program. PIF says housing developer ROSHN Group participates in the Housing Program, Quality of Life Program and PIF Program, with investments extending into retail, sports and hospitality.

PIF says the economic benefits sought from its giga-projects extend beyond property development and infrastructure. Its portfolio spans technology, entertainment, tourism, housing and cultural destinations.

The major projects

NEOM covers a stated 26,500 square kilometres. PIF’s launch announcement said Crown Prince Mohammed bin Salman unveiled the project with prospective backing exceeding $500 billion from Saudi Arabia, PIF and investors. That was a financing announcement, not a spending total. Renewable-only energy and a zero-carbon model are stated ambitions, rather than verified results.

Qiddiya City focuses on entertainment, sport and culture across more than 360 square kilometres, according to PIF. Qiddiya Investment Company, which leads the development, was established in 2018.

PIF dates Red Sea Global’s launch to 2018. The company develops The Red Sea and Amaala tourism destinations, seeking to create hospitality jobs and diversify the economy. PIF puts The Red Sea’s area at 28,000 square kilometres and says annual visitor numbers will be limited to one million by 2030.

Diriyah Company followed in 2023. PIF describes its development of Diriyah as a tourism and cultural undertaking presenting three centuries of Saudi history.

What the economic figures show

The IMF reported that Saudi Arabia’s real gross domestic product grew 4.6 percent in 2025, with non-oil output rising 4.2 percent. In its July 2026 review, IMF directors praised a decade of progress in diversification, private-sector development and employment, including increased participation by women in the labour force.

The fund forecast slower growth for 2026: 1.7 percent for the economy and 2.6 percent for non-oil activity. It projected respective growth rates of 5.5 percent and 4.5 percent in 2027. These were forecasts, not achieved results. The IMF said war-related trade disruption had hurt non-oil activity and confidence.

The remaining reform agenda

The IMF recommended tighter selection of PIF investments, a larger role for private businesses and improvements to public investment management. It also called for stronger non-oil revenues, energy-subsidy reform, and continued changes to education and skills, labour markets, governance and transparency.