Riyadh: Saudi Arabia’s ambitious Vision 2030 program is moving forward at a steady pace, with 85 percent of its outlined goals either achieved or on track for completion by the end of 2024, according to the Kingdom’s investment minister.
Speaking at the Fortune Global Forum Conference in Riyadh, Khalid Al-Falih emphasized that the non-oil sector now contributes 56 percent to Saudi Arabia’s gross domestic product (GDP), compared to just 40 percent before the Vision 2030 program was launched.
He also revealed that the Kingdom’s economy has doubled in size over the past decade — growing from $650 billion to approximately $1.3 trillion since the launch of Vision 2030 in 2016.
The national transformation plan aims to diversify the Saudi economy beyond oil dependence and strengthen sectors such as tourism, finance, and technology. “We 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.
One of the standout achievements has been the Regional Headquarters (RHQ) program, which encourages multinational companies to set up their regional bases in Riyadh. The initiative offers incentives such as a 30-year corporate tax exemption, withholding tax relief, and regulatory support to attract global firms.
“We launched the RHQ program targeting 500 regional headquarters by 2030. I am happy to say we have reached 675 already,” Al-Falih announced proudly.
Prominent firms including Northern Trust, IHG Hotels & Resorts, PwC, and Deloitte have already established their regional bases in the Saudi capital, further solidifying Riyadh’s growing reputation as a Middle Eastern business hub.
Al-Falih also highlighted the Kingdom’s social progress, particularly in employment and gender inclusion. He said unemployment has dropped to just seven percent, while women’s participation in the workforce has reached 37 percent — surpassing the original Vision 2030 targets.
In a separate session during the conference, Al-Falih revealed that British banking giant Barclays is set to receive approval for its regional headquarters in Riyadh within days. “If I may break that news, we will be recognizing Barclays for the regional headquarters in a couple of days,” he added.
As Saudi Arabia continues its rapid transformation, Vision 2030 stands as a testament to the Kingdom’s commitment to modernization, diversification, and sustainable growth. The progress achieved so far signals not just an economic revolution, but a societal shift toward a more dynamic and inclusive future.
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