Our weekly Saudi Round-Up showcases the key highlights from the Vision 2030 Annual Report 2024, as well as the most significant developments powering growth across industrial, energy, and other sectors
General Business and Economy
Vision 2030 2024 Report Highlights Major Progress
The 2024 Vision 2030 report reveals 85% of initiatives are complete or on track, with 93% of indicators meeting or exceeding targets. The Kingdom surpassed goals like 100 million tourists, 1.2 million volunteers, and 33.5% women’s workforce participation. It also achieved eight UNESCO heritage sites and a 7% unemployment rate.
Globally, Saudi Arabia climbed to 7th place in the E-Participation Index and 6th in the UN E-Government Index, nearing top-five status. Over 600 international firms established regional HQs, exceeding 2030 targets. These milestones highlight the Kingdom’s rapid progress toward a diversified, innovative economy.
Non-Oil Exports Surge 113% Since Vision 2030 Launch
Non-oil exports soared to $137 billion in 2024, marking a 13% jump from the previous year and a 113% surge since Vision 2030 began. Re-exports surged by 205%, driven mainly by mobile phones, machinery, and aircraft parts, while services exports, led by tourism and transport, also hit all-time highs.
With over 180 countries importing Saudi goods and services, Vision 2030’s goal of creating a resilient, non-oil-driven economy is taking shape, supported by strong logistics and tourism sector growth.
Saudi Ranks 1st Regionally and 9th Globally in Geospatial Field
Saudi Arabia surged from 32nd to 9th place globally in the Geospatial Knowledge Infrastructure Index, topping the Middle East and ranking 6th among G20 nations. This reflects the country’s strides in geospatial governance, infrastructure, and industry development, marked by strong public-private collaboration and international-standard policies.
This progress earned Riyadh the title of host city for the UN Global Geospatial Ecosystem Center of Excellence. It highlights the Kingdom’s strategy of positioning itself as a global tech hub that supports Vision 2030’s goals.
IMF Raises Economic Growth Forecast for 2025
The IMF revised Saudi Arabia’s 2025 GDP growth forecast upward from 5.5% to 6%, driven by an expected boost in oil output and strong non-oil sector performance.
This growth projection places Saudi Arabia among the fastest-growing major economies. It highlights the success of ongoing investments in infrastructure, technology, and tourism, and signals the effectiveness of fiscal and monetary policy coordination. The revised forecast strengthens investor confidence and global recognition of the Kingdom’s long-term economic transformation strategy.
PIF Assets Surge 390% Since Vision 2030 Launch
The Public Investment Fund’s assets surged 390% since 2016, growing from $160 billion to over $941 billion by 2024. Following this success, the fund raised its 2030 target to $2.67 trillion, a bold leap from its original $1.87 trillion goal.
This explosive growth cements the fund’s role as a key driver of Saudi Arabia’s economic transformation. Through diversified investments across tourism, mining, logistics, and tech, the PIF is not only expanding sectors but also supercharging job creation and private sector growth.
Aviation & Logistics
PIF-Owned AviLease Secures $1.5 Billion to Scale Global Fleet and Fuel-Efficient Expansion
Saudi-backed AviLease secured a $1.5 billion credit facility to scale global operations and invest in next-gen, fuel-efficient aircraft. Backed by 20 international banks, this move reflects strong confidence in the Kingdom’s push to become a key player in global aviation.
The funding will boost AviLease’s leasing capacity, which already spans 200 aircraft across 48 airlines. From partnerships in Turkey and China to local talent development programs, AviLease is strengthening Saudi Arabia’s position as an aviation finance hub, directly supporting Vision 2030’s diversification and employment goals.
Passenger and Freight Traffic Soar 46% Under Vision 2030
In 2024, Saudi Arabia’s airports handled 128 million passengers, up 46% since Vision 2030’s launch, with 905,000 flights and 1.2 million tons of cargo. The Kingdom added 60+ new air routes and debuted the region’s first autonomous air taxi during Hajj.
The $346.6 million Maersk Logistics Hub opened at Jeddah Islamic Port, while 34 new maritime services were added across three major ports. The Riyadh Metro, launched in 2024, served 1.9 million passengers in its first week.
Expansions
PepsiCo Opens Riyadh HQ, Launches $8M R&D Center for Local Innovation
PepsiCo has opened its new regional HQ in Riyadh’s King Abdullah Financial District and announced an $8 million R&D center focused on product innovation. The site will also house programs supporting youth and sustainable business.
With over $2.4 billion invested in the Kingdom since 2017, PepsiCo continues to deepen its local presence. The new hub strengthens Saudi Arabia’s position as a regional business magnet while aligning with Vision 2030’s goals for private sector growth, job creation, and food-tech innovation.
Expleo Launches Saudi Subsidiary to Fuel Digital Transformation
Expleo, a global technology and consulting firm, has launched Expleo Solutions Arabia Ltd. in Riyadh. The new entity will offer IT and engineering services across sectors like banking, automotive, defense, and energy, tapping into the Kingdom’s $122.6 billion digital economy.
This expansion, facilitated by AstroLabs, positions Expleo as a major player in Saudi Arabia’s fast-growing ICT market. By leveraging its network of 18,000 global experts, the company will drive innovation in AI, cybersecurity, and cloud computing while supporting regional job creation and economic diversification goals.
Over 40 Indian Companies Establish Regional Headquarters in Saudi Arabia
More than 40 Indian firms have set up regional headquarters in Saudi Arabia. This development coincides with deepening Saudi-Indian ties across investment, technology transfer, and defense collaboration.
Indian firms’ growing presence strengthens Saudi Arabia’s regional headquarters program, which has attracted almost 600 global companies since 2021. Bilateral trade between the two nations hit $42 billion in 2023-24, highlighting Saudi Arabia’s expanding role as a regional investment and logistics hub.
ACWA Power Lands $119 Million Loan for Sustainable Headquarters in Riyadh
ACWA Power has secured a $119 million Shariah-compliant loan from Alinma Bank to build its new Riyadh headquarters. The deal aligns with the Kingdom’s clean energy vision and strengthens ACWA’s role in the transition to renewables.
More than just an office, the HQ will serve as a symbol of sustainability and innovation. It reflects the firm’s expanding footprint, which helped it post $466 million in profit last year. This growth is key to Saudi Arabia’s water security and energy goals under Vision 2030.
Manufacturing & Industry
Industrial Licenses Records 66.6% Rise in February
In February, Saudi Arabia issued 105 new industrial licenses, a 66.7% rise from January, along with 113 factories entering production. These licenses pulled in $272M in investments and created over 1,500 jobs. Meanwhile, factories starting production generated an additional 4,000+ jobs backed by $240M in funding.
This surge is part of a long-term strategy to hit 36,000 factories by 2035. The Kingdom’s National Industrial Strategy, launched in 2022, targets 12 key sectors with over 800 investment opportunities worth $266 billion. It’s a clear step in shifting away from oil and growing non-oil GDP under Vision 2030.
Tourism
Tourism Revenue Soars 148% in 2024
Saudi Arabia’s tourism sector surged in 2024, with international tourism revenue skyrocketing 148% compared to 2019, the highest growth among G20 countries. International tourist arrivals hit 29.7 million, while domestic travel nearly doubled to 86.2 million, driven by mega-projects, regulatory reforms, and major cultural and entertainment events.
This rapid expansion pushes Saudi Arabia far ahead of its Vision 2030 visitor targets and redefines its global image.
Tourism Licenses Jump as Riyadh Leads Hospitality Growth
By the end of 2024, Saudi issued 2,853 tourism licenses, a 32% rise from 2023. Riyadh led the regions, followed by Makkah and the Eastern Province, showing the sector’s growing footprint across the Kingdom.
New digital tools now let visitors verify hotel licenses, reflecting ongoing efforts to boost service quality and traveler trust.