Vision programs save 370 billion riyals in expenditures and 422,000 jobs

The Vision 2030 program report for the period from 2016 to 2021 revealed an unprecedented increase in non-oil revenues to 369 billion riyals last year in the context of efforts to diversify sources of income, while the savings in capital and operating expenditures amounted to about 370 billion riyals, and the report indicated an increase in the proportion of home ownership To more than 60%, unemployment decreased to 11%, foreign direct investment rose to more than 17 billion riyals, industrial investments reached 1.1 trillion riyals, and 422 thousand jobs were created, and the report highlighted the size of the achievements made in distance education and ending business establishment in 30 minutes and listing The Saudi stock market in international indicators, and the establishment of 10 new entities in order to strengthen the commercial and investment infrastructure, while the percentage of those admitted to technical and vocational education increased to 23%, and the report touched on the Kingdom’s efforts to raise the percentage of renewable energy to 50% in 2030.

59% of the non-oil GDP

The report dealt with the acceleration in the growth of the non-oil GDP ratio to reach 59% in 2020, after it was 55% in 2016AD, and non-oil revenues increased to reach 369 billion riyals in 2020, compared to 166 billion riyals. In 2015, an increase of 222%, while the number of factories increased by 38% to 9,984 factories compared to 7,206 factories before the launch of the vision. This coincided with the launch of pioneering initiatives, including the launch of the “Made in Saudi” program, and the launch of the “Shrek” program. To strengthen partnership with the private sector and increase the pace of GDP growth, establish an export-import bank, and launch a mining investment system. The Kingdom achieved first place in the world in Internet speed on the fifth generation, covering more than 60% of major cities and 45% of other cities by deploying more than 12,000 towers that support 5G technology and achieving sixth place in the Group of Twenty in the Global Cybersecurity Index of the International Federation For communications, and the expansion of optical fiber network coverage, where 3.5 million homes in urban areas were covered with fiber-optic networks in 2020 AD, compared to 1.2 million homes in 2017, and attracting the largest technology investments in the Middle East and North Africa with deals that exceeded six billion riyals in the computing sector The cloud.

Immediate home ownership support instead of waiting 15 years

The report confirmed the increase in the percentage of housing ownership to 60% compared to 47% five years ago, and obtaining housing support became immediate after it took up to 15 years before the launch of the vision, and emergency health services were facilitated within 4 hours by more than 87%, compared to 36% before the launch of the vision, and the number of heritage sites that can be visited in the Kingdom in 2020 AD increased to 354 sites from 241 sites in 2017 AD, and the number of urban heritage sites registered in the National Cultural Heritage Register reached 1,000 sites in 2020 AD. Compared to 400 sites only in 2016 AD, the process of obtaining an Umrah visa was automated so that the period of obtaining it is only 5 minutes, while it used to take 14 days, in addition to the launch of the “electronic tourist visa”, while the number of companies operating in the entertainment sector doubled to reach more than 1,000 companies. Which contributed to creating more than 101,000 jobs until the end of 2020.

Doubling the fund’s investment assets and foreign inflows

The assets of the Public Investment Fund doubled to reach about 1.5 trillion riyals in 2020, after it did not exceed 570 billion riyals in 2015, and foreign direct investment flows in Saudi Arabia grew to reach 17.625 billion riyals, an increase of 331% from 5.321 billion riyals. Before launching the vision, the initiatives also included launching major projects that contribute to the well-being of society, providing jobs and attracting global investments, the most important of which are: NEOM, Qiddiya, Red Sea projects, and others. This period witnessed the Saudi financial market, Tadawul, joining the emerging markets index MSCI. And Standard & Poor’s Dow Jones, which made it easier for foreign investors. The value of their properties in the market increased by 195.9% to reach 208.3 billion riyals by the end of 2020 AD, with an ownership rate of 12.8% of the total value of shares. The Saudi Fintech center was also established with the aim of Opening financial services to new types of actors in the financial technology field, and developing funds, accelerators and incubators that focus on fintech to provide venture capital and equity financing and stimulate the entrepreneurship environment.

A historic achievement with the establishment of OPEC Plus to support oil

The Kingdom established the OPEC Plus Group for Petroleum Producers, which in 2020 reached a historic achievement represented in achieving the largest reduction in production known to the oil market, which contributed to restoring stability and balance to global markets and confronting the effects of the Corona pandemic on the global economy. The Kingdom also encouraged the concept of a circular economy. The first projects of the Custodian of the Two Holy Mosques for renewable energy, which is the Sakaka plant for the production of electricity, and the announcement of other projects for the production of electricity from solar energy, were launched in different regions, and some of these projects have achieved new records represented in recording less The cost of purchasing electricity produced from solar energy in the world, and the total energy of these projects was estimated at more than 3600 megawatts, which would provide energy to more than 600 thousand housing units, as well as a number of clean energy projects for the production of hydrogen and ammonia, and renewable energy projects would contribute to diversifying the energy mix used in Electricity production, so that electricity production from renewable energy and gas will be 50% each by 2030, and this will result in the displacement of the Close to one million oil equivalent barrels of liquid fuel, and the electricity sector witnessed clear and deliberate steps towards enhancing its efficiency, effectiveness and sustainability, represented by the restructuring of the sector, the issuance of the new electricity system, the reorganization of the Water and Electricity Regulatory Authority, and more than ten million smart electronic meters were installed in A step towards the digitization of the sector, as the Saudi petroleum industry has witnessed the approval of the development of the giant Jafurah natural gas field, and the discovery of five new oil and gas fields.

The Debt Management Center supports the budget by 879 billion riyals

The National Center for Public Debt Management supported the general budget of the Kingdom by approximately 897 billion riyals, as well as savings in capital and operating expenditures amounting to 370 billion riyals, and the report indicated that the Kingdom advanced to the 12th rank in the Availability of Venture Capital Index in the Global Competitiveness Report 2020 AD, and achieving the third position in the world In the index of protecting the minority of investors, in the Global Competitiveness Report 2020 AD, the Kingdom advanced to the 24th position in the world compared to the 39th place in 2018 AD, while the participation of Saudi women in the workforce increased to reach 33.2% in 2020 AD, compared to 19.4% in 2017.

197 new laws to regulate the programs

The number of universities and colleges reached 63 universities and colleges at a time when the published scientific research reached 33,588 papers compared to 15,056 research in previous years, an increase of 223%, and the enrollment rate in kindergartens increased to 23% from 13%. The issuance of more than 197 legislations in various fields, including laws, regulations, bylaws and organizational arrangements, and raising the maturity rate of digital government services to 81.3% compared to 60% in 2017, which contributed significantly to the improvement of services, and the culture of accountability was entrenched at the level of the government apparatus and citizens, and the total amounted to The public treasury recovered 247 billion riyals from the anti-corruption settlements in the past three years, and settlement agreements were launched and signed with the various supervisory authorities with the aim of increasing the nationalization rates in the sectors, and the result of these agreements has been the employment of more than 422 thousand citizens since the beginning of 2019.

Update the vision programs to raise the efficiency of spending

Developmental updates have been made to the vision realization programs, to ensure their consistency with the targets, raise the efficiency of spending and respond to economic developments, by restructuring some current programs, and creating other programs that keep pace with the requirements of the next phase, such as establishing the “Health Sector Transformation” program that aims to restructure the sector. Health, to be a comprehensive health system to achieve the aspirations of the vision. The second axis of developmental updates focuses on adding flexibility to the implementation schedules of some programs, determining priorities for implementing initiatives, and enabling changes related to legislative policies. The third axis is to transfer program initiatives: “Strengthening the national character” and “National companies leadership” and “strategic partnerships” to the programs and their associated agencies, after the programs achieved most of their goals in the first five years of the vision, and the need to maintain their independence in the next phase is eliminated. The next phase of the Kingdom’s 2030 vision is characterized by continuing to develop promising sectors And new, and advancing achievement in the implementation of the vision realization programs; To contribute to enhancing economic growth and supporting local content, to increase its contribution to economic development in the Kingdom, and to facilitate the business environment.

The most prominent achievements of the vision

  • 370 billion riyals in savings in spending
  • Budget support by more than 879 billion riyals
  • Employment of 422 thousand citizens
  • 369 billion riyals non-oil revenue
  • 33% of women’s participation in the labor market
  • Establishing 10 new entities to enhance the commercial and investment environment
  • Homeownership rises to 60%
  • Unemployment drops to 11%
  • Foreign direct investment rose to 17 billion riyals last year
  • 1.1 trillion riyals industrial investment
  • 10,000 factories in 35 industrial cities
  • 30 minutes to set up companies instead of two weeks

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