And the state will need to embrace a new delivery philosophy while businesses adapt to a more competitive environment and the individual Saudi citizen takes more personal accountability. A key focus for Vision 2030 is in creating an environment which unlocks business opportunities, broadens the economic base, and creates jobs for all Saudis. Select topics and stay current with our latest insightsPractical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and moreImproving your odds of success for large scale change programsOur flagship business publication has been defining and informing the senior-management agenda since 1964.Please sign in to print or download this article.Don't miss this roundup of our newest and most distinctive insightsTo enable this transformation, Saudi Arabia will need to accelerate the shift from its current government-led economic model to a more market-based approach. Saudi Vision 2030 (Arabic: رؤية السعودية 2030 ) is a strategic framework to reduce Saudi Arabia 's dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism. A survey carried out by Euromoney and Al Rajhi Bank asked more than 70 white-collar professionals what it would take to transform Riyadh into a leading financial centre. We estimate this would require about $4 trillion in investment. However, a productivity-led economic transformation could enable Saudi Arabia to double its GDP again and create as many as six million new jobs by 2030 (exhibit).
A McKinsey report … Council of Economic and Development Affairs launches the Quality of...National Transformation ProgramHRH the Crown Prince Chairs Meeting of Economic and Development...SaudiVision2030 | King Salman program for human resource developmentSaudiVision2030 | Effective governmentNational Industrial Development and Logistics ProgramTHE HUB CONNECTING THREE CONTINENTSNational Companies Promotion ProgramTHE HEART OF THE ARAB AND ISLAMIC WORLDSSaudiVision2030 | Give us a handNational Character Enrichment ProgramCrown Prince and Chairman of the Council of Economic and Development Affairs Mohammad bin Salman bin Abdulaziz Al-SaudFinancial Sector Development ProgramSaudiVision2030 | Empowering Our CommunitiesSaudiVision2030 | Saudi Vision 2030 DefinitionHuman Capital Development ProgramSaudiVision2030 | Booming economy Saudi Arabia Vision 2030: Envisioning a Technology-Led Transformation–IDC's Initial View Abdulaziz Al-Helayyil Massimiliano Claps Ranjit Rajan Olivier Schaller IDC OPINION Saudi Arabiarecently announced its much-anticipated Vision 2030initiative, whichisa long-term economic blueprint designed to curtail the country'sdependenceon oil.
With Vision 2030, the Kingdom of Saudi Arabia (KSA) has embarked on a bold national-level change management program driven by the rapid adoption of digital initiatives.
Faster productivity growth requires better business regulation and more openness to competition, trade, and investment. We will achieve this by leveraging Saudi Arabia’s unique location and potential, attracting the best talent, and increasing global investment.
The transition will be challenging, but the new era of economic growth and employment it could usher in would be more sustainable than the oil booms of the past. BCG has been deeply enmeshed in laying out the economic blueprint of the country, called Vision 2030, which aims to wean Saudi Arabia from its dependency on oil revenues. The groundbreaking agenda of Vision 2030 is built on three pillars – a vibrant society, a thriving economy and an ambitious nation – that draw on the country’s intrinsic strengths to help the Kingdom’s citizens realize their aspirations. Improved efficiency of spending and new revenue sources, possibly including taxes and higher domestic energy prices, can help ensure fiscal sustainability.Please create a profile to print or download this article.Create a profile to get full access to our articles and reports, including those by McKinsey Quarterly and the McKinsey Global Institute, and to subscribe to our newsletters and email alerts.Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy.Enabling your people to accelerate and sustain the changeLearn what it means for you, and meet the people who create itHelping you embed technology where it unlocks the most value for your organizationAll stakeholders, including the private sector, foreign investors, and households, will need to be involved. In the labor market, greater workforce participation by Saudi men and women is essential to achieve higher household income. The focus is on recalibrating the economic model, which will be based on innovation and driven by … Driven by Vision 2030, an ambitious reform agenda championed by Saudi Crown Prince Mohammed bin Salman, it is now time for Saudi Arabia to realize its manifest potential.
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