Saudi Arabia: Transformation surges forward

Rapid enactment of Saudi Vision 2030 enables the country’s highest economic growth for over a decade

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Saudi Arabia is one of the fastest-growing economies worldwide, with the World Bank reporting in October that its gross domestic product (GDP) is likely to have expanded by 8.3 percent in 2022.

According to the Ministry of Finance, this remarkable performance is being "driven by real GDP growth in oil activities and sustained levels of growth in the real GDP of non-oil activities." Increasing and diversifying nonoil revenues is a central objective of the groundbreaking Saudi Vision 2030 plan that was launched by Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud in 2016, explains Ajlan bin Abdulaziz Al Ajlan, chairman of the Federation of Saudi Chambers (FSC), the umbrella body for the kingdom's business community: "Since 2016, the process to advance Saudi Arabia's economic and commercial systems has not stopped and the economy has witnessed a substantial transformation within that time."