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  1. Mubasher News
  2. Saudi Arabia achieves 93% of Vision 2030 goals

Saudi Arabia achieves 93% of Vision 2030 goals

NOHA.GAD
Apr 27, 2025
Since its launch nine years ago, 93% of Vision 2030’s KPIs have been fully or partially achieved, with 257 indicators exceeding their targets.

Riyadh - Sharikat Mubasher: Saudi Arabia released the “Vision 2030 Annual Report 2024 Executive Summary” report, detailing the Kingdom’s progress in achieving Vision 2030 goals in 2024.

The report stated that the Vision 2030 initiative has seen remarkable progress, with 93% of its key performance indicators (KPIs) either fully or partially met since its launch nine years ago. 299 indicators have been fully achieved, including 257 indicators surpassing their targets, while 374 indicators currently have active readings.

Almost 85% of Vision 2030’s initiatives have been completed or are on track for 2024. Over 670 initiatives have been completed since the launch of Vision 2030, while 596 initiatives are currently progressing as planned.

In 2024, non-oil sectors gained strong momentum as continued investment expansion and private sector participation boosted non-oil economic activities, which grew by 4.3%.

The overall real gross domestic product (GDP) reached 1.3% in 2024, primarily driven by the non-oil economy, while the real non-oil GDP increased by 3.9% compared to 2023.

The private sector contribution to the national GDP reached 47%, surpassing the 2024 target of 46% and reflecting a compound annual growth rate (CAGR) of 1.94% since 2016. This achievement was driven by the Kingdom’s shift away from oil dependency and increased investment opportunities for the private sector.

Similarly, the contribution of small and medium-sized enterprises (SMEs) to the national GDP reached 21.9% in 2023, exceeding the 2023 target of 20.2%.  

The report also revealed that the inbound foreign direct investments (FDI) recorded SAR 77.6 billion ($20.69 billion) as of the fourth quarter (Q4) of 2024.

Saudi Vision 2030 is built on three strategic pillars: ‘A Vibrant Society,’ which focuses on promoting culture, wellness, and quality of life for citizens and residents; ‘A Thriving Economy,’ which focuses on diversifying the economy, empowering the private sector, and creating job opportunities; and ‘An Ambitious Nation,’ which focuses on building an efficient, transparent government and encouraging civic engagement.

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PetroApp secures $50mn to fuel expansions, prepare for potential IPO
Riyadh - Sharikat Mubasher: PetroApp, a leading fuel management platform in Saudi Arabia, successfully closed a $50 million investment round to fuel its expansions across various fields and prepare for a potential IPO on Tadawul, the company announced in a recent statement.Jadwa Investment led the round through its flagship blind-pool vehicle, Jadwa GCC Diversified Private Equity Fund, while the regional venture capital firm, Bunat Ventures, participated in the round.PetroApp will use the investment to expand its business in the retail and government sectors across the Kingdom, develop AI-powered products that enhance efficiency and smart predictions, and tap into new global markets. The new capital will also enable the platform to launch new offerings among its integrated fleet management system.This transaction marks Jadwa’s fifth investment under its Jadwa GCC Diversified Private Equity Fund, following the fund’s recent landmark acquisition of a majority stake in Makhazen Alenaya.Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, stated that the partnership with Jadwa represents a pivotal stage in the platform’s journey. “Jadwa’s institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond. Together, we remain committed to setting new benchmarks in fuel and fleet management innovation, aligning with our customers’ evolving expectations and the broader objectives of Saudi Vision 2030.”For his part, Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: “The investment aligns with our fund’s strategy of backing ambitious management teams leading high-growth, scalable businesses across a diversified range of promising sectors.”PetroApp is the first provider of digital fuel payment and fleet management solutions in Saudi Arabia. it transforms vehicle operations by eliminating cash transactions, reducing fraud, and improving cost control for corporate and government fleets. It also offers ancillary services, such as car washes, oil changes, tire and battery replacements, via a seamless, fully cashless platform.The platform manages over 500,000 vehicles for more than 10,000 corporate clients through a network of over 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria.
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