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As º£½ÇÖ±²¥ marks its 95th National Day on Sept. 23, the Kingdom stands at the forefront of a historic economic transformation, driven by Saudi Vision 2030 under the leadership of King Salman and Crown Prince Mohammed bin Salman.

This milestone not only commemorates the unification of the nation by King Abdulaziz Al-Saud in 1932 but also highlights a journey of visionary leadership and strategic reforms that have reshaped º£½ÇÖ±²¥â€™s role on the global economic stage.

Once heavily reliant on oil, º£½ÇÖ±²¥ has diversified rapidly. Non-oil sectors now contribute more than 56 percent of the Kingdom’s gross domestic product, which has surpassed $1 trillion. 

Tourism, logistics, retail, hospitality, and construction have emerged as key growth engines. In the first quarter of 2025, international visitor spending rose 9.7 percent year on year to SR 49.4 billion ($13.2 billion), generating a travel account surplus of SR 26.8 billion — an 11.7 percent increase.

The mining sector has also achieved global recognition. º£½ÇÖ±²¥ climbed from 104th place in 2013 to 23rd in the 2024 Fraser Institute Mining Investment Attractiveness Index, outperforming major jurisdictions across Asia and Latin America. With over 45 identified minerals — including gold, zinc, and uranium — and estimated mineral wealth exceeding $2.5 trillion, mining has become a cornerstone of the national economy. 

Vision 2030 has accelerated exploration and investment, supported by transparent regulations, accessible geological data, incentives, and world-class infrastructure.

Foreign investment continues to flourish. By 2024, more than 660 multinational companies had relocated their regional headquarters to º£½ÇÖ±²¥, and over 50,000 foreign investment licenses were issued across diverse sectors. Gross fixed capital formation reached a historic SR1.3 trillion in 2024, exceeding targets by 38 percent, with private sector investment accounting for 76 percent. FDI inflows have quadrupled since 2017, reaching SR 119.2 billion in 2024 — 39 percent above the target — while cumulative FDI stock nearly doubled to SR 977.3 billion.

Financial sector reforms have accelerated º£½ÇÖ±²¥â€™s digital transformation. In 2024, electronic payments accounted for 79 percent of retail transactions, surpassing the Vision 2030 target of 70 percent. The Saudi Central Bank, also known as SAMA, recently launched Google Pay through the national payment system, mada, strengthening the Kingdom’s digital payments ecosystem in line with international standards.

These achievements reflect a broader pattern of economic resilience and innovation. Non-oil sectors are expanding, strategic reforms are attracting global investors, and modern financial infrastructure is accelerating digitization. Together, they have transformed º£½ÇÖ±²¥ into a diversified, globally competitive economy that is no longer defined solely by oil revenues.

As the Kingdom celebrates its 95th National Day, it is also celebrating the results of a visionary economic strategy. From robust growth in tourism and mining to record foreign investment inflows and a move toward a cashless society, º£½ÇÖ±²¥ has demonstrated the power of strategic planning and decisive leadership. 

The journey from an oil-dependent state to a dynamic, diversified economy underscores the success of Vision 2030 and cements the Kingdom’s place as a rising global economic power.

• Talat Zaki Hafiz is an economist and financial analyst. 

X:@TalatHafiz