The Kingdom of Saudi Arabia adopts market mechanisms based on the forces of supply and demand and competition. There are no restrictions on foreign exchange, no prohibitions or quantitate restrictions on imports of goods, except for goods prohibited by Sharia, national security and protection of the public health. Custom duties tend to be low. Some imported commodities are exempted from custom duties.
•Saudi Vision 2030 Themes:
1. Vibrant society.
2. Thriving economy.
3. Ambitious nation.
•Saudi Vision 2030 General Economic Goals:
1. To rally one million volunteers per year in the non-profit sector, compared to 11.000 now.
2. To raise the non-profit sector’s contribution to GDP from less than 1% to 5%.
3. To increase household savings from 6% to 10% of total household income.
4. To raise KSA’s ranking in the E-government Survey Index from 36 to be among the top 5 nations.
5. To raise KSA’s ranking in the Government Effectiveness Index from 80 to 20.
6. To increase non-oil government revenues from SAR 163 to SAR 1 trillion annually.
7. To raise the share of non-oil exports in non-oil GDP from 16% to at least 50%.
8. To raise KSA’s global ranking in the Logistics Performance Index from 49 to 25 and ensure the Kingdom as a regional leader.
9. To increase the private sector’s contribution to GDP from 40% to 65%.
10. To increase Foreign Direct Investment from 3.8% to the international level of 5.7% of GDP.
11. To raise KSA’s ranking in the Global Competitive Index from 25 to be among the top 10 nations.
12. To increase the Public Investment Fund’s assets from SAR 600 billion to over SAR 7 trillion.
13. To increase the localization of oil and gas sectors from 40% to 75%.
14. To raise KSA’s ranking among the largest world economies from 19 to be among the top 15 economies.
15. To increase women’s participation in the workforce from 22% to 30%.
16. To increase SME’s contribution to GDP from 20% to 35%.
17. To lower the rate of unemployment from 11.6% to 7%.
18. To raise KSA’s ranking in the Social Capital Index from 26 to 10.
19. To have three Saudi cities be recognized in the top-ranked 100 cities in the world.
20. To increase household spending on cultural and entertainment activities inside the Kingdom from the current level of 2.9% to 6%.
21. To increase KSA’s capacity to welcome Umrah visitors from 8 million to 30 million every year.
Saudi Economy In Today World
-The 2nd globally in oil reserves, production and exports; 4th in natural gas reserves and 10th in producing it.
-The largest petrochemical producer in the Arab Region.
-One of the largest 20 economies in the world; largest Arab economy and one of the largest economies in MENA by GDP.
-The 7th in the Arab region, and 78th globally in the Economic Freedom Index (Heritage Foundation).
-The 25th globally (among 140 countries) in the Global Competitiveness Index.
-The 1st in the Arab region, and 43rd globally (among 130 countries) in the Global Innovation Index (Cornell University)
-The 1st in the Arab region, and 29th globally in openness to world economy, initiatives, quality of life, and citizenship (list published on the sidelines of Davos Summit).
-The 12th in the Global Influence Index; 10th in the Best Countries to Start a Career Index.