Saudi Arabia marks 10 years since the publication of Vision 2030 tomorrow, with a growth story that is as much transformative as it is personal for everyday Saudis. A decade ago, the Kingdom set out to transform itself from an oil-dependent economy into a diversified growth model.
A decade later and the Kingdom has the same intent with a different focus: shifting the onus from scale to execution. Oil revenues (2022) marked the acceleration of projects already in the pipeline, whilst the latest 2026-2030 strategy recalibrates public spending to domestic growth with guaranteed returns.
The Public Investment Fund is refocussing expenditure on projects engineered by efficiency and governance within the Kingdom.
I spoke to Sarah Al-Shawwaf, Partner, DGA-Albright Stonebridge Group about her countries’ transformation under the project.
Key Achievements
As a Saudi woman born and raised in Riyadh, Vision 2030 has been more than an economic reform agenda; it has been deeply personal. Over the past decade, I’ve seen profound social and economic change firsthand: Saudi women taking on leadership roles across government, business, and startup ecosystems; the country opening up to tourism, culture, and entertainment; and a young generation stepping forward with confidence and ambition.
Of course, Vision 2030 has also made tangible progress in diversifying the economy beyond oil. Sectors such as tourism, technology, healthcare, logistics, and entertainment have seen significant investment and accelerated growth. In our own work supporting foreign corporate clients in Saudi Arabia, there has been a noticeable shift in how the Kingdom is perceived, with much greater interest in Saudi Arabia as a serious long-term market for investment and partnerships.
What stands out most is that Vision 2030 has moved beyond headline announcements into visible delivery, whether in infrastructure, regulatory reform, talent development, or private sector participation.
Looking ahead, I see several areas that will define the next phase of this journey.
Key trends to follow include the continued growth of tourist destinations, digital and AI-led transformation, healthcare innovation, industrial development, and the maturation of giga-projects that are designed to reshape how people live, work, and visit the Kingdom.
PIF Shifts
With a clear focus on domestic investment, the new strategy reflects a shift in PIF’s delivery of Vision 2030, rather than a bigger-picture strategic shift.
PIF has long supported the development of the domestic economy in tandem with private investment, and this remains the objective. But I expect that we will see a greater focus on PIF investment in activities that cater to the domestic population, where there are clear, existing markets and short-term revenue potential.
Sectors like healthcare, entertainment, infrastructure, logistics, and technology provide opportunities to build the local economy by meeting local demand, positioning the Kingdom to compete on the global stage for the long term. Efforts to bring in private investment from abroad and create new markets in the Kingdom will continue, but as recent months have reminded us, these longer-term initiatives have significant exposure to volatility in the global geopolitical environment.
In the short term, a PIF focus on local activities will ensure continued economic momentum in the Kingdom in parallel with foreign investment attraction efforts.
Execution Phase
There is a shift underway in how PIF is operating. The earlier phase was focused on speed: deploying capital quickly to launch new sectors, back large-scale projects, and demonstrate ambition under Vision 2030. That phase helped establish the foundations of new industries and positioned PIF as a central driver of economic change.
This next phase is more measured and focused on execution.
The emphasis is now on delivery, making sure that projects move from concept to completion and that investments translate into sustainable economic value. This includes a stronger focus on monetisation, private sector participation, and prioritising capital toward areas with the highest long-term impact.
The transition is overall reflective of a more disciplined approach. The focus is not just on building scale, but on making sure that what has been built delivers, both financially and for broader economic impact.
Returns, Efficiency, Delivery
The next chapter is defined by a sharper focus on outcomes rather than inputs. With many of the initial investments now underway, the priority now shifts toward improving how capital is used. This will mean more rigorous performance management and clearer accountability across portfolios. It also involves optimising existing assets to control costs and capture more value over time.
PIF Success
Success for PIF will increasingly be measured less by what it announces and more by what it delivers. Ensuring that investments deliver sustained growth and strong returns in the next few years will be important to attract greater participation from the private sector, which is ultimately a vital component to the success of Vision 2030.
We should be realistic about what kind of progress we are likely to see in 12 months, but private companies from within Saudi Arabia and abroad will be looking for signs that PIF projects are moving past the announcement stage and driving genuine economic activity.
These might include new partnership deals or meaningful anchor contracts that provide a clear pathway to growth.
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