The plan, which focuses on building a vibrant society, a thriving economy, and an ambitious nation, is being implemented in phases.

After eight years, the economic strategy, which initially faced skepticism, is now a tangible transformation.

The text summarizes the progress of Saudi Arabia's economic and social reform plan, Vision 2030, which was launched eight years ago.

Out of the 1,064 initiatives, 87% have been completed or are on track.

By the end of 2023, 197 of the plan's 243 key performance indicators had been fully achieved, with 176 exceeding their targets.

The reforms aimed to improve the business environment, increase foreign direct investments, grow small and medium-sized enterprises, and expand sectors like tourism and entertainment.

The result was a record contribution from non-oil earnings.

By the end of 2023, Saudi Arabia's revenues reached $121.8 billion, accounting for half of the country's real Gross Domestic Product.

The non-oil GDP surpassed $503.6 billion, exceeding the baseline of $404.9 billion and approaching the target goal of $515.6 billion.

These achievements come after Saudi Arabia implemented economic and regulatory reforms to boost private sector growth and attract foreign investment.

Reforms include easing foreign ownership restrictions, simplifying business regulations, and privatizing state-owned enterprises.

Saudi Arabia's strategic location at the crossroads of three continents makes it an attractive investment destination for global businesses.

In 2023, over 180 companies were granted permits to open regional offices in Riyadh, Saudi Arabia.

The country's economic diversification plan led to a flourishing economy and increased employment opportunities for citizens.

The private sector contributed 45% to the total GDP, up from 40.3%, and foreign direct investment added 2.4% to the GDP. The Public Investment Fund managed over $749 billion in assets, surpassing its annual target.

These achievements placed Saudi Arabia first in the Middle East and North Africa region for venture capital investment, with $1.4 billion deployed.

In 2023, Saudi Arabia reached a record low unemployment rate of 7.7%, down from 12.3% in 2016, surpassing the annual target of 8%.

The country's most significant employment achievement was the all-time high female labor force participation rate of 35.5%, exceeding the Vision 2030 goal.

Women have been taking on leadership roles in various sectors, including healthcare, education, finance, technology, and hospitality, due to the government's efforts to expand job opportunities for them.

The economic participation and opportunities sub-index increased to 0.637 from the baseline of 0.33, surpassing the annual target of 0.592.

Vision 2030 promotes female entrepreneurship and small business growth for women through initiatives like loan programs, business incubators, and networking events.

These efforts have led to significant growth in small and medium enterprises (SMEs), which are crucial for Saudi Arabia's economic development.

Since the launch of Vision 2030, SMEs have experienced over 200% growth, resulting in SR10 billion ($2.67 billion) in financial aid and employment for 6.7 million people by 2023.

The nation is also revising its target for female participation in light of this progress.

In 2022, the Small and Medium Enterprises (SME) Bank was established by the Council of Ministers to increase financing for the SME sector and provide innovative funding solutions.

The SME Bank is affiliated with the National Development Fund.

The establishment of the SME Bank supports initiatives by the Small and Medium Enterprises General Authority (Monsha’at), including the "Tomoh" program for fast-growing SMEs.

Tomoh aims to stimulate growth through services and programs, and has contributed to listing 18 SMEs in the Saudi Stock Exchange parallel market, "Nomu".