Saudi Arabia’s National Transformation Program drives 750 economic reforms for private sector development

In an effort to develop the private sector, over 750 economic reforms will be implemented by Saudi Arabia’s National Transformation Program, according to a statement.

Launched in 2016, the initiative was the first Vision Realization Program established under Vision 2030.

During his address at the UN’s annual Empretec meeting held in Riyadh, Minister of Human Resources and Social Development Ahmed Al-Rajhi discussed the improvements in global indicators through the “Invest in Saudi Arabia” program and the foreign direct investment totaling SR 22.5 billion ($6 billion) by the third quarter of 2022, according to a press release.

Al-Rajhi emphasized the impressive achievements under Vision 2030, where the number of small enterprises doubled, exceeding 1.1 million by the end of 2022.

He also underscored the decline in unemployment to 8.3 percent, resulting in the creation of over 2.3 million jobs in the private sector, with 700,000 of them filled by women, accounting for 36 percent of the workforce.

The meeting, organized by the Social Development Bank, brought together prominent figures such as Rebecca Greenspan, the secretary-general of the UN Conference on Trade and Development, Stephen Groff, the governor of the National Development Fund, and Ibrahim Al-Rashed, CEO of Saudi Arabia’s Social Development Bank, alongside other senior government officials and international experts.

Al-Rashed expressed his gratitude for collaborating with 35 members of the Empretec program, showcasing their diverse experiences.

He emphasized the bank’s role in establishing key pillars, including support for productive families, small and emerging enterprises and developing the bank’s branch system into a business incubator. Six new branches were opened this year, with 17 more projected for the upcoming year and the imminent launch of the largest business centers in Saudi society.

The forum covered dialogues on innovation, technical services, and research skills to enhance economic sustainability and innovation in alignment with Saudi Vision 2030.

Partnerships were formed to support entrepreneurship and logistics services, including educational resources and youth engagement programs, marking a significant milestone in Saudi’s entrepreneurial journey and reaffirming the commitment to Vision 2030 goals.

“Invest Saudi” is Saudi Arabia’s nationwide investment attraction and promotion brand. Under the oversight of the Ministry of Investment, it facilitates investments in the Kingdom that support the country’s economic growth and position it at the forefront of the global business world.

The initiative is designed to provide a clear, unified, and effective message about the Kingdom’s opportunities for foreign and domestic investors and private sector businesses.