Each phase will contribute towards achieving a number of goals and targets that put the Kingdom on track to reach the ultimate goals of Vision 2030. On 7 June 2016, the Council of Ministers approved the National Transformation Program which set out the goals and targets to be achieved by 2020. Major media houses including CNN, Bloomberg, CNBC, the New York Times, Fox Business Network, the Financial Times, the Los Angeles Times, and Huffington Post also withdrew as partners. L.P., Ford Motor, JPMorgan Chase, BlackRock, Uber, and The Blackstone Group all withdrew their CEO/chairmen's names from the summit that was held on 23 October 2018. However, amid the rising controversy and escalating tensions due to the alleged Kingdom's involvement in Jamal Khashoggi's murder, many international companies have backed out of the conference. The PIF organizes an annual investment forum, the Future Investment Initiative, in Riyadh. An ambitious nation – non-oil revenues, government effectiveness, e-government, household savings and income, non-profits and volunteering.A thriving economy – employment, women in the workforce, international competitiveness, Public Investment Fund, foreign direct investment, non-oil exports.A vibrant society – urbanism, culture and entertainment, sports, Umrah, UNESCO heritage sites, life expectancy.It is built around three main themes which set out specific objectives that are to be achieved by 2030: Saudi Vision 2030 lays out targets for diversification and improving competitiveness. The National Transformation Program was designed and launched in 2016 across 24 government bodies. The plan is supervised by a group of people employed under the National Center for Performance Measurement, the Delivery Unit, and the Project Management Office of the Council of Economic and Development Affairs. The vision has three main pillars: to make the country the "heart of the Arab and Islamic worlds", to become a global investment powerhouse, and to transform the country's location into a hub connecting Afro-Eurasia. The goals in Saudi Vision 2030 could be compared with other development plans in the Middle East, for example, the Kuwait Vision 2035, Egypt vision 2030 and UAE Vision 2021. Another major aspect is to lower the dependency of the country's citizens on public spending by spending on subsidies, higher salaries and increasing the portion of the economy contributed by the private sector to provide more employment opportunities. The core priority is to be able to develop alternative sources of revenue for the government, such as taxes, fees, and income from the sovereign wealth fund. However, the implementation of this goal has been unstable and remains largely dependent on the price of oil. Oil and other natural wealth in countries that depend on these resources as a major source of income have been described as the "resource curse". Decreasing this dependence on oil resources has been one of the goals of the government since the 1970s.
Oil revenue accounts for 30-40% of the real GDP of Saudi Arabia, not including the proportion of the economy that is also dependent on the oil distribution. In 2021, The Guardian wrote despite Saudi Arabia's commitment to diversify its economy, the government was still 75% dependent on oil exports for its budget. The Council of Ministers has tasked the Council of Economic and Development Affairs (CEDA) with identifying and monitoring the mechanisms and measures crucial for the implementation of "Saudi Arabia's Vision 2030". The first details were announced on 25 April 2016 by Crown Prince Mohammed bin Salman. It also consists of increasing government spending on the military, as well as manufacturing equipment and ammunition. Key goals include reinforcing economic and investment activities, increasing non-oil international trade, and promoting a softer and more secular image of the Kingdom. Saudi Vision 2030 ( Arabic: رؤية السعودية ٢٠٣٠ ruʾyah al-suʿūdiyah) is a strategic framework to reduce Saudi Arabia's dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism.
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