What was the purpose of the Saudi Vision 2030 initiative?

The purpose of the Saudi Vision 2030 initiative is fundamentally focused on diversifying the economy and reducing the country's dependence on oil. This initiative was introduced in April 2016 by Crown Prince Mohammed bin Salman, aiming to address the inherent challenges faced by the Kingdom due to fluctuating oil prices and the realization that a sustainable economic future requires a more varied base.

By targeting a more diverse economic portfolio, the plan includes efforts to expand non-oil industries, such as tourism, entertainment, and technology, promoting foreign investment, and enhancing the workforce's skills. Additionally, it encourages innovation and entrepreneurship to stimulate growth outside of the oil sector.

The initiative entails comprehensive reforms across various sectors, including education, health, infrastructure, and recreation, to transform the social and economic landscape of Saudi Arabia. Thus, the essence of Vision 2030 lies in establishing a resilient economy capable of thriving in a post-oil world, making the focus on diversification a core aspect of its mission.