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{{Main|Saudi Vision 2030}}

Following the slump in oil prices from 2013, changes to the cabinet structure included the creation in 2015 of the Council of Economic and Development Affairs, chaired by then-Defense Minister Mohammad bin Salman.{{cite web |url=https://gulfnews.com/news/gulf/saudi-arabia/saudi-king-s-son-on-fast-track-to-power-1.1458739 |title=Saudi king’s son on fast track to power |author=Joseph A. Kechichian |work= Gulf News|date=18 February 2015|accessdate=1 November 2018}} The following year bin Salman announced the Saudi Vision 2030 program, which aims to diversify the Saudi economy and reduce its dependence on oil revenues and state spending.{{cite web |url=https://www.forbesmiddleeast.com/en/saudi-arabia-saudi-vision-2030-sets-out-post-oil-economic-transformation-plan/ |title=Saudi Arabia: Saudi Vision 2030 Sets Out Post-Oil Economic Transformation Plan |work=Forbes Middle East |date=1 May 2016 |accessdate=1 November 2018}}

Central to the program is the Public Investment Fund of Saudi Arabia (PIF), which in 2017 began investing in sectors including infrastructure, real estate and technology with the goal of becoming one of the world’s largest sovereign wealth funds by 2030.{{cite web |url=https://www.bloomberg.com/news/articles/2017-10-22/how-saudi-arabia-is-building-its-2-trillion-fund-quicktake-q-a |title=How Saudi Arabia Is Building Its $2 Trillion Fund |author=Sarah Algethami |work=Bloomberg News |date=22 October 2017 |accessdate=1 November 2018}} Several projects were announced including Neom, a proposed $500 billion mega-city in the northwest of the kingdom, extending into Jordan and Egypt.{{cite web |url=https://www.bloomberg.com/news/articles/2017-10-24/saudi-arabia-to-build-new-mega-city-on-country-s-north-coast |title= Saudi Arabia Just Announced Plans to Build a Mega City That Will Cost $500 Billion |author1=Alaa Shahine | author2=Glen Carey | author3=Vivian Nereim |work=Bloomberg News |date= 24 October 2017 |accessdate=1 November 2018}} The PIF also launched Saudi Arabian Military Industries (SAMI), a domestic defense company.{{cite web |url=https://www.reuters.com/article/saudi-security-arms/update-2-saudi-arabia-launches-military-industries-company-idUSL8N1IJ5ZG |title=Saudi Arabia launches military industries company |work=Reuters |date=17 May 2017 |accessdate=1 November 2018}}

Additional reforms within Vision 2030 include a privatization program, which aims to raise the private sector’s share of GDP; a financial sector development program to diversify financial services; and a fiscal balance program, which commits the government to cutting the budget deficit and increasing its non-oil revenues.{{cite web |url=https://english.alarabiya.net/en/business/economy/2018/04/24/Saudi-economic-council-adopts-Delivery-Plan-2020-privatization-program.html |title=Saudi economic council adopts Delivery Plan 2020 privatization program |work=Al Arabiya |date=24 April 2018 |accessdate=1 November 2018}}{{cite web |url=https://www.reuters.com/article/saudi-financial-plan/saudi-arabia-approves-development-plan-for-its-financial-sector-idUSL8N1SG8PT |title=Saudi Arabia approves development plan for its financial sector |work=Reuters |date=9 May 2018 |accessdate=1 November 2018}}{{cite web |url=https://www.thenational.ae/business/economy/saudi-arabia-s-non-oil-revenue-surges-63-in-first-quarter-1.728379 |title=Saudi Arabia's non-oil revenue surges 63% in first quarter |author=Sarmad Khan |work=The National |date=8 May 2018 |accessdate=1 November 2018}}

In September 2018 the Public Investment Fund completed a deal with a group of major global lenders for a loan of $11 billion. The deal raised more than initially planned and was the first time the PIF had incorporated loans and debt instruments into its funding.{{cite web|url=https://www.bloomberg.com/news/articles/2018-09-17/saudi-arabia-s-sovereign-wealth-fund-raises-11-billion-loan|title=Saudi Arabia's Sovereign Wealth Fund Raises $11 Billion Loan|publisher=Bloomberg |date=17 September 2018 |accessdate=13 November 2018}} The Saudi government had arranged a similar loan of $16 billion in March 2018.{{cite web|url=https://www.bloomberg.com/news/articles/2018-09-11/saudi-wealth-fund-is-said-to-prepare-to-sign-11-billion-loan|title=Saudi Wealth Fund Prepares to Sign $11 Billion Loan|publisher=Bloomberg |date=11 September 2018 |accessdate=11 September 2018}} According to data from Fitch Ratings, over two years starting from May 2016 Saudi Arabia went from having zero debt to raising $68 billion in dollar-denominated bonds and syndicated loans—one of the fastest rates among emerging economies.{{Cite news|url=https://www.wsj.com/articles/fate-of-journalist-heightens-saudi-debt-worries-1539774000|title=Fate of Journalist Heightens Saudi Debt Worries|last=Jones|first=Rory|date=2018-10-17|work=Wall Street Journal|access-date=2018-10-18|language=en-US|issn=0099-9660}}

Each year, about a quarter-million young Saudis enter the job market. With the first phase of Saudization into effect, 70% of sales job are expected to be filled by Saudis. However, the private sector still remains hugely dominated by foreigners. The rate of local unemployment is 12.9%, its highest in more than a decade. According to a report published by Bloomberg Economics in 2018, the government needs to produce 700,000 jobs by 2020 to meet its 9% unemployment target.{{cite web|url=https://www.bloomberg.com/news/articles/2018-09-19/jobs-for-saudis-plan-tests-retailers-used-to-cheap-foreign-labor|title=Saudi Businesses Are Struggling to Hire Saudi Workers|publisher=Bloomberg News|accessdate=19 September 2018}}

Suggested expanded Tourism subsection of Saudi Arabia:

{{Main|Tourism in Saudi Arabia}}

Although most tourism in Saudi Arabia still largely involves religious pilgrimages, there is growth in the leisure tourism sector. According to the World Bank, approximately 14.3 million people visited Saudi Arabia in 2012, making it the world's 19th-most-visited country.[https://www.economist.com/news/middle-east-and-africa/21607898-can-kingdom-attract-more-visitors-wish-you-were-here Tourism in Saudi Arabia: Wish you were here], economist.com. Tourism is an important component of the Saudi Vision 2030 and according to a report conducted by BMI Research in 2018, both religious and non-religious tourism have significant potential for expansion.[http://www.arabianbusiness.com/travel-hospitality/387984-tourism-key-to-saudi-arabias-vision-2030-plans: Tourism key to Saudi Arabia's Vision 2030 plans]{{Dead link|date=September 2018 |bot=InternetArchiveBot |fix-attempted=yes }}, arabianbusiness.com Projects include the planned 34,000 sq km Red Sea tourist resort and the 334 sq km Qiddiya entertainment park near Riyadh.{{cite web |url=https://www.bloomberg.com/news/articles/2017-08-01/saudi-arabia-unveils-plans-for-mega-red-sea-tourism-project |title=Saudi Arabia Plans a Huge Red Sea Beach Tourism Project |author1=Alaa Shahine |author2=Vivian Nereim |work=Bloomberg News |date=1 August 2017 |accessdate=1 November 2018}}{{cite web |url=https://www.reuters.com/article/us-saudi-qiddiya-ceo/saudi-arabia-launches-multi-billion-dollar-entertainment-resort-idUSKBN1HZ0WF |title=Saudi Arabia launches multi-billion dollar entertainment resort |author1=Stephen Kalin |author2=Marwa Rashad |work=Reuters |date=28 April 2018 |accessdate=1 November 2018}} Heritage sites are being restored in the northwestern Al-Ula region, including the Nabatean tombs of Mada'in Saleh.{{cite web |url=https://edition.cnn.com/2018/06/20/middleeast/saudi-archaeology/index.html |title=Is Saudi Arabia the next big heritage tourism destination? |author=Sarah Lazarus |work=CNN |date=21 June 2018 |accessdate=1 November 2018}}

Starting December 2018, the kingdom will offer an electronic visa for foreign visitors to attend sport events and concerts. The “sharek” visa process will start with 15 December, Saudia Ad Diriyah E Prix race.{{cite web|url=https://www.reuters.com/article/us-saudi-visa/saudi-arabia-to-offer-visitor-visa-for-special-events-from-december-idUSKCN1M51LD|title=Saudi Arabia to offer visitor visa for special events from December|publisher=Reuters|accessdate=25 September 2018}}