Saudi Vision 2030 launched

Announced in April 2016 by then-deputy crown prince Mohammed bin Salman in the wake of the 2014-2016 oil price collapse, Vision 2030 set out targets to shrink oil's share of government revenue, grow the private sector, and build entirely new industries including tourism, entertainment, and technology. The plan is backed by the Public Investment Fund, Saudi Arabia's sovereign wealth fund, which has bankrolled giga-projects such as the futuristic city development NEOM and taken large stakes in global companies and sports properties. Non-oil GDP growth accelerated in the years following the plan's launch, though oil still accounts for the large majority of government revenue and the giga-projects have faced cost overruns and delays.