JEDDAH: Specialists and economists have said that the Cabinet’s approval of the National Transformation Program (NTP) as part of the Saudi Vision 2030 is the beginning of a breakthrough toward holistic local economic change that will influence world economies.

They indicated that one of the main goals of the program is to reduce unemployment rates and activate the participation of women in the labor market, solving the housing crisis and strengthening the economic contributions of all active parties in the different sectors of the economy, along with encouraging the development of cultural, recreational and tourism activities.

Economist Abdul Ghani Al-Ansari said that the NTP came as a surprise to everyone, adding that it is one of the programs that came out of the Saudi Vision 2030 and will be followed by other programs.

“The next five years will be an important stage for the foundation of the new Vision 2030, and anyone who fails or hesitates in implementing the vision will be held accountable. The project is ambitious and will change the map of economic community toward one characterized by creative industries with diversified economic systems,” he added.

He said the program will solve the housing crisis, which is today plagued by a lack of practical solutions.