Table 2: Initiatives introduced by the Saudi Vision 2030 Initiative Current Target Religious tourism Number of yearly Umrah visitors per year (mn) 8 30 Building the largest Islamic museum in the world - - Culture Number of Saudi heritage sites registered with UNESCO 4 8 Number of Saudi cities recognized in the top-ranked 100 cities in the world 0 3 Household spending on cultural and entertainment activities (%) 29 6 Social Average life expectancy (years) 74 80 Unemployment rate (%) 11.6 7 Female labour force participation (%) 22 30 Household savings ratio (% of household income) 6 10 Ranking in the Social Capital Index 26 10 Ratio of individuals exercising at least once a week (%) 13 40 Number of volunteers per year 11,000 1,000,000 Localization Localization of oil and gas sectors (%) 40 15 Localization of defence industry (%) 2 50 Renewable energy value chain (%) - - Sovereign Wealth Fund Public Investment Fund assets (SAR bn) 600 7,000 Economy Global ranking of the economy in terms of size 19 15 Ranking in the Global Competitiveness Index 25 10 Ranking in the Logistics Performance Index 49 25 Private sector contribution to GDP (%) 40 65 Foreign Direct Investment (% of GDP) 3.8 57 Non-oil exports share in non-oil GDP (%) 16 50 SME contribution to GDP (%) 20 35 Non-profit sector contribution to GDP <1 5 Improving the business environment and pursuing public-private partnerships - - Rehabilitating economic cities and restructure King Abdullah Financial District - - Establishing special zones such as logistic, tourist, industrial and financial ones - - Revise energy subsidies and redirect support to eligible citizens and economic sectors - - Ease restrictions on ownership and foreign investment in the retail sector - - Fiscal Non-oil government revenue (SAR bn) 163 1,000 Governance Ranking in the Government Effectiveness Index 80 20 Ranking in the E-Government Survey Index 36 5 Source: Saudi Vision 2030 6 GEMs Paper #26 | 30 June 2016 OS merrill Lynch HOUSE_OVERSIGHT_