Economy Minister says Vision 2030 maintains strong momentum in 8th year

Minister of Economy and Planning, Faisal Al-Ibrahim

Saudi Arabia's Minister of Economy and Planning, Faisal Al-Ibrahim, stated that the Kingdom's Vision 2030 is progressing steadily and with high momentum in its eighth year, just as it was in its first year.

At the 2025 Budget Forum, Al-Ibrahim emphasized that Saudi Arabia’s overall performance reflects the seriousness of the transformation occurring in the Saudi economy, noting that the momentum of this transformation has not faded.

The Kingdom aspires to high-quality growth that relies on sustainable non-oil activities, reflecting the dynamism of the private sector and increased productivity, such as tourism.

Non-oil activities achieved a growth rate of 6% during the recent three years, accounting for 52% of the GDP.

This was challenging after a specific economic structure existed for several decades, the minister said, noting that non-oil activities surpassed oil activities within a short period of no more than seven years.

Non-oil activities are projected to hit 3.9% in 2024 and 4.8% in 2025. These rates will be adjusted upon improvement.

Saudi Arabia aims for high-quality growth by fostering activities in the oil sector that do not rely on ongoing spending but rather sustainable activities that indicate growth in the dynamism of the private sector and growth in productivity.

Certain sectors, such as health and defense, have seen a significant accumulation of knowledge over time. These sectors were previously viewed as necessities that required ongoing funding for various reasons.

Accordingly, Saudi Arabia was able to find medical updates such as heart transplants that were performed using robots.

Al-Ibrahim believes that the Kingdom has a unique opportunity due to its favorable demographic structure and the youth of its population.

He also sees that this is the ideal time to enhance investment in human capital as part of Vision 2030, adding that the maturity of institutions has enabled the Kingdom to establish a voice on the global level.

However, this accumulation of knowledge, which has occurred without a long-term strategy, has become a foundation for global competitiveness, according to the Saudi minister.