Saudi aims to ensure synchronized plans, no economic leakage: Al-Jadaan 

Minister of Finance, Mohammed Al-Jadaan

Saudi Finance Minister Mohammed Al-Jadaan stated that Saudi Arabia plays a pivotal role as a stabilizing force both regionally and globally, aiming to be a model for others in the region.

During a panel discussion on the second day of the Future Investment Initiative in Riyadh, the minister noted that global trade is growing despite various global challenges, but the division within the world has become more perilous.

He went on to say that the reason investors are turning to Saudi Arabia is that it supports stability, de-escalation, and tranquility—qualities that investors seek.

Al-Jadaan emphasized that Vision 2030 achieved significant milestones, particularly regarding non-oil GDP growth, which now represents 52% of the economy, and a decrease in unemployment to around 7%, nearing the targets set for 2030. In addition, he highlighted the empowerment of women and the tourism sector, which exceeded initial plans and targets.

The minister acknowledged that while there are many opportunities and challenges associated with Vision 2030 projects, the Kingdom does not shy away from discussing these challenges.

He pointed out challenges related to human resources and execution capacity, expressing a desire to ensure the kingdom can attract more talent.

Al-Jadaan stressed the importance of not overheating the economy and ensuring that plans are synchronized and do not impact each other.

"We also want to ensure that there isn't excessive leakage in the economy. If we overextend ourselves without matching growth in the economy as well as the private sector, we risk significant expenditure leakage, particularly through imports exceeding local manufacturing. We are monitoring this closely to ensure our success in this regard, and so far, we are succeeding," he said.

The Kingdom is on the right path, with oversight from an independent governmental authority that reported that 87% of our targets have either been achieved or are on track, the minister added. The focus now is on the remaining 13% to ensure they are also on the right track.

Al-Jadaan wrapped up his remarks by expressing satisfaction with the achievements under Vision 2030, emphasizing that they are not complacent and are committed to doing what is right. He outlined the Ministry of Finance's priorities, which include preserving what is accomplished, maintaining financial strength, and ensuring the Saudi economy remains robust.

The finance ministry is focusing on enforcing fiscal discipline, safeguarding substantial financial reserves, and promoting efficiency in spending while collaborating with the private sector, Al-Jadaan said.