Saudi Arabia’s non-oil economy poised to grow 4.8% in 2025: Minister

Faisal Al-Ibrahim, Minister of Economy and Planning

Saudi Arabia’s non-oil economy is expected to grow by 4.8% and 6.2% in 2025 and 2026, respectively, driven by efforts to invest in human capital and more dynamism in the private sector, said Minister of Economy and Planning Faisal Al-Ibrahim.

During a seminar entitled "Future of Global Economic Growth" at the Davos Conference 2025, Al-Ibrahim highlighted that the Saudi leadership has pushed for planning with confidence and careful management to drive further economic diversification and not to rely solely on oil.

Saudi Arabia is working to diversify its growth resources. It boasts the assets and capabilities necessitated for enabling the industrial sector to advance and export more competitively, while directing incentives to non-oil exports, said the minister.

He indicated that this is in line with the financial reforms being undertaken to curb reliance on a single commodity during the Kingdom’s economic transformation process.

The minister also reiterated the importance of building solid institutional capabilities and investing in human capital, being long-term investments that must exist regardless of what is sought to be achieved.