At the World Economic Forum 2024, Faisal Al Ibrahim, the Saudi Minister of Economy and Planning, shared that the Kingdom’s non-oil economy has expanded by 20% since 2016, eclipsing the growth rates of the European Union and the United States, which are at 10% and 14%, respectively.
In a discussion titled MENA’s Economic Dilemma: Reforms Amid Uncertainty
, Al Ibrahim underscored the substantial progress Saudi Arabia has made in strengthening its non-oil sector. This advancement demonstrates the country’s capability to be a frontrunner in economic resilience and diversification in the Middle East.
The minister linked this achievement to the ambitious Saudi Vision 2030 framework, which he referred to as a transformative force integral to the nation’s economic and societal reform. He pointed out how this strategic vision is steering the country towards its envisioned future.
Al Ibrahim further mentioned the continued strong drive powering Saudi Arabia’s non-oil economic progress. He highlighted the need for audacity and partnership as the nation persists on its transformative path. According to the minister, these are key to Saudi Arabia’s ability to consistently deliver results.