The Kingdom of Saudi Arabia is setting a strategic focus on broadening its economic landscape and enhancing the development of its workforce, as articulated by the Minister of Economy and Planning, Faisal bin Fadel Al Ibrahim.
These remarks were shared at the World Economic Forum’s Annual Meeting of the New Champions in Dalian, China, where the minister took part in a dialogue session titled What do we expect from future growth?
.
The minister outlined the notable expansion of non-oil sectors following the implementation of the Kingdom’s ambitious Vision 2030 plan. He indicated that the economic growth rate hit 8.7 percent in 2022, with non-oil sectors contributing 5.6 percent to this figure. Remarkably, these sectors now represent over half of the real gross domestic product, surpassing oil revenues.
Al Ibrahim emphasized that as Vision 2030 reaches its midpoint, the Kingdom will persist in its commitment to economic diversification and nurturing human capital. He also underscored Saudi Arabia’s pivotal role in global energy security and climate initiatives, noting significant advancements in renewable energy sources such as green hydrogen, solar, and wind power.
In his concluding thoughts, the minister stressed the importance of a holistic and collaborative approach to tackle the global economic challenges. He called for international partnerships, innovation, and comprehensive strategies to effectively mitigate these issues.