While participating in a panel entitled What do we expect from future growth
in Dalian, China, the Saudi Minister of Economy and Planning, Faisal Al-Ibrahim, highlighted the kingdom’s progress toward its ambitious Vision 2030. The minister’s insights were shared at the New Champions Dalian 2024 meeting, part of a World Economic Forum initiative.
The minister announced that non-oil activities have grown significantly, now accounting for 51% of Saudi Arabia’s real GDP. Al-Ibrahim outlined the substantial strides made since the inception of Vision 2030, with the kingdom experiencing the highest economic growth rate in 2022 at 8.7%, with non-oil sectors contributing a growth of 5.6%.
Key Milestones in Economic Expansion
Saudi Arabia has reached a pivotal halfway point in its Vision 2030 journey, according to Al-Ibrahim, with the country steadfast in fulfilling the objectives it set out seven years prior. He emphasized the kingdom’s accelerated economic diversification and enhancement of human capital outcomes, positioning the nation on the brink of a transformative economic era.
Al-Ibrahim also highlighted Saudi Arabia’s leadership in energy security and climate action, noting its role as a leading producer of the cleanest hydrocarbon energy. The nation is at the vanguard of renewable energy, with initiatives in green hydrogen, solar, and wind energy.
The minister called for an integrated global approach to tackle economic challenges, advocating for international collaboration, innovation, and holistic solutions to address and alleviate the severity of these issues.