Saudi Arabia Unveils $2 Trillion Economic Strategy to Boost Growth
Saudi Arabia is preparing to announce an updated economic strategy valued at up to $2 trillion over the next five years, aimed at diversifying its economy and reducing reliance on oil, according to Bloomberg.
Finance Minister Mohammed Al-Jadaan, speaking to Bloomberg Television during the Al-Ula conference on emerging market economies, indicated that the government began discussions this week on how to communicate the new strategy to the public. He noted that tourism, industry, logistics, and technology will be central to this plan.
However, no specific launch date or detailed financial information has been provided.
This announcement comes as Saudi Arabia reviews its "Vision2030" strategy, which aims to diversify the economy beyond oil, with a greater focus on enhancing spending efficiency and attracting foreign investment and private capital, according to the minister.
Al-Jadaan added: "We continue to reorder priorities and review policies to ensure that the private sector can lead the economy, and we have a broad network of financing channels if we need additional funding."
The minister emphasized that the Saudi economy continues to demonstrate significant strength and resilience, with GDP growth in 2025 expected to show the fastest rate in three years, supported by a recovering oil sector that has returned to being a primary growth driver under new OPEC+ supply policies.
Data also indicated that artificial intelligence contributed to a 50% increase in financial transaction volumes, signaling an acceleration of digital transformation within the kingdom and enhancing the role of technology in the economy.
This new strategy arrives at a time when the global economic landscape is becoming increasingly complex and fragmented, making the push for local growth and revenue diversification a top priority for the kingdom.
