Saudi Arabia Unveils $2 Trillion Economic Strategy to Boost Growth
Saudi Arabia is set to announce an updated economic strategy valued at up to $2 trillion over the next five years, aimed at diversifying its economy and decreasing its dependence on oil, as reported by Bloomberg. This initiative is led by Crown Prince Mohammed bin Salman.
During an interview with Bloomberg TV at the Al-Ula conference on emerging market economies, Saudi Finance Minister Mohammed Al-Jadaan indicated that discussions have begun on how to effectively communicate this new strategy to the public. He emphasized that tourism, industry, logistics, and technology will be key components of the plan.
However, specific details regarding the launch date and financial particulars have yet to be disclosed.
This announcement aligns with the Kingdom's review of its "Vision2030" strategy, which seeks to further diversify the economy away from oil. The focus will be on enhancing spending efficiency and attracting foreign investments and private capital, according to the minister.
Al-Jadaan stated: "We continue to reorganize priorities and reassess policies to ensure that the private sector can lead the economy, and we have a wide range of financing channels available if additional funding is needed."
The minister also noted that the Saudi economy continues to demonstrate significant strength and resilience, with the GDP projected to achieve its fastest growth rate in three years by 2025, supported by a recovery in the oil sector, which remains a key driver of growth under the new OPEC+ supply policies.
Data also indicated that artificial intelligence has contributed to a 50% increase in financial transaction volumes, highlighting the acceleration of digital transformation within the Kingdom and the growing role of technology in the economy.
This new strategy comes at a time when the global economic environment is becoming increasingly complex and fragmented, making the promotion of local growth and diversification of revenue sources a top priority for the Kingdom.
