Saudi Arabia reaches midpoint in its Vision 2030 journey
Saudi Arabia's non-oil economy now surpasses its oil sector in size
Dubai: Saudi Arabia has reached the midpoint in its journey towards Vision 2030, said Saudi minister of economy and planning, Faisal Al Ibrahim in a dialogue session in Dalian, China, according to a report by Saudi financial news portal Argaam.com.
Speaking at a session titled ‘What do we expect from future growth?’ in Dalian, China, during the annual meeting of the New Champions Dalian 2024, an initiative of the World Economic Forum, Al Ibrahim highlighted the robust growth of non-oil sectors, which now constitute 51 per cent of the country’s real gross domestic product (GDP).
He emphasised the country's economic strides since the inception of the Saudi Vision 2030, showing a notable 8.7 per cent economic growth rate in 2022, with non-oil activities expanding by 5.6 per cent. He underscored that Saudi Arabia's non-oil economy now surpasses its oil sector in size.
The Saudi Vision 2030 is a programme launched by the government in 2016, with the main aim of diversifying its economy away from the oil sector. It has three main pillars - a vibrant society, a thriving economy, and an ambitious nation.
Reflecting on the achievements of Vision 2030, Al-Ibrahim remarked, "We have crossed the halfway mark towards achieving our Vision, marked by substantial milestones and prioritised efforts accelerating economic diversification and human capital development. We are poised at the threshold of a new economic era, promising transformative changes over the decades ahead."
Addressing Saudi Arabia's role in energy security and climate action, the minister highlighted the country's leadership in producing the cleanest hydrocarbon energy and its pioneering efforts in renewable energy, including green hydrogen, solar, wind, and other sources.