Saudi Arabia eyes $1 trillion infrastructure boost by 2030

Dubai: Saudi Arabia plans to invest nearly $1 trillion in infrastructure projects by 2030 to accelerate economic diversification and boost private-sector participation, Minister of Economy and Planning Faisal Al Ibrahim announced.

Speaking at the Public Investment Fund (PIF) Private Sector Forum in Riyadh, Al Ibrahim said the Kingdom’s non-oil sector is set for significant expansion by 2026, fueled by investments in key industries. He highlighted the PIF’s pivotal role in shaping the economy, establishing strategic companies, and fostering new industries that drive long-term growth.

“The PIF is not just a vehicle for financial returns but a catalyst for advancing the knowledge economy and pioneering innovative business models,” Al Ibrahim said. He added that the fund is committed to developing national talent and human capital to ensure sustainable economic growth.

As part of Saudi Vision 2030, Al Ibrahim stressed the importance of reducing dependence on oil revenue by strengthening high-value exports and expanding non-oil sectors.

He described the Kingdom’s economic transformation as a fundamental shift rather than a mere transition, reshaping the national economy through innovation and investment.