Vision 2030 propels economic diversification: Alibrahim

Faisal Alibrahim, Minister of Economy and Planning

Vision 2030 created a fertile and conducive environment, turning economic diversification from a mere plan into a certainty, Faisal Alibrahim, Minister of Economy and Planning, said.

National capabilities have now become a long-term priority, he added, during the dialogue session today, Dec. 7, at the 2024 Budget Forum.

Alibrahim highlighted that the institutional capabilities of government entities, their collaboration, and discussions with other sectors have become well-established and of high quality.

Saudi Arabia is dedicated to achieving optimal economic diversification, with the minister noting an improvement in the Saudi trade balance due to increased service exports, rising from SAR 65 billion in 2016 to SAR 135 billion today.

Non-oil economic growth in Saudi Arabia since 2016 is twice that of the United States and Europe, and the contribution of non-oil revenues to covering costs increased from 19% to 35% due to the expansion of the non-oil economic base, the top official said.

Alibrahim indicated that the connection between the oil sector and government spending has now decreased to 50%, emphasizing the Kingdom's goal for the private sector to drive economic activity. The government's qualitative investments in specific sectors, including electric vehicles and others, present significant opportunities for the private sector, he added.

Moreover, unemployment rates are consistently declining, with a notable participation of women in the labor market, currently ranging between 35% and 36%.