Saudi Arabia reaches the halfway mark in its Vision 2030 journey
Saudi Arabia has reached the midpoint in its journey towards Vision 2030, announced Faisal Al Ibrahim, the Saudi Minister of Economy and Planning, during a dialogue session in Dalian, China, as reported by Saudi financial news portal Argaam.com.
Speaking at the annual meeting of the New Champions Dalian 2024, an initiative of the World Economic Forum, Al Ibrahim discussed the session titled ‘What do we expect from future growth?’ He highlighted the significant growth of non-oil sectors, which now make up 51 percent of the country’s real gross domestic product (GDP).
Al Ibrahim emphasized the economic advancements achieved since the launch of Saudi Vision 2030, noting a remarkable 8.7 percent economic growth rate in 2022, with non-oil activities expanding by 5.6 percent. He pointed out that Saudi Arabia’s non-oil economy now exceeds its oil sector in size.
Saudi Vision 2030, initiated by the government in 2016, aims to diversify the economy away from oil dependency, focusing on three main pillars: a vibrant society, a thriving economy, and an ambitious nation.
Reflecting on the progress of Vision 2030, Al Ibrahim stated, “We have crossed the halfway mark towards achieving our Vision, marked by substantial milestones and prioritized 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.”
Discussing 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.
