Saudi Arabia reaches halfway mark in its journey towards Vision 2030

“The growth of non-oil activities remains strong, as non-oil activity constitutes 51% of the real gross domestic product,” the minister said while attending a dialogue session titled “What do we expect from future growth,” in the Chinese city of Dalian

Staff Writer, Saudi Gazette

June 26, 2024

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DALIAN, CHINA — Saudi Minister of Economy and Planning Faisal Al-Ibrahim said that Saudi Arabia has reached the halfway mark in its journey towards Vision 2030 and that it will continue to deliver what it began seven years ago.

“The growth of non-oil activities remains strong, as non-oil activity constitutes 51 percent of the real gross domestic product,” the minister said while attending a dialogue session titled “What do we expect from future growth,” in the Chinese city of Dalian. The session was held within the annual meeting of the New Champions Dalian 2024, an initiative of the World Economic Forum.

In his address, Al-Ibrahim spoke about the rapid growth of non-oil activities in the Kingdom since the launch of the vision Kingdom 2030. “The Kingdom has achieved the fastest economic growth rate for the year 2022 at 8.7 percent, and non-oil activities achieved 5.6 percent. Even today, the growth of non-oil activities remains strong, as non-oil activity constitutes 51 percent of the real gross domestic product (GDP), and the Kingdom’s non-oil economy is larger than its oil economy.”

Referring to the great success achieved by Saudi Arabia in implementing its Vision 2030 targets, the minister said: “We have now passed halfway in the journey to achieve the Vision, during which many achievements have been made and we have priorities that are accelerating the pace of economic diversification and enhancing the outcomes of human capital development. So we now stand on the threshold of a new economic era that will witness exciting transformations over the coming decades.”

Al-Ibrahim stressed that the Kingdom plays a major role in the field of energy security and climate action, as it is at the forefront of producers of the cleanest hydrocarbon energy. Saudi Arabia is also among the pioneers in the field of renewable energy, by which we mean green hydrogen, solar energy, wind energy, and other sources.

The minister stressed the necessity of building a comprehensive and integrated approach to address global economic challenges, noting that by adopting international cooperation, innovation and comprehensive solutions, the international community can effectively address some of these challenges and mitigate their severity.