Minister of Economy: Saudi Arabia keeps doing best to diversify economy

Minister of Economy and Planning, Faisal Al-Ibrahim, said that the Kingdom will keep doing much effort to diversify its economy, so oil revenues will help achieving these targets.

Al-Ibrahim added in a session about Saudi economy outlook on the sidelines of the World Economic Forum, at Davos, that Saudi Arabia achieved highest GDP quarterly growth since 2011, with the GDP grew 9.6% in the first quarter 2022.

He noted that oil demand will keep rising, according to estimates, and the Kingdom will increase its energy output capacity stressing that this is not against climate change fears.

He commented: “The last we can focus on, is concerning about climate change without securing economic development and energy security”.

It should be noted that the Kingdom plans to use this year’s oil windfall to accelerate diversifying the non-oil economy.

 Al-Ibrahim had said in a previous interview on the sidelines of the Forum: “The windfall from oil surge will be invested in flexibility.. either in renewing reserves, paying debts or investing in transforming unique projects through the Public Investment Fund, so this will help accelerating diversification plans.”