Minister of Economy: Saudi economy is always prepared for various oil price scenarios

Faisal Al-Ibrahim, Minister of Economy, said during a panel discussion at the Qatar Economic Conference that the Saudi economy is always prepared for various oil price scenarios.

He added, “Oil is no longer what drives our budgets, but rather our priorities are the engine.” He explained that the Kingdom and the Gulf Cooperation Council countries are shifting from consumption-based models to more complex and productive models, while continuing to attract talent and capital.

Al-Ibrahim emphasized that the Kingdom’s Vision 2030 represents a long-term plan to restructure the Kingdom’s economy, based on discipline and bold decision-making.