Minister of Economy: Saudi Arabia is on the cusp of a new economic era

Faisal bin Fadel Al-Ibrahim, Minister of Economy and Planning, said that the Kingdom has reached the halfway point in its journey towards Vision 2030 and will continue to provide what it began 7 years ago, indicating that the Kingdom has now passed half the stage in the journey to achieve the vision, during which many achievements have been achieved and it has priorities, which 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.”

During his participation in a dialogue session within the annual meeting of the New Champions of the World Economic Forum, which was held in the Chinese city of Dalian, he 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, and it is also among the pioneers. The field of renewable energy, by which we mean green hydrogen, solar energy, wind energy, and other sources.

He spoke in a dialogue session entitled “What do we expect from future growth” about the rapid growth of non-oil activities in the Kingdom since the launch of the Kingdom’s Vision 2030, explaining that the Kingdom achieved the fastest economic growth rate for the year 2022 at 8.7%, and non-oil activities achieved 5.6%, and even Today, the growth of non-oil activities remains strong, as non-oil activity constitutes 51% of real GDP, and the Kingdom’s non-oil economy is larger than its oil economy.”

At the conclusion of his participation, the Minister of Economy and Planning 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.