Saudi Finance Minister: Economic Diversification Ensures Sustainable Spending

Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said that the Kingdom’s economic diversification efforts have made government spending sustainable, with reliance on debt instruments to balance revenues.
Speaking at the 2025 Budget Forum during a session titled Financial Policy to Promote Sustainable Economic Growth, Al-Jadaan emphasized that the Kingdom’s diversified economy and income sources have enabled the provision of improved services, particularly in health, education, and technical government services. “These changes are the result of long-term planning and economic diversification built on strong financial sustainability,” he said.
Al-Jadaan highlighted the role of sustainable public finances in fostering economic growth, stating that Vision 2030 prioritizes maintaining financial sustainability and directing spending toward sectors that directly impact economic development. He revealed that total non-oil revenues reached 472 billion riyals ($126 billion), a milestone attributed to the Kingdom’s diversification efforts.

Economic Diversification Key to Growth
Faisal Al-Ibrahim, Minister of Economy and Planning, detailed the results of the Kingdom’s economic diversification initiatives, noting that non-oil activities grew by 6% over the past three years and now account for 52% of real GDP.
Al-Ibrahim projected growth in non-oil activities to reach 3.9% by the end of this year and 4.8% in 2025, with adjustments to be made as estimates improve. “We have two golden opportunities—infrastructure and human capabilities. The aim is to create more opportunities for economic diversification,” he said.
The 2025 budget, announced on Monday, forecasts revenues of 1.184 trillion riyals, expenditures of 1.285 trillion riyals, and a deficit of 101 billion riyals.