Saudi Arabia Announces $2 Trillion Economic Strategy to Boost Growth
The Kingdom of Saudi Arabia is preparing to announce an updated economic strategy worth up to $2 trillion over the next five years, as part of its efforts to enhance economic diversification and reduce reliance on oil, led by Crown Prince Mohammed bin Salman, according to Bloomberg.
Saudi Finance Minister Mohammed Al-Jadaan stated in an interview with Bloomberg Television on the sidelines of the AlUla Conference on Emerging Market Economies that the government began discussions this week on how to communicate with the public regarding the new strategy, noting that tourism, industry, logistics, and technology will be among the main pillars of this plan.
However, he has not yet specified the launch date or precise financial details.
This announcement comes as the Kingdom reviews its "Vision2030" strategy aimed at diversifying the economy away from oil, with a greater focus on improving spending efficiency and attracting foreign investments and private capital, according to the minister.
Al-Jadaan added: "We continue to rearrange priorities and review policies to ensure that the private sector can lead the economy, and we have a wide network of funding channels if we need additional financing."
The minister noted that the Saudi economy continues to show clear strength and resilience, with GDP in 2025 recording the fastest growth rate in three years, supported by the recovery of the oil sector, which has become the main driver of growth under the new OPEC+ supply policies.
Data also indicated that artificial intelligence contributed to a 50% increase in the size of financial businesses, indicating a rapid digital transformation within the Kingdom and enhancing the role of technology in the economy.
This new strategy comes at a time when the global economic environment is becoming increasingly complex and fragmented, making the enhancement of local growth and diversification of income sources a top priority for the Kingdom.
