Saudi Gazette report
BERLIN — Saudi Minister of Economy and Planning Faisal Alibrahim said the Kingdom continues to evaluate its economic interests and make decisions that serve its long-term capabilities while maintaining balanced strategic partnerships.
Speaking at the Berlin Global Dialogue on Friday, Alibrahim emphasized that the United States remains Saudi Arabia’s oldest trading partner — a relationship spanning nearly nine decades — while China has become its largest trading partner today.
He noted that Saudi Arabia’s direct and indirect dependence on oil has fallen from more than 90 percent to 68 percent, with non-oil activities now accounting for 56 percent of the Kingdom’s real GDP.
“Saudi Arabia is still at the beginning of its transformation, but the figures point to a more resilient and sustainable economy driven by productivity, not spending,” Alibrahim said.
The minister’s remarks came as Saudi Arabia raised its 2026 economic growth forecast to 4.6 percent, up from 3.5 percent in previous estimates, largely supported by the expansion of non-oil sectors, according to the Ministry of Finance’s preliminary budget statement earlier this month.
Alibrahim said the world is undergoing a prolonged transition toward multipolarity, a phase marked by volatility but also rich in opportunity.
“The strength of nations does not stem only from their resources, but from their ability to invest those capabilities, build effective institutions, and direct public policy efficiently,” he said.
“Serious engagement with international partners is vital to shaping a more stable global system.”
On the role of the state in the economy, Alibrahim stressed that government involvement should not mean absence or dominance but rather a “measured intervention” to remove risks facing the private sector.
He added that such intervention must serve as a balancing tool, not a substitute for competitiveness or market dynamism.
“The issue is not a lack of capital globally,” he said, “but weak institutional coordination. The so-called ‘financing gap’ is overstated — the challenge lies in the efficient use of funds, not their availability.”
Responding to a question on the impact of U.S. sanctions on Russian oil exports, Alibrahim said Saudi Arabia remains focused on “long-term market stability and ensuring global demand is met,” noting that the Kingdom is currently working to phase out some of its voluntary production cuts as part of efforts to achieve a sustainable balance.
He emphasized that Saudi Arabia’s transformation is not about seizing short-term opportunities but represents an institutional process launched over eight years ago, built on policy evaluation and openness to diverse perspectives.
Looking ahead, Alibrahim expressed hope for a more predictable world order.
“I hope that uncertainty will subside and that we return to a rules-based global system even if the rules change slightly. What matters is that dialogue leads to tangible outcomes, not just statements,” he said.
