Saudi Gazette Report

RIYADH — Saudi Minister of Economy and Planning Faisal Al-Ibrahim said that projections for 2026 anticipate 7.7 percent total growth and 3.6 percent growth in non-oil activities.

Speaking at the ninth Future Investment Initiative (FII9) in Riyadh on Wednesday, Al-Ibrahim said Saudi Arabia aims to raise the contribution of non-oil activities to 69 percent as part of its next phase of economic transformation.

He emphasized that the Kingdom's growth strategy focuses on smart, efficient spending rather than cuts in expenditure, adding that “this is about driving quality growth through productivity and innovation.”

Al-Ibrahim noted that non-oil GDP grew around 5 percent this year, with total GDP expected to reach 5.1 percent.

He highlighted that non-oil activities now account for 56 percent of GDP, a significant milestone in the Kingdom’s economic diversification journey.

“Nothing to overcelebrate or to drive us to say the job is over. What we need to do over the next five years before the clock ticks 2030 is much more than what was achieved,” he said.

The minister also pointed to initiatives supporting entrepreneurs and small businesses as key to boosting GDP and improving the quality of growth, while creating high-value job opportunities and attracting global talent to expand local employment.