Saudi Gazette report

RIYADH — Minister of Economy and Planning Faisal Al-Ibrahim said that Saudi Arabia’s non-oil economy has achieved cumulative growth exceeding 30 percent since 2016, outperforming advanced economies that grew by less than 20 percent during the same period.

In his address at the first session of the Budget Forum 2026, organized by the Ministry of Finance in Riyadh on Wednesday, Al-Ibrahim highlighted the success of Saudi Vision 2030, citing economic indicators from the past five years. He reported that 74 economic activities recorded annual growth exceeding 5 percent, with 37 activities growing by more than 10 percent in the non-oil sector. “Efforts to diversify the economy have reduced dependence on oil from 90 percent to 68 percent, allowing non-oil activities to reach 56 percent of last year's real GDP,” he said.

Al-Ibrahim also noted rising international investment demand for promising infrastructure projects. The investment needs over the next seven to ten years are estimated at SR3.5 to 4 trillion, presenting significant opportunities for private sector involvement.

Minister of Finance Mohammed Al-Jadaan also spoke at the first session, which focused on sustainable development. Al-Jadaan emphasized that since the launch of Vision 2030, significant progress has been made in financial policies and expenditure prioritization.

He clarified that efficiency does not mean reduced expenditure and noted that Saudi employees have adopted a culture of financial efficiency. “Since 2016, the number of micro, small, and medium-sized enterprises has increased by 294 percent, totaling 1.7 million establishments owned by Saudis, positively impacting citizen employment,” the minister added.