Saudi Arabia rolls out reforms to energize private sector: Minister

Minister of Economy and Planning Faisal Alibrahim

Minister of Economy and Planning Faisal Alibrahim said Saudi Arabia is introducing several reforms to make the private sector more dynamic and better connected to global markets.

Speaking at the ninth Future Investment Initiative (FII9), he said non-oil activities now account for 56% of the Saudi economy, surpassing both oil and government sectors combined.

He added that the Kingdom seeks to further raise this share by increasing the private sector’s contribution to gross domestic product (GDP), especially from areas not directly dependent on government spending.

Alibrahim said future growth will rely not only on spending but on smarter, more targeted expenditure that prioritizes sound policies and structural reforms.