Saudi Vision 2030 starts to pay off: Minister of Economy 

Faisal Alibrahim, Minister of Economy and Planning

The outcomes of Saudi Vision 2030 began to materialize, with Saudi Arabia capitalizing on significant opportunities across various sectors, said Minister of Economy and Planning Faisal Alibrahim.

In his speech at the World Investment Conference (WIC) in Riyadh, the minister emphasized that these achievements are driven by strong political will and collaboration with the private sector, both domestically and internationally.

The primary factor driving recent growth in the Saudi economy has been the exploitation of new sectors such as mining, tourism, culture, sports, and entertainment. These sectors have contributed to economic growth despite the decline in traditional sectors like oil, Alibrahim added.

He also pointed out that the rapid growth in the tourism sector, in particular, helped sustain a high rate of growth in non-oil GDP over the past 15 quarters.

The minister revealed that Saudi Arabia is currently focusing on qualitative, non-economic growth as part of its progress toward achieving the goals of Vision 2030.

He emphasized that the country has become more competitive and a key platform for those seeking to access new global markets through enhanced communication with the world and its partners in various countries, as well as collaborating with new partners to distribute its products globally.

He also noted that efforts are underway to foster a dynamic private sector and support innovation, which will contribute to growth and the export of more complex services and products worldwide.