Saudi growth far exceeds global average due to long-term planning: Al-Jadaan

Minister of Finance Mohammed Al-Jadaan

Saudi Arabia is one of only three or four countries whose economic growth significantly exceeds the global average, due to long-term planning and a strong focus on sectors with the greatest impact on growth, said Minister of Finance Mohammed Al-Jadaan.

Sustainable growth requires long-term planning and the courage to implement and sustain it as part of institutional, private-sector, and workforce culture, the minister said in an interview with Al-Ekhbariya on the sidelines of the 2026 annual World Economic Forum (WEF) meeting in Davos.

He noted that long-term planning depends on prioritizing sectors with the strongest impact on employment, gross domestic product (GDP), and the balance of payments.

Commenting on the sectors targeted, he said the focus has been on technology, with a strong emphasis on the financial sector—particularly financial technology—as well as tourism.

Al-Jadaan pointed out that Saudi Arabia’s debt level is among the lowest debt-to-GDP ratios within the G20, stressing that this does not imply unlimited borrowing.

He clarified that the Kingdom has a defined debt ceiling and well-established long-term plans.

He added that long-term financial planning takes considerable time, and that focusing solely on debt levels—without considering the broader achievements under Saudi Vision 2030—does not provide a complete picture of the Saudi economy.

He emphasized that debt should not be assessed in isolation without considering how it is used, explaining that Saudi Arabia does not rely on debt for immediate consumer spending, but rather for investments that support future economic growth, such as building roads and infrastructure needed for economic expansion.

Al-Jadaan also affirmed that Saudi Arabia has full capacity to service its debt, noting that credit rating agencies and debt investors focus on three key questions: whether the country has the ability to repay its obligations in the medium and long term; whether its commitments exceed its capacity; and whether it has economic development plans that enable expansion, increased revenues, and repayment.

He explained that positive answers to these questions support strong credit ratings.

The minister added that all credit rating agencies have either revised the Kingdom’s outlook to positive or upgraded its credit rating, while the International Monetary Fund (IMF) has issued very positive assessments regarding the expansion of the economic base and revenue streams.

Al-Jadaan concluded by stating that the journey launched under Saudi Vision 2030 is progressing on the right track, although it has not yet reached its final destination.

He expects continued expansion and job growth, particularly in light of the tripling of the number of small and medium-sized enterprises (SMEs) over recent years.