Bloomberg reported that the Kingdom of Saudi Arabia is preparing to announce an updated strategy for the massive economic diversification program led by Crown Prince Mohammed bin Salman, whose value is estimated at about two trillion dollars.
In an interview with Bloomberg TV on the sidelines of the Al-Ula Conference for Emerging Market Economies, Finance Minister Mohammed Al-Jadaan stated that the government began discussions this week on how to communicate the details of the strategy for the next five years to the public.
Al-Jadaan indicated that tourism, industry, logistics and technology will be among the basic pillars of the new strategy, without going into additional details or specifying a date for its launch.
The Kingdom continues to develop the “Vision 2030” strategy, which aims to diversify the sources of the economy away from dependence on oil, in conjunction with its efforts to reduce the budget deficit. The government is increasingly focusing on improving spending efficiency after years of expansion.
Attracting more private capital and foreign investment has become a top priority at the current stage.
Al-Jadaan said: “We continue to rearrange priorities and review our policies, making sure that they are continuously improved, enabling the private sector to lead the economy.”
The minister added, on the sidelines of the conference organized by the Saudi Ministry of Finance in cooperation with the International Monetary Fund, that the government is working to provide an appropriate environment that enables the private sector to play its essential role in economic growth.
Al-Jadaan said: “We have a wide network of financing channels that we can resort to if we need financing beyond what is planned.”
The Minister of Finance stressed the strength of the Saudi economy, pointing out that the gross domestic product achieved the fastest growth rate in three years in 2025, supported by the recovery of the oil sector, which has returned to be a stronger engine of growth in light of the new supply policies of the OPEC+ alliance.
