Saudi Arabia’s Minister of Finance, Mohammed Al Jadaan, has announced that the Kingdom has successfully completed 93% of the indicators for its ambitious Vision 2030 plan. The announcement signals a major milestone in the nation’s economic transformation agenda as it prepares to enter a new “maximizing impact” phase in 2026.
A New Phase of Economic Transformation
Speaking at a press conference in Dammam, Al Jadaan highlighted the “historic and unprecedented growth” in Saudi Arabia’s non-oil economic activity in recent years. He noted that early reforms have triggered significant structural shifts, positioning the economy for its next stage of development. The 2026 general budget, he stated, reflects the government’s unwavering commitment to investing in development projects tied directly to the Vision 2030 framework and its various sector strategies.
Al Jadaan also referenced recent remarks by Crown Prince Mohammed bin Salman, reaffirming that citizens remain at the core of all national planning and development efforts.
Strategic Spending to Fuel Growth
The Finance Minister described the country’s projected deficit as a “strategic and targeted” tool designed to support the ongoing transformation. He explained that the deficit is intended to generate returns that will exceed its costs, a strategy that has been validated by credit rating agencies which upgraded the Kingdom’s rating this year despite higher debt levels.
Al Jadaan emphasized that expansionary spending will continue as long as economic returns outperform borrowing costs. This approach has been crucial for sustaining economic activity and providing clarity for investors, particularly amid reduced oil output.
Diversification Drives Non-Oil Economy
A key indicator of success has been the strong growth in non-oil exports, which Al Jadaan called the beginning of a broader industrial expansion. He stated that continued increases in non-oil revenue will further bolster the Kingdom’s overall economic performance. This growth across the wider economy is expected to naturally lift non-oil income, creating a sustainable cycle of diversification.
Prioritizing Citizen Services and Infrastructure
Improving services for citizens remains the highest priority for public spending. The budget continues to allocate the largest shares to the education, health, and social sectors. These investments are coupled with significant projects aimed at strengthening national infrastructure and enhancing public services, ensuring that economic growth translates into improved quality of life. Al Jadaan concluded by highlighting the resilience of the national economy, noting that Saudi Arabia has effectively managed the economic implications of regional and global geopolitical risks.
About Vision 2030
Vision 2030 is a strategic framework developed by the Kingdom of Saudi Arabia to reduce its dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism. Launched in 2016, its key goals include increasing non-oil revenue, boosting foreign investment, and creating private-sector jobs for its citizens.
Source: Fast Company Middle East
