Saudi Arabia will prioritise economic diversification and human capital development to ensure progress, said Minister of Economy and Planning, Faisal bin Fadel Al Ibrahim.
The comments came during a dialogue session at the World Economic Forum’s Annual Meeting of the New Champions (AMNC24) in Dalian, China.
During the “What do we expect from future growth?” session, the minister discussed the rapid growth of non-oil activities since implementing the Kingdom’s Vision 2030.
Saudi economy boost
The Saudi minister said: “The Kingdom achieved an economic growth rate of 8.7 per cent in 2022, with non-oil activities contributing 5.6 per cent. Non-oil activities account for 51 per cent of the real gross domestic product, surpassing the oil economy.
“The Kingdom has reached the halfway point in its journey towards Vision 2030 and will continue to prioritise economic diversification and human capital development.”
Furthermore, he highlighted the Kingdom’s role in energy security and climate action, stating that it is a major producer of clean hydrocarbon energy and has made significant strides in renewable energy, including green hydrogen, solar, and wind energy.
In conclusion, the minister emphasised the need for a comprehensive and integrated approach to address global economic challenges and stressed the importance of international cooperation, innovation, and comprehensive solutions to tackle these challenges and reduce their severity effectively.
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