Riyadh – Sharikat Mubasher: Saudi Arabia’s Finance Minister Mohammed Al-Jadaan announced a series of steps to develop an updated economic diversification strategy, as the Kingdom accelerates efforts to reduce its reliance on oil and strengthen non-oil growth in line with Vision 2030. The announcement came during an interview with Bloomberg on the sidelines of the AlUla Conference for Emerging Market Economies. Al-Jadaan said the government has begun intensive discussions on how to implement the strategy over the next five years, with a focus on improving spending efficiency, attracting private investment, and enhancing Saudi Arabia’s competitiveness amid shifting global economic conditions.

He explained that updating the strategy is driven by the need to mitigate oil price volatility, improve the efficiency of public spending—particularly in large-scale projects—and ensure resources are allocated to generate the highest economic returns. Enabling the private sector and attracting foreign capital were also highlighted as key priorities, given their role in job creation and supporting emerging industries.

While full details of the strategy have yet to be disclosed, Al-Jadaan pointed to tourism, manufacturing, logistics, digital technology, and a broad range of non-oil industries as core growth drivers. These sectors align with Vision 2030’s five strategic pillars: finance, industry and mining, transport and logistics, energy, and tourism.