Post by : Mariam
Al-Faris
Saudi Arabia’s Minister of Investment, Khalid Al-Falih, confirmed that Vision 2030 has transformed from a dream into reality, as the Kingdom continues to achieve remarkable economic diversification and growth. Speaking during the ninth edition of the Future Investment Initiative (FII9) Conference, Al-Falih revealed that foreign direct investment (FDI) in Saudi Arabia has more than quadrupled, far exceeding original targets.
He emphasized that this significant progress reflects the nation’s success in moving beyond its traditional oil-based economy. The FII9 Conference, known as one of the world’s leading economic forums, served as a key platform for Saudi Arabia to showcase its economic transformation under Vision 2030.
During a session titled “Leaders of Public-Private Alliances,” Al-Falih shared details of the Kingdom’s evolving economic structure. He stated that around 40 percent of Saudi Arabia’s budget and expenditure now come from non-oil revenues. Even more notably, 90 percent of all foreign direct investment entering the country is in non-oil sectors.
This shift demonstrates Saudi Arabia’s steady progress toward a sustainable and diversified economy. Al-Falih pointed out that the non-oil economy has grown by 5 percent, a figure that underscores the strength of ongoing reforms and new opportunities emerging in areas such as manufacturing, technology, tourism, and entrepreneurship.
The Investment Minister highlighted the impressive expansion of several high-potential industries. He mentioned significant advancements in advanced manufacturing, deep technologies, venture capital, and artificial intelligence. These sectors, he noted, represent the future of Saudi Arabia’s economy and its growing influence in the global innovation landscape.
Al-Falih also spoke about the acceleration of digital transformation in both the public and private sectors. He underlined that national projects related to infrastructure, logistics, and renewable energy are progressing rapidly, with some now approaching completion and opening phases.
According to Al-Falih, the Kingdom’s vast financial reserves, stable governance, and strategic planning have allowed it to remain resilient in the face of global challenges. Despite the COVID-19 pandemic, oil price volatility, and regional tensions, Saudi Arabia has maintained strong economic momentum.
He explained that these strengths have not only shielded the economy but have also positioned the country as a preferred global destination for investors. “The Kingdom continues to prove its ability to adapt, evolve, and lead,” he remarked.
Al-Falih stressed the importance of fostering robust partnerships between the public and private sectors, both domestically and internationally. He reaffirmed Saudi Arabia’s commitment to reducing trade barriers and encouraging long-term collaborations with foreign investors.
The minister noted that such partnerships are vital to achieving Vision 2030’s targets in a shorter timeframe, as they combine innovation, flexibility, and efficiency. He called on the private sector to play an active role in driving sustainable development and economic resilience.
Other participants in the dialogue echoed Al-Falih’s optimism, emphasizing the potential of energy-related industries to drive future growth and innovation. They noted that public-private cooperation is essential to tackling emerging global challenges and accelerating progress.
Speakers also pointed out that governments worldwide should establish clear frameworks to enable smooth coordination between public and private sectors. This, they said, would help unlock more cross-border investment opportunities and strengthen international collaboration.
Al-Falih concluded by reaffirming Saudi Arabia’s commitment to global partnership and innovation-led growth. He emphasized that the country’s ambitious reforms are not only transforming its economy but also contributing to shaping a more sustainable and balanced global market.
English
