Saudi Arabia’s Minister of Economy and Planning, Faisal Alibrahim, announced plans for approximately $1 trillion in infrastructure investments by 2030 to bolster the non-oil sector’s growth. Speaking at the Public Investment Fund (PIF) Private Sector Forum in Riyadh, Alibrahim emphasised the PIF’s pivotal role in establishing and funding strategic companies, thereby fostering new industries and enhancing government integration.
Alibrahim highlighted that the PIF’s mission extends beyond financial returns, contributing significantly to advancing the knowledge economy and introducing innovative business models. He also underscored the fund’s commitment to developing national talent and human capital.
Regarding Saudi Vision 2030, Alibrahim stressed the importance of diversifying the economy by strengthening non-oil sectors and increasing high-value exports. He described the Kingdom’s economic transformation as a fundamental shift redefining the national economy.
The minister reaffirmed the PIF’s role in fostering public-private partnerships and supporting sustainable growth to ensure the successful realisation of Saudi Vision 2030.
Recent data indicates that Saudi Arabia’s non-oil sectors now account for 52% of the country’s total economic activities, reflecting the Kingdom’s ongoing efforts to diversify its economy.
The International Monetary Fund projects Saudi Arabia’s economy to grow by 3.3% in 2025 and 4.1% in 2026, underscoring the positive outlook for the Kingdom’s economic diversification initiatives.
Alibrahim also noted that the private sector currently contributes 46% to Saudi Arabia’s economy, with a target to increase this share to 65%, highlighting the importance of private sector initiatives in creating opportunities.
