Saudi Arabia Hits Midway Mark in Vision 2030 Initiative

KSA, 26 June, 2024 : Saudi Arabia has reached the halfway point in its Vision 2030 initiative, according to Minister of Economy and Planning Faisal Al-Ibrahim. Speaking at the New Champions Dalian 2024, an initiative of the World Economic Forum, Al-Ibrahim highlighted the significant progress made since the vision's launch seven years ago.

Non-oil activities now account for 51% of Saudi Arabia's real GDP, reflecting the country's efforts to diversify its economy. The Kingdom achieved an impressive economic growth rate of 8.7% in 2022, with non-oil activities growing by 5.6%. "Our non-oil economy is now larger than the oil economy," Al-Ibrahim noted.

Al-Ibrahim emphasized the Kingdom's role in energy security and climate action, being a leading producer of clean hydrocarbon energy and a pioneer in renewable energy sources such as green hydrogen, solar, and wind energy.

He also underscored the importance of a comprehensive approach to global economic challenges, advocating for international cooperation, innovation, and integrated solutions to effectively address and mitigate these issues.

Source : www.saudigazette.com.sa