Saudi finance minister asserts Vision 2030’s role in global resilience at Riyadh WEF

Saudi Arabia’s Finance Minister, Mohammed al-Jadaan, emphasized the substantial role of Vision 2030 in shaping the Kingdom’s economic plans during his participation in the open forum at the special session of the World Economic Forum held in Riyadh on Sunday. He stressed that the vision remains focused on diversifying the economy away from oil and prioritizes qualitative rather than quantitative growth.

Al-Jadaan stated, “Vision 2030 focuses on qualitative growth, not quantitative. If we wanted, we could produce 10 million barrels of oil a day instead of 9.5 million and achieve much larger growth in GDP.” This approach underscores the strategic shift towards enhancing the overall quality of economic expansion without simply increasing output volumes.

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Al-Jadaan also announced that the Kingdom will be adjusting its Vision 2030 plan to better suit evolving needs, which will involve scaling back some projects while accelerating others - highlighting the importance of ensuring the quality of economic growth and acknowledging the need for flexibility to address ongoing challenges.

He further pointed out that the private sector is foundational to Vision 2030, with the government’s role being primarily legislative and regulatory. This framework has helped in sculpting economic strategies that align with Saudi Arabia’s long-term development goals.

Addressing the global economic atmosphere, al-Jadaan highlighted the necessity of formulating policies to counteract the restrictions imposed on trade and technology. He remarked on the various shocks the world has experienced and the imperative for countries to reassess their strategies to effectively manage such disruptions.

Global Economy

The Minister also touched upon the high costs the global economy pays for international divisions, noting the significant disparity in economic performance across countries. He emphasized the importance of adapting and modifying economic plans to keep pace with evolving global challenges.

The Minister pointed out the necessity of developing policies to combat trade and technology restrictions. “The world has faced numerous shocks, and nations must reassess their plans to cope with these challenges,” al-Jadaan explained. He stressed the significant economic cost globally due to divisions between countries and the stark disparities in economic performance among nations.

Al-Jadaan also underscored the importance of human capital development. “We must develop human capital and establish policies to counter the restrictions imposed on trade and technology,” he stated, signaling the need for strategic adjustments in response to global technological and economic shifts.

WEF in Riyadh

During the Riyadh-hosted open forum, discussions aimed to foster dialogue among thought leaders on several topics, including environmental challenges, the role of arts in society, entrepreneurship, artificial intelligence, digital currencies, digital cities, and mental health. The forum provided an ideal opportunity for students, entrepreneurs, and young professionals to discuss and explore these critical issues.

The special meeting saw participation from over 1,000 attendees, including more than 20 heads of state and prime ministers from around the world, along with key global stakeholders. The event focused on enhancing cooperation in crucial areas of development and helping bridge the growing gap between advanced and emerging markets.

Through these discussions and the strategic direction outlined by Vision 2030, Saudi Arabia continues to advance its agenda of economic diversification and sustainable development, aiming to position itself as a leader in adapting to global economic trends and challenges.

Vision 2030

As Saudi Arabia moves past the midpoint of its ambitious Vision 2030 journey, first and second-level performance indicators show significant progress toward the 2030 targets, with some metrics even surpassing their goals.

Since the launch of Vision 2030 on April 25, 2016, under the directive of King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, Saudi Arabia has undergone an unprecedented historic transformation. This transformation is characterized by remarkable growth that supports the vision’s goal of creating a prosperous and promising future through economic growth and improved quality of life.

As per the 2023 annual report for Saudi Vision 2030, published last week, an impressive 87 percent of the 1,064 initiatives planned for 2023 were completed or on track. Key performance indicators for 2023 include 243 metrics, with 81 percent achieving their third-level targets and 105 indicators surpassing their future targets for 2024/2025.

The initiatives under Vision 2030 have expanded into various sectors, demonstrating Saudi Arabia’s commitment to diversifying and sustaining its economy beyond oil and gas. The vision has catalyzed the potential of all economic sectors, enhancing the nation’s wealth and utilizing its natural resources alongside developing and empowering human capital.

International Monetary Fund Director Kristalina Georgieva believes that the success of “Vision 2030” in Saudi Arabia is a clear example of countries’ ability to transform.

Georgieva added, during a session of the World Economic Forum entitled: “A New Vision for Global Development,” held in Riyadh, today, Sunday, that the fruits of economic growth must be distributed to all countries, as there is a huge discrepancy in economic performance between countries.

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