Saudi Arabia ‘more than halfway’ done with Vision 2030 goals: Investment minister

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Saudi Arabia is “more than halfway” done in implementing its Vision 2030 goals, the Kingdom’s Minister of Investment Khalid al-Falih told the UK-Saudi Sustainable Infrastructure Forum.

“We are more than halfway through the implementation of Vision 2030 and I am glad to report that we are ahead of schedule on all aspects of implementation,” he said.

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The country’s economic reform plan – put forth by Crown Prince Mohammed bin Salman – aims to transform Saudi Arabia by reducing its dependence on oil and diversifying its economy.

“We now stand on the threshold of a new economic era that will witness exciting transformations over the coming decades,” the minister said, adding that the Kingdom will continue delivering what it set out to do seven years ago.

Vision 2030 has significantly impacted the Saudi economy and has been used as a pathway to build a sustainable future that goes beyond oil and gas, al-Falih told the forum.

He said: “The Kingdom achieved the fastest economic growth rate for the year 2022 at 8.7 percent, and non-oil activities achieved 5.6 percent, and even today, the growth of non-oil activities remains strong, as non-oil activity constitutes 51 percent of the gross domestic product, and the Kingdom’s non-oil economy is larger than its oil economy.”

From 2005 to 2010 the Kingdom’s oil sector dominated the economy, making up 45 percent of GDP, 80 percent of revenue, and 75 percent of exports, according to data from Century Financial, an investment service company based in Dubai.

However, from 2017 to 2022, diversification efforts pushed forward by Vision 2030 reduced these figures to 30 percent, 57 percent, and 60 percent, respectively.

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