Saudi Arabia wants to ‘detach’ from oil reliance: Minister

Saudi Arabia wants to “detach” from oil reliance, says Faisal Al-Ibrahim, Saudi Arabia’s Economy Minister, at Davos.

Transcript

00:00With Vision 2030, which is the Kingdom's long-term restructuring plan,

00:05this is not a short-term campaign or program, this is very long-term.

00:10And for us to unlock the full potential of Saudi's economy and society,

00:16for us to detach ourselves from having to rely on oil inflows

00:20while still maintaining leadership in the energy markets, which will continue,

00:24both clean hydrocarbon, but also renewable and energy transition solutions, etc.,

00:30and also to unlock the full potential of human capital in the Kingdom,

00:34we're becoming more integrated in the global economy.

00:36Today, non-oil activities represent 52% of our total real GDP for the first time.

00:41We started off before Vision 2030 at 47%.

00:44Our non-oil growth is projected to be 3.9% this year.

00:50In the budget statement we said 3.7%, we expect it will be 3.9%.

00:54For 2025, 4.8%, and for 2026, 6.2%.