Saudi Arabia's Economic Shift: Diversification and New Sectors under Vision 2030
Saudi Arabia's economy minister, Faisal Al-Ibrahim, spoke at a conference in Riyadh about the significant changes in the Kingdom's economy since the launch of Vision 2030.
The business environment is transforming as new sectors are being created to diversify income sources away from oil.
The minister highlighted the legislative and economic regulations that have been changed to promote sustainable development.
The Kingdom's efforts to diversify its economy have led to the initiation of megaprojects such as NEOM, the Red Sea, and others, which have created new sectors.
Minister Al-Ibrahim emphasized the importance of adapting flexible and sustainable strategies for the global economy.
He supported the role of foreign investments in promoting long-term competitiveness.
The Kingdom of Saudi Arabia is focusing on medium-term development, balancing short-term profits with long-term success.
Since the launch of the vision, the Ministry of Economy and Planning has been conducting studies to diversify the economy, develop objectives for all sectors, and enhance capabilities by learning from emerging economies.