Saudi Arabia adopts strategies to bring structural economic shift: Minister

Saudi Arabia has witnessed remarkable development since launching Vision 2030, as there have been fundamental changes in the legislative and economic regulations to promote sustainable development, Minister of Economy and Planning Faisal Al-Ibrahim said.

Speaking at the “Industrial Policies to Promote Economic Diversification” conference today, April 24, in Riyadh, he explained that the economy was previously too dependent on oil, which alone cannot achieve sustainable development over time.

The business environment has been transformed, new sectors have been created, and mega projects have been launched, such as NEOM, the Red Sea, and others, which confirms the Kingdom's commitment to diversifying the new economy.

The conference was launched by the International Monetary Fund (IMF) in cooperation with the Saudi government.

Saudi Arabia developed and enhanced flexibility and sustainability in financial policies by enabling the private and other sectors to identify challenges and restrictions to boost economic policies in diverse fields, including accelerating business growth through non-traditional goods in several sectors, modernizing infrastructure, and fostering coordination with different economies.

He expressed the Kingdom’s openness to investment strategies that enhance a resilient and sustainable economy.