News: Saudi Arabia is halfway towards accomplishing its Vision 2030
Media Article (Kanebridge News ME) -- Saudi Arabia's Minister of Economy and Planning, Faisal Al-Ibrahim, announced that the Country has reached the halfway point in its journey towards Vision 2030 and will continue advancing the initiatives started seven years ago.
Vision 2030
Courtesy of Kanebridge News ME
"The growth of non-oil activities remains strong, as non-oil activity constitutes 51 percent of the real gross domestic product," the minister said while attending a dialogue session titled "What do we expect from future growth," in the Chinese city of Dalian. The session was held within the annual meeting of the New Champions Dalian 2024, an initiative of the World Economic Forum.
In his speech, Al-Ibrahim highlighted the rapid expansion of non-oil sectors in the Kingdom since the Vision 2030 launch. "The Kingdom has achieved the fastest economic growth rate for the year 2022 at 8.7 percent, and non-oil activities achieved 5.6 percent. Even today, the growth of non-oil activities remains strong, as non-oil activity constitutes 51 percent of the real gross domestic product (GDP), and the Kingdom's non-oil economy is larger than its oil economy."
Speaking on the success of Vision 2030, the minister remarked: "We have now passed halfway in the journey to achieve the Vision, during which many achievements have been made and we have priorities that are accelerating the pace of economic diversification and enhancing the outcomes of human capital development. So, we now stand on the threshold of a new economic era that will witness exciting transformations over the coming decades."
Al-Ibrahim emphasized Saudi Arabia's crucial role in energy security and climate action, being a leading producer of the cleanest hydrocarbon energy. The Kingdom is also at the forefront of renewable energy, including green hydrogen, solar energy, wind energy, and other sources.
The minister underscored the importance of developing a comprehensive and integrated approach to address global economic challenges. He noted that through international cooperation, innovation, and inclusive solutions, the international community can effectively tackle these challenges and mitigate their impact.
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