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