Saudi Arabia strengthening economic transformation plan, finance minister says

RIYADH: Saudi Arabia is strengthening its commitment to a plan designed to wean the economy off oil, its finance minister said on Wednesday, during a business event at which deals were signed to support the country’s economic transformation.

Mohammed Al Jadaan was addressing the second day of the Future Investment Initiative (FII) conference in Riyadh, which is hosting top global business, technology and financial leaders. “Overall, I think we are very, very excited and happy with what we have achieved in the Saudi ‘Vision 2030’, but we are not complacent. We are doubling down, making sure that we do the right thing,” the finance minister said.

Crown Prince Mohammed bin Salman is overseeing Saudi Arabia’s ambitious economic overhaul, known as “Vision 2030”, which aims to boost non-oil growth, expand the private sector, and create jobs and new industries.

The plan, driven by the $925 billion PIF sovereign wealth fund, involves massive infrastructure projects, including building entirely new urban and industrial areas, such as a futuristic desert city called NEOM.