JEDDAH: According to the Kingdom’s finance minister, Saudi Arabia is increasing its efforts to fortify its economy by strengthening private sector alliances and enhancing regulatory procedures. Mohammed Al-Jadaan stated that Saudi Arabia’s Vision 2030 aims to transform and diversify the nation’s economy at a roundtable at the US Chamber of Commerce, which was conducted on April 23 in Washington in conjunction with the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund.
Concerns about global economic projections and the effects on different economies are raised by the growing trade tensions brought on by US President Donald Trump’s tariff decision, which is the backdrop for this year’s World Bank Group and IMF Spring Meetings. As per the Saudi Press Agency, Al-Jadaan “underlined that establishing clear frameworks and effective governance to enhance integration with the private sector, support economic growth, and achieve the objectives of the Vision is one of the Kingdom’s key priorities.”
The Kingdom’s gross fixed capital creation increased by 5.3 percent annually to SR1.18 trillion ($313.68 billion) in 2024 as a result of the Kingdom’s efforts to diversify its economy. The Ministry of Investment claims that a 7.6 percent increase in private sector investments was the main driver of this expansion.
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