Business · Economy · 6 hrs ago
Saudi Deputy Finance Minister Says Reforms Strengthened Economy
Saudi Deputy Finance Minister Abdulmohsen Alkhalaf said the country’s economy has shown resilience amid current challenges.
He made the remarks at a ministerial session on Vision 2030 during the International Energy Forum in Riyadh.
Vision 2030 is Saudi Arabia’s long-term plan for changing and broadening its economy.
Alkhalaf said non-oil activity now accounts for 55% of the economy, while non-oil government revenue has risen from 166 billion to about 500 billion riyals.
He also said unemployment among Saudi citizens had fallen to a record low of 6%.
Tourism, entertainment, sports, technology, artificial intelligence and data centers are among the growing sectors he cited.
Alkhalaf said the wider revenue base gives the government more room to respond to changing conditions while pursuing national priorities.
Saudi Deputy Finance Minister Abdulmohsen Al Khalaf said reforms under Vision 2030 strengthened the economy and helped it withstand current challenges.
He said non-oil activities now make up 55% of the economy.
Government non-oil revenue has risen from 166 billion riyals to about 500 billion riyals, he said.
Unemployment among Saudis has fallen to a record low of 6%, according to Al Khalaf.
He made the remarks during a ministerial session on Vision 2030 at the International Energy Forum in Riyadh.
- Who
- Saudi Deputy Finance Minister Abdulmohsen Al Khalaf.
- What
- He said Vision 2030 reforms strengthened the economy and helped it face current challenges.
- When
- October 12, 2026. The article was published that day.
- Where
- A ministerial session at the International Energy Forum in Riyadh, Saudi Arabia.
- Why
- Al Khalaf said the reforms strengthened the economy and expanded non-oil activity and revenue.
This story does not have two clearly opposing sides.
These reforms contributed significantly to strengthening the structure of this economy, as well as helping it face current shocks
This is the first time in Saudi Arabia's history that we have reached this level, because this is a historic level in the Saudi economy
We have indeed made a lot of progress since Vision 2030 was introduced. The current environment is the result of this progress
Al Khalaf said the plan had helped deliver substantial progress.
Al Khalaf spoke at a Vision 2030 ministerial session at the International Energy Forum in Riyadh.
- Non-oil share of economy
- 55%
- Government non-oil revenue
- About 500 billion riyals, up from 166 billion riyals
- Unemployment among Saudis
- 6%, a record low
- Forum location
- Riyadh, Saudi Arabia
Sources
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