Middle East

Saudi Arabia to use windfall to boost non-oil economy

Saudi Arabia will use this year’s oil windfall to accelerate the non-oil economy as a 2030 Vision target, according to Minister of Economy and Planning, Bloomberg reports.

According to the report, the Saudi government’s main target will be to grow the non-oil economy in 2023 but will not boost fiscal spending, said Faisal Alibrahim, Minister of Economy and Planning.

The Minister’s statement came during an interview at the Davos Economic Forum in Switzerland.

The Kingdom is in discussions with companies from all over the world to get them to move some of their operations to the country, he said.

According to Bloomberg’s surveys of analysts, Saudi Arabia will be the fastest-growing Group of 20 economy this year, after India.

Saudi Vision 2030 is a strategic framework to reduce Saudi Arabia’s dependence on oil, diversify its economy set by King Mohammad bin Salman.

READ: Saudi Crown Prince signals family unity as succession looms

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