Saudi Arabia Diversifies Revenue Successfully, Al-Jadaan Confirms

Saudi Arabia Finance Minister Mohammed Al-Jadaan. (Reuters/File Photo)

Saudi Finance Minister Mohammed Al-Jadaan and Qatari counterpart Ali Al-Kuwari stressed that Gulf countries are working hard to diversify their economies away from solely relying on oil and gas revenue.
They made these remarks during a panel discussion at the Qatar Economic Forum.
Al-Jadaan highlighted the need for readiness in the face of economic challenges, emphasizing the risks of depending solely on oil and gas income.
Gulf nations are moving towards building diverse and sustainable economies, focusing on empowering the private sector and nurturing tech-savvy youth to lead future businesses.
Al-Jadaan highlighted Saudi Arabia’s successful policies ensuring economic stability and diversifying income beyond oil and gas.
Despite the challenges of the coronavirus pandemic, the initiatives of Saudi Arabia’s national transformation plan “Vision 2030” have boosted Saudi GDP by 15%, with unemployment rates dropping.
Al-Jadaan emphasized the need to support private sector growth to meet Vision 2030 targets and create jobs.
He mentioned that oil revenues exceeded the 2023 budget expectations, despite oil prices dropping by around 20% and production decreasing by 17%.
Non-oil revenues, however, increased by 37%.
Regarding Gulf currencies pegged to the dollar, Al-Jadaan stated that despite drawbacks, like interest rate concerns, there are benefits such as investors facing no risks and Gulf countries gaining more influence when importing from outside the US.