Saudi Arabia has successfully reshaped its economic base in recent years, transitioning from a model primarily reliant on oil to a more diverse and sustainable economy, driven by the Vision 2030 programs launched by Crown Prince Mohammed bin Salman.
Saudi Arabia continues its transformative path under Vision 2030, entering a new phase focused on sustainable growth and consolidating achievements, following years of economic and structural reforms that reshaped the national economy.
The 2025 annual report shows that the Kingdom has successfully established a more diverse and resilient economic model, supported by the increasing contribution of non-oil sectors and the expansion of the production and investment base.
This Vision, which included the implementation of over 1,000 legislative reforms, has contributed to improving the business environment, enhancing Saudi Arabia's attractiveness, and building effective and growing economic sectors.
This has positioned the Kingdom among the fastest-growing economies globally, strengthening its ability to face global economic fluctuations.
Furthermore, Vision 2030 has successfully outlined clear strategic objectives to activate Saudi Arabia's economic strengths through the development of key sectors including aviation, tourism, logistics, industry, and mining, among others. This is supported by massive investments and major projects that have reshaped the economy's structure
Non-oil activities have served to bolster the Saudi economy as the “main engine of growth,” which has contributed to enhancing its competitiveness and placing it at the forefront of active economies regionally and globally.
This momentum is based on the expansion of diverse and promising sectors, including tourism and entertainment, as well as industry, transport, and logistics, among others. This has boosted their contribution to the output, after non-oil activities recorded a historic level of 2.6 trillion riyals ($693 billion) in 2024, growing by 6 percent.
Economic Structure Transformation
Hamza Dweik, Head of Trading for the Middle East and North Africa at Saxo Bank, affirms that the results of Vision 2030 have clearly demonstrated “the transformation of the Kingdom's economic structure away from total reliance on oil.”
He pointed to the remarkable expansion in non-oil sectors and the increase in non-oil government revenues, which contributed to reducing the economy's sensitivity to oil price fluctuations.
In remarks to Asharq Al-Awsat, he clarified that institutional and regulatory reforms, including developing the business environment, financial markets, enhancing workforce participation, and attracting foreign investment, have contributed to increasing the inflow of local and international capital, which is a fundamental element in achieving economic diversification. He added that these transformations have altered the investment outlook for Saudi Arabia, which is now seen as a multi-sector economy, supported by the depth of its financial markets and the increase in initial public offerings.
Dweik pointed out that the diversification process is still ongoing, noting that oil will remain an important factor in financing development. He expects the next phase to focus on enhancing productivity and efficiency, ensuring the sustainability of emerging sectors without reliance on government support, emphasizing that the quality of this diversification will be the true measure of future success.
Accelerated Growth of Non-Oil Sectors
Firas Al-Bayrouti, Regional Director for Milestone Systems in Saudi Arabia, states that the features of the new economy are evident in “the accelerated growth of non-oil sectors, increased investments, and continuous development of modern infrastructure.”
He noted that these factors reflect “strategic planning aimed at building a more diverse and resilient economy.”
He added that Vision 2030 has opened wide horizons for vital sectors such as tourism, technology, logistics, and entertainment, in addition to fostering an environment of investment and innovation, with the growing role of the private sector as a key driver of long-term economic growth.
Al-Bayrouti confirmed to Asharq Al-Awsat that data-backed smart technologies will play a pivotal role in the next phase, both in supporting infrastructure and enhancing security and operational efficiency. He pointed out that technology has become an essential part of building more efficient and secure cities and institutions.
Major Projects
Asrar Khazi, Regional Director for Euro Systems in Saudi Arabia, believes that the economic transformation is also embodied in “a comprehensive reformulation of the urban environment.”
He noted that the major projects in the Kingdom have surpassed traditional frameworks, pushing the boundaries of design, engineering, and sustainability to unprecedented levels.
He explained that these projects represent integrated economic systems that contribute to attracting investments and stimulating new sectors, thereby fostering sustainable growth.
Additionally, they form a modern architectural identity that blends advanced technologies with cultural dimensions, citing projects like Diriyah as an example.
Khazi indicated that this trend boosts demand for advanced engineering solutions and contributes to developing local capabilities and supply chains, which creates long-term economic value and strengthens the urban sector's role as a driver of economic diversification.
