The World Economic Forum in Davos hosted a session titled “Economic Transformations in Saudi Arabia,” focusing on the Kingdom’s remarkable economic progress. IMF Managing Director Kristalina Georgieva praised Saudi Arabia for establishing a “favorable environment for growth” while maintaining fiscal discipline.
The session featured key Saudi officials, including Finance Minister Mohammed Al-Jadaan, Minister of Economy and Planning Faisal Al-Ibrahim, Minister of Communications and Information Technology Abdullah Alswaha, and BlackRock CEO Larry Fink.
Georgieva commended the Kingdom’s readiness to make tough decisions, underpinned by its solid economic foundations.
Finance Minister Mohammed Al-Jadaan highlighted the nation’s collective commitment to Vision 2030.
“The entire country—from citizens to businesses and government—is united behind this clear and transparent vision,” he stated.
He further underscored the leadership’s determination to make bold, long-term decisions to achieve the vision’s objectives, saying: “I believe this approach will succeed in Saudi Arabia and could succeed anywhere if similar conditions are met.”
Al-Jadaan explained that Vision 2030 is designed to increase economic resilience and reduce dependency on oil price fluctuations.
He noted: “The shift is happening at an extraordinary pace.”
Addressing Saudi-US relations, Al-Jadaan said: “For over eight decades, Saudi Arabia has forged highly strategic economic and trade ties with the United States, regardless of political changes in Washington. This partnership benefits both sides, and as long as it remains mutually advantageous, it will continue to thrive.”
Minister of Economy and Planning Faisal Al-Ibrahim emphasized Saudi Arabia’s role as a global model for transformation and a key engine of growth. He pointed out that the Kingdom has successfully diversified its economy, with non-oil activities now making up 52% of real GDP—a milestone reflecting significant progress.
Al-Ibrahim projected strong growth for the non-oil sector: 3.9% in 2025, 4.8% in 2026, and 6.2% in 2027. He described Saudi Arabia’s economic strategy as a blueprint for other nations, grounded in institutional reform, investment in human capital, and decisive policymaking.
For his part, Minister of Communications and Information Technology Abdullah Alswaha addressed the global demand for computing power—estimated at 63 gigawatts—to support artificial intelligence (AI) applications. He stressed this is equivalent to the energy needs of countries like India or the US over five years.
The minister also highlighted Saudi Arabia’s leadership in renewable energy to meet this demand.
“We’ve built the world’s largest green hydrogen plant in NEOM, with a capacity of 4 gigawatts, in partnership with Air Products and ACWA Power. This positions Saudi Arabia as a global energy hub, fueling the digital and AI-driven economies,” he stated.
On women’s empowerment, Alswaha pointed to a transformative rise in female workforce participation, jumping from 7% to 35%. He described this progress as “the boldest and most successful story of women’s empowerment in the 21st century.”
BlackRock CEO Larry Fink also praised the region’s entrepreneurial growth, noting: “There are many reasons to be optimistic. Humanity is progressing, and overall conditions are improving.”
He highly valued the substantial investment potential in Saudi Arabia and the wider region.
“This is a region of tremendous growth. As conditions continue to improve, tourism will rise, and new opportunities will flourish,” Fink concluded.
