At the 2026 World Economic Forum in Davos, Saudi Arabia offered a compelling account of how long-term ambition can be translated into measurable results.
Through a narrative grounded in data and outcomes, Saudi ministers traced the evolution of Vision 2030 from structural reform to disciplined execution, presenting the Kingdom as one of the world’s most attractive investment destinations.
Rising capital-formation rates now place Saudi Arabia alongside major economies such as China and India, underscoring growing international confidence in the strength and future of its economy.
On the margins of the forum, a high-level dialogue at the Saudi House pavilion brought together Princess Reema bint Bandar Al Saud, Saudi ambassador to the United States; Minister of Investment Khalid Al-Falih; Minister of Finance Mohammed Al-Jadaan; Minister of Economy and Planning Faisal Alibrahim; IMF Managing Director Kristalina Georgieva; and Lubna Olayan, Chair of Olayan Financing.
Titled From Reform to Delivery: Implementing Change at Scale, the session examined the next phase of Vision 2030 and how it has enhanced the government’s capacity for evidence-based planning and execution.
Saudi Arabia’s presence at the 2026 forum runs from Jan. 19-23 through an expanded Saudi House program - the largest since its launch - bringing together ministers, senior officials, business leaders and global thinkers.
From vision to policy discipline
Al-Jadaan emphasized that visions and reform agendas cannot be taken for granted. The true test, he said, lies not in designing strategies but in sustaining their execution, an area where many reform efforts around the world lose momentum. Saudi Arabia’s fiscal framework, supported by record foreign reserves at the central bank, has provided the flexibility needed to absorb shocks and maintain reform momentum.
He noted that 93 percent of Vision 2030’s key performance indicators have either been achieved or are progressing as planned. He added that reform has moved beyond individual initiatives to become a permanent institutional practice, supported by a 22 percent rise in financial reserves between 2022 and 2025.
He also stressed that trust and credibility are central to this process. Sustained progress depends on maintaining confidence with markets and stakeholders through pragmatic fiscal discipline and clear prioritization of resources. With fiscal space always finite, sequencing and focus are essential. He pointed to IMF Article IV consultations as a rigorous external validation of Saudi Arabia’s economic direction, noting that ambitions set a decade ago are now reflected in tangible outcomes, with hundreds of indicators either exceeding targets or firmly on track.
Converting strategy into outcomes
Building on this theme, Alibrahim said that turning strategies into results requires clarity of purpose, institutional adaptability and the ability to adjust course quickly. He explained that sustainable transformation cannot be achieved without a conscious approach to managing risk.
According to Alibrahim, Vision 2030’s long-term perspective has strengthened the government’s ability to plan, execute and respond to data, allowing it to change direction when needed while balancing risks and opportunities over both short and long horizons.
Attracting global capital
Al-Falih placed Saudi Arabia’s experience within a broader global context marked by geopolitical uncertainty, strained supply chains and rapid technological change. He noted that capital cannot avoid risk entirely but must find ways to balance it with the need for growth, particularly at a time when the world requires vast investment to navigate major transitions. These include energy digitization and the restructuring of global artificial intelligence supply chains.
He further explained that investors are increasingly drawn to markets that combine scale with access to global opportunities. This, in turn, requires skilled human capital, reliable energy, credible decarbonization pathways, advanced physical and digital infrastructure, and transparent, predictable regulatory systems. He said that few countries offer all these elements together, adding that Saudi Arabia has succeeded in doing so.
Al-Falih continued that foreign direct investment has risen to five times its pre–Vision 2030 level, while domestic investors have also increased their commitments. Capital formation as a share of GDP now matches levels seen in China and India, with visible effects across global supply chains, from shipbuilding on the eastern coast to automotive manufacturing on the western coast, as well as green and blue hydrogen projects developed with international partners.
Energy, markets and new frontiers
Al-Falih noted that the availability of Saudi capital, combined with a partnership-driven approach, has been a decisive factor. The government co-invests alongside the Public Investment Fund, major national companies and the private sector, aligning capital with strategic priorities.
While petrochemicals, fertilizers and mining remain important, the scope of transformation has broadened significantly. Saudi capital markets have become more integrated, the exchange-traded fund ecosystem has expanded, and inclusion in major global indices has lowered barriers for international investors.
At the same time, he said that the Kingdom is moving beyond its traditional role as an oil and gas supplier. It is investing in hydrogen, accelerating renewable energy localization and developing cross-border electricity interconnections with Africa, the Gulf, Iraq and Egypt. Investments in critical minerals and global supply chains now extend to joint ventures in the United States and Asia, supporting demand in a low-carbon economy. Saudi Arabia, Al-Falih concluded, also aims to position itself as a hub for the new economy, including data and artificial intelligence.
Georgieva: A transformation that inspires
Georgieva described Saudi Arabia’s reform journey as a “generational transformation” that spans sectors and places the Kingdom in a position of global leadership. Reforms that reduced the state’s direct role while enabling the private sector to flourish, she said, now underpin the country’s economic resilience.
She highlighted the breadth of diversification — from finance and tourism to sports and fashion — as particularly striking, adding that Saudi Arabia has also emerged as a partner and sponsor of reform beyond its borders, with the IMF office in Riyadh helping to share the Saudi experience with other countries. Concluding her remarks, she urged Saudi leaders and officials to maintain momentum and continue supporting others on similar paths.
Princess Reema, for her part, emphasized that human capital remains the engine of long-term growth. She said that investment in youth, job creation and a supportive social environment, encouraged many young Saudis to build their futures at home.
Lubna Olayan observed that the business landscape has undergone a notable shift. Where large corporations once dominated, small and medium-sized enterprises are now playing a growing role, supported by banks and new financing channels. She noted that economic diversification has opened private-sector opportunities, particularly in tourism, a labor-intensive service industry.
Powell: A model with global relevance
In a separate Saudi House session, Dina Powell McCormick, Vice Chair of Meta’s board, said her 25-year relationship with Saudi Arabia has given her a firsthand view of “extraordinary progress” under Vision 2030.
Recalling discussions in Washington in 2017 during her tenure as US deputy national security advisor under President Donald Trump, she described a long-term roadmap centered on unlocking the potential of a population that is more than 65 percent under the age of 35 and on the expanding role of women as entrepreneurs and leaders.
On technology, Powell said the world is approaching a pivotal moment that could reshape humanity within just three to eight years, making Saudi Arabia’s execution-focused transformation a model of growing relevance well beyond the region.
