Riyadh: The 2025 Budget Forum, organized by the Ministry of Finance, commenced today at the Al Faisaliah Hotel in Riyadh. The event brought together senior officials, including Minister of Finance Mohammed Al-Jadaan and Minister of Economy and Planning Faisal Alibrahim, who participated in a session titled “Fiscal Policy to Enhance Sustainable Economic Growth.”

According to Saudi Press Agency, in his opening remarks, Minister of Finance Mohammed Al-Jadaan emphasized that sustainable fiscal policies have enabled the Kingdom to deliver high-quality services while managing energy price fluctuations. He noted that public finance has been strategically allocated to sectors directly impacting economic development and diversification. Al-Jadaan stated that diversifying the economy through stable public finance is a cornerstone of Vision 2030, highlighting the transition away from dependence on fluctuating oil revenues by focusing on long-term financial policies. This includes balancing government spending with tax
burdens to support economic stability.

Additionally, Al-Jadaan highlighted that structural reforms under Vision 2030 have significantly boosted the economy, with non-oil revenues reaching SAR 472 billion, demonstrating the Kingdom’s growing economic diversity. He also mentioned that the Kingdom now leverages debt instruments to ensure continuous and sustainable financial coverage for both government and private sector needs.

Minister of Economy and Planning Faisal Alibrahim underscored the significance of empowering citizens and reducing reliance on oil, two key objectives of Vision 2030. He noted that the Kingdom’s non-oil activities have grown by an estimated 6% over the past three years, now contributing 52% of real GDP. Alibrahim projected that non-oil activities would grow by 3.9% this year and 4.8% next year, reflecting the increasing dynamism of the private sector and productivity growth.

Furthermore, Alibrahim highlighted advancements in sectors like healthcare, where the Kingdom has achieved globa
l competitiveness through innovations such as robot-assisted heart transplants. He concluded by emphasizing the ‘golden opportunity’ presented by Saudi Arabia’s youthful population, stressing the importance of investing in human capabilities as a priority under Vision 2030. He credited the Kingdom’s institutional maturity for enhancing its presence on the global stage.