Economy
From The Report: Saudi Arabia 2025
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Saudi Arabia is entering a new phase of its Vision 2030 agenda, with greater emphasis on consolidating and maximising the impact of economic reforms introduced over the past decade. Since the launch of Vision 2030, the Kingdom has pursued an ambitious agenda aimed at diversifying away from hydrocarbons, expanding private sector activity across the economy and positioning the Kingdom as a globally competitive investment destination. The transformation is being driven by a coordinated institutional framework led by the Council for Economic Development Affairs, with implementation undertaken by the Saudi Central Bank and the Public Investment Fund. Together, these entities have enabled policy rollout, mobilised capital and implemented far-reaching regulatory reform across key areas of the economy. Continued progress on economic diversification, privatisation and international investment targets is expected to drive foreign capital inflows, while sovereign ratings upgrades and affirmations will reinforce international confidence in the Kingdom’s policy direction.

This chapter contains interviews with Stephen Groff, Governor, National Development Fund and Mohamed El Samman, CEO, Rajhi Invest.

Articles from this Chapter

Overview

Institutional reform: Private sector expansion shapes next phase of Vision 2030, with non-oil growth gathering momentum amid policy consolidation
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Saudi Arabia is entering a new phase of its Vision 2030 agenda, with greater emphasis on consolidating and maximising the impact of economic reforms introduced over the past decade. Since the launch of Vision 2030 in 2016, the Kingdom has pursued an ambitious agenda aimed at diversifying away from hydrocarbons, expanding private sector activity across the economy and positioning the Kingdom as a globally competitive investment destination. The transformation is being driven by a coordinated institutional framework led by the Council for Economic Development Affairs, with implementation spanning key government entities – the Saudi Central Bank…

Analysis

Diversification drive: Economic and social transformation continue apace as part of Vision 2030 development objectives
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Vision 2030 was launched by Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud in 2016 and represents the most far-reaching and transformative development blueprint in the Kingdom’s history. The framework revolves around three central principles: developing a vibrant society, creating a thriving economy and building an ambitious country. What this means in practice is that the Kingdom has had to transition the economic foundations on which the country’s prosperity relies, moving away from its historical reliance on hydrocarbons and more towards activity in the non-oil sector. Central to this plan is the ramping of privatisation initiatives,…

Interview

Funding synergies: Stephen Groff, Governor, National Development Fund, on driving innovation, partnerships and inclusive development
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Interview: Stephen Groff, Governor, National Development Fund, on driving innovation, partnerships and inclusive development How are financing priorities across development funds being aligned with the goals of Vision 2030? STEPHEN GROFF: What began as six banks in development financing has grown into a network of 12 specialised entities working to advance economic and social progress by channelling financing to priority sectors, encouraging private investment and improving spending efficiency.…

Interview

Purchasing power: Mohamed El Samman, CEO, Rajhi Invest, on the productivity- driven, long-term growth of non-oil sectors
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Interview: Mohamed El Samman, CEO, Rajhi Invest, on the productivity- driven, long-term growth of non-oil sectors In what ways is the Kingdom’s steel and metals industries evolving as foundational enablers of industrial diversification? MOHAMED EL SAMMAN: The metals and steel industries are, by their nature, foundational to any country’s economic development. Under the Kingdom’s broader industrial and localisation agenda, these materials are no longer viewed only as construction inputs; they…

Analysis

Bringing it home: Localisation policies across the GCC are critical in creating sustainable employment opportunities for nationals
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Countries across the GCC have intensified workforce nationalisation policies in recent years as part of broader efforts to reduce reliance on expatriate labour and create sustainable employment opportunities for expanding national populations. These localisation initiatives are increasingly connected to broader economic diversification strategies, as governments seek to better align labour market outcomes with productivity growth, fiscal sustainability and long-term competitiveness. Expansion In Saudi Arabia, workforce nationalisation remains a central pillar of Vision 2030 and a key mechanism for expanding private sector employment among nationals.…