Saudi Arabia to rank among world’s strongest economies, works on Vision 2040: Crown Prince

Crown Prince Mohammed bin Salman

Saudi Arabia is on road to become one of the world’s strongest economies and it will rank among the top seven economies globally if it continues on the right track, Crown Prince Mohammed bin Salman said in an interview with Fox News.

The Kingdom is working on some aspects until the first half of 2024, after which the focus will be on preparing for Vision 2040, he added.

The Crown Prince expects to announce the new vision in 2027 or 2028.

The Saudi Vision 2030 is ambitious. New goals with bigger ambitions were set, Mohammed bin Salman added, noting that the Saudi people believes in change.

When asked about the economic corridor announced at G20 to link India and Europe he said the corridor will make the movement of goods faster by three to six days, and bring down logistics cost.

Saudi Arabia was the fastest growing G20 economy in 2022, the Crown Prince noted.

On the Kingdom and OPEC+ role, the Crown Prince said: “We just watch supply, demand. If there is shortage of supply our role in OPEC+ is to fill that shortage. If there is oversupply our role of OPEC+ is to measure that for the stability of the market.”

Saudi Arabia seeks to raise sports contribution to GDP by 15%.

He also noted that tourism sector’s contribution to GDP increased from 3% to 7%. Saudi Arabia attracted nearly 40 million visits last year and targets 100 million or 150 million by 2030.