2025 will be a positive year: Al-Jadaan

Saudi Arabia's Minister of Finance, Mohammed Al-Jadaan, said that 2025 will be a positive year despite global uncertainties, expecting healthy GDP growth.

He also highlighted the transition from annual and three-year budgets to a more extended financial plan.

Speaking during a session at the Davos Forum, the minister emphasized that the Kingdom supports Vision 2030, with the people, businesses, and government collectively working toward a clear objective. He noted that the leadership adopts a long-term perspective, is prepared to make tough decisions, and remains consistent in its efforts toward this goal.

Moreover, transformation in the tourism sector contributes to economic diversification. The Kingdom also succeeded in decoupling economic activity from oil price volatility, Al-Jadaan explained.

Saudi Arabia produces the most cost-effective renewable and solar energy and has a regulatory framework that ensures data protection within its data centers.

Meanwhile, Al-Jadaan affirmed Kingdom's strong relationship with the US, describing it as a strategic partnership spanning over eight decades, built on economic and trade foundations. This relationship is expected to continue thriving.

In comments to Bloomberg, he stated that Saudi Arabia invests more than $770 billion in the US and anticipates that relations with Washington “will continue to be flourishing” as the Kingdom pursues its broad economic overhaul.

The minister also noted that Saudi Arabia’s relations with Europe and China will continue to grow in tandem with its strategy to establish new industries and expand the non-oil economy.

While some plans under Vision 2030 have been recalibrated to consider priorities and risks to the economy, reforms remain on track.

Local investors are important to realize the Kingdom's target of attracting over $100 billion in capital annually by 2030. “If you are not able to convince local investors to invest, you will not be able to convince foreign investors,” Al-Jadaan added.