Saudi Gazette report

RIYADH — Minister of Economy and Planning Faisal Al-Ibrahim said that investments in Saudi Arabia's infrastructure sector are expected to reach approximately $1 trillion by 2030, supported by clear economic objectives and long-term private-sector strategies.

Speaking at the Public Investment Fund (PIF) Private Sector Forum in Riyadh on Thursday, he said that Saudi Arabia's non-oil sector is poised for substantial growth by 2026, driven by the expansion of key industries. Al-Ibrahim emphasized PIF's central role in economic growth by establishing and funding strategic companies. He highlighted how these initiatives have strengthened government integration and fostered new industries that contribute to economic development.

The minister stressed that PIF's mission extends beyond financial returns, playing a crucial role in advancing the knowledge economy and introducing innovative business models. He also underscored PIF's commitment to developing national talent and human capital.

On Saudi Vision 2030, Al-Ibrahim highlighted the importance of diversifying the economy and reducing reliance on a single revenue source by strengthening non-oil sectors and boosting high-value exports. He described the Kingdom's economic transformation as more than a transitional phase, calling it a fundamental shift that redefines the national economy.

The minister reaffirmed PIF's pivotal role in fostering public-private partnerships and supporting sustainable growth, ensuring the successful realization of Saudi Vision 2030.