Saudi Finance Minister Mohammed Al-Jadaan stated on Thursday that the Kingdom’s economic planning is guided by a steadfast “North Star,” prioritizing sustainable growth over individual ambitions.
Speaking during a panel on the Saudi economy at the World Economic Forum’s annual meeting, Al-Jadaan highlighted the Kingdom’s transition from short-term budgeting to long-term fiscal planning. This shift, he explained, has enabled Saudi Arabia to set clear priorities and enforce disciplined spending while maintaining flexibility to adapt to global conditions.
“We don’t operate with egos,” Al-Jadaan emphasized. “We are ready to adjust our plans based on changing circumstances. Our focus remains on what truly matters.”
He underlined the Kingdom’s commitment to Vision 2030, which has mobilized government agencies, businesses, and citizens toward long-term objectives. Al-Jadaan attributed the country’s progress to bold leadership, decisive actions, and consistent execution—elements he described as a universal “recipe” for unlocking economic potential worldwide.
Addressing Saudi Arabia’s long-standing partnership with the United States, Al-Jadaan described it as a mutually beneficial relationship that has endured for over eight decades. Regardless of changes in U.S. administrations, he said, the strategic ties in economic, diplomatic, and security domains have remained strong and are likely to continue.
Joining the discussion, Saudi Minister of Economy and Planning Faisal Al-Ibrahim credited the Kingdom’s robust economic performance to its transformative first phase of Vision 2030. He noted that this phase was driven by clear decision-making and significant investments in both financial resources and strategic planning.
Looking ahead, Al-Ibrahim emphasized that the next phase would address more complex challenges, particularly in enabling private sector growth. A key goal is to increase the private sector’s contribution to 65% of GDP through collaboration, co-creation of opportunities, and fostering a supportive environment for businesses to lead economic development.
He outlined priorities such as enhancing institutional capabilities, ensuring policy clarity, and removing barriers to innovation-driven entrepreneurship. Al-Ibrahim also stressed the government’s dedication to private sector engagement, noting that ministers and their teams work closely with businesses, reflecting the collaborative spirit of Vision 2030.
International Monetary Fund (IMF) Chief Kristalina Georgieva, who also participated in the panel, lauded Saudi Arabia’s transformation efforts. She highlighted its success in creating a business- and tourism-friendly environment. Referring to her visit to AlUla, Georgieva remarked: “I didn’t know what to expect, but I left impressed and glad we decided to open our regional office in Riyadh.”
Georgieva praised Saudi Arabia’s strategic planning in hosting global events and fostering economic growth, describing the country as an inspiring example of dynamic and sustainable transformation driven by proactive planning and investment.
