Al-Jadaan: Saudi Arabia’s goal is diversification, tools can change with conditions ...Saudi Arabia

ALULA — Saudi Finance Minister Mohammed Al-Jadaan said the Kingdom’s overarching objective remains economic diversification, stressing that the tools used to achieve it are flexible and subject to change depending on circumstances.Speaking during a session at the AlUla Conference for Emerging Market Economies, jointly organized by the Ministry of Finance and the International Monetary Fund, Al-Jadaan said policy review and priority assessment are ongoing.“We study what needs to be stopped, what should be resumed, and what should be expanded,” he said.“We have announced many things, and we will announce more in the coming weeks and months.”Saudi Arabia is adjusting its approach under Vision 2030 to reduce reliance on oil revenues, with a growing focus on spending efficiency after years of fiscal expansion.The shift aims to strengthen resilience against volatility in oil prices and revenues.Al-Jadaan said Vision 2030 has delivered strong results over the past decade, noting that more than 87% of initiatives have either been completed or are on track, while 93% of key performance indicators have been achieved or are progressing as planned.He added that the government is preparing to issue an updated strategy, explaining in remarks to Bloomberg that discussions began this week on a revised five-year plan focusing on tourism, manufacturing, logistics, and technology.The minister highlighted major achievements under Vision 2030, including reductions in unemployment and higher homeownership rates.“Remember, we started this 10 years ago, and things may change over 20 years,” he said.Al-Jadaan emphasized the importance of maintaining fiscal discipline, warning against pro-cyclical spending patterns.“What we want to avoid is losing discipline in a good revenue year, then in a bad year resorting to sharp cuts that harm the economy and growth,” he said.He noted that Saudi Arabia adopts very conservative oil price assumptions in budget planning, given oil’s continued role as a key revenue source, describing this approach as essential to enforcing fiscal discipline.Commenting on the AlUla conference, Al-Jadaan said it succeeded in amplifying the voice of emerging economies and clearly presenting their needs to the international community, particularly the IMF, the World Bank, and other multilateral institutions.“It is easy to complain and say advanced economies do not pay attention to us, or that international institutions are controlled by major powers, but that is not entirely accurate,” he said, adding that such forums help bridge gaps and align global institutions more closely with emerging market needs.The AlUla Conference for Emerging Market Economies was held on Feb. 8–9 under the theme “Policies in the Era of Rewiring Global Trade and Finance,” focusing on global economic shifts and the challenges and opportunities facing emerging economies.

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Last updated : 10 February 2026 clock 07:29 PM

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