Riyadh: The Budget Forum 2026 commenced today in Riyadh, featuring 13 princes, high officials, and dignitaries. Organized by the Ministry of Finance, the forum aims to discuss developmental topics, innovative strategies, and programs across finance, industry, essential services, digital transformation, and infrastructure.
According to Saudi Press Agency, the first session focused on sustainable development and included Minister of Finance Mohammed Aljadaan and Minister of Economy and Planning Faisal Alibrahim. Minister Aljadaan emphasized that since the launch of Vision 2030, significant progress has been made in financial policies and expenditure prioritization. He clarified that efficiency does not mean reduced expenditure and noted that Saudi employees have adopted a culture of financial efficiency. Since 2016, the number of micro, small, and medium-sized enterprises has increased by 294%, totaling 1.7 million establishments owned by Saudis, positively impacting citizen employment.
In his address, Minister Alibrahim highlighted the success of Saudi Vision 2030, citing economic indicators from the past five years. He reported that 74 economic activities recorded annual growth exceeding 5%, with 37 activities growing by more than 10% in the non-oil sector. Efforts to diversify the economy have reduced dependence on oil from 90% to 68%, allowing non-oil activities to reach 56% of last year’s real GDP.
Alibrahim also noted rising international investment demand for promising infrastructure projects. The investment needs over the next seven to ten years are estimated at SAR3.5 to 4 trillion, presenting significant opportunities for private sector involvement.