Story perspectives

Saudi Arabia Launches Five-Year Economic Diversification Plan

2/10/2026

Summary

Story summary

Saudi Arabia will unveil a five-year strategy under Crown Prince Mohammed bin Salman (MBS) to diversify the economy into tourism, manufacturing, and technology.
Finance Minister Mohammed Al-Jadaan said policy changes aim to attract private capital amid fiscal pressures.
The Public Investment Fund, valued at $925 billion, will recalibrate Vision 2030 by scaling back The Line and boosting renewables.
Despite challenges, Saudi growth in 2025 was driven by a stronger oil sector.

History

Historical Context

Launched on April 25, 2016, Saudi Vision 2030 aims to diversify the economy away from oil, which constituted 40% of GDP and 75% of fiscal revenue. This initiative, led by Crown Prince Mohammed bin Salman, reflects a historical shift in Saudi Arabia's economic strategy, paralleling similar reforms in the UAE, and seeks to enhance global competitiveness amid fluctuating oil prices.

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Story summary

Saudi Arabia will unveil a five-year strategy under Crown Prince Mohammed bin Salman (MBS) to diversify the economy into tourism, manufacturing, and technology.
Finance Minister Mohammed Al-Jadaan said policy changes aim to attract private capital amid fiscal pressures.
The Public Investment Fund, valued at $925 billion, will recalibrate Vision 2030 by scaling back The Line and boosting renewables.
Despite challenges, Saudi growth in 2025 was driven by a stronger oil sector.

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