Saudi Arabia’s Finance Minister Says ‘A Lot Has Been Achieved’ in Diversification Efforts
Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said the kingdom has made significant progress in diversifying its economy, reducing its reliance on oil. Speaking at the World Economic Forum (WEF) in Davos, Switzerland, Al-Jadaan said oil revenues still make up about 52% of the country’s gross domestic product, but non-oil revenues have quadrupled over the past eight years.
The country’s “Vision 2030” aims to reduce the role of oil in the economy, and Al-Jadaan believes the kingdom has made significant strides in achieving this goal. Despite a recent downgrade from the International Monetary Fund (IMF), which lowered its 2025 GDP growth projection for Saudi Arabia to 3.3%, Al-Jadaan remains optimistic about the country’s economic future.
Other top officials and business leaders also took the stage at the WEF, including US President Donald Trump, who welcomed the threat of sanctions and tariffs on Russia over the Ukraine war. Trump stated that he would have “no other choice but to put high levels” of tariffs, taxes, and sanctions on Russia “and various other participating countries” if a settlement to end the war is not reached.
Trump’s comments came as the global economy continues to face uncertainty and disruption. JPMorgan Chase CEO Jamie Dimon, who is also attending the WEF, expressed concerns about the state of the global economy, saying it is “inflated” and that the US stock market is “not sustainable” at its current level.
Other top executives, including Merck CEO Belén Garijo and Adecco CEO Denis Machuel, also addressed the conference, discussing the role of artificial intelligence in the modern economy. Machuel cautioned that AI should not be seen as a replacement for human workers, but rather as a tool to augment and upskill the workforce.
The European Union’s commissioner for the economy, Valdis Dombrovskis, also spoke at the conference, stating that Europe is prepared to respond to any tariffs imposed by the US. Dombrovskis said that the EU will respond “in a proportionate way” to any US tariffs, in order to defend its economic interests.
Overall, the WEF has brought together some of the world’s most influential leaders to discuss the biggest challenges facing the global economy and to explore innovative solutions to drive growth and stability.