Saudi Arabia Redefines Wealth by Reducing Oil Dependency in Economic Shift

Saudi Arabia's Transformation in Wealth and Economic Sovereignty

In a notable analytical article published in Asharq Al-Awsat, writer Faisal Abu Zaki delves into how Saudi Arabia is reshaping its economic landscape by moving away from its long-standing dependence on oil. Titled "How is Saudi Arabia Redefining Wealth and Economic Sovereignty?", the article outlines the significant changes underway as part of the country's Vision 2030 initiative.

Abu Zaki argues that Saudi Arabia is not merely reconstructing its economy but is fundamentally redefining wealth and economic sovereignty through a shift to a knowledge-based, technology-driven economy. As reported, the non-oil economy of Saudi Arabia accounted for over 57% of the GDP in the first quarter of 2025. Non-oil revenues soared from SAR 164 billion in 2015 to over SAR 502 billion in 2024, marking a clear success of the government's diversification efforts led by the Ministry of Finance.

The article emphasizes that the definition of wealth in Saudi Arabia has evolved beyond natural resources. Now, it encompasses investment in human capital and the development of national capabilities in areas such as artificial intelligence, digital technologies, renewable energy, and semiconductors. Abu Zaki stresses that Saudi Arabia is firmly advancing towards establishing a sovereign, sustainable economy based on knowledge production, rather than relying on oil revenues.

Additionally, the Public Investment Fund (PIF) has emerged as a new model of economic sovereignty that focuses on strategic expansion into forward-looking sectors. Fiscal policies and financial frameworks set by the Ministry of Finance and the National Debt Management Center reinforce fiscal discipline and ensure long-term sustainability.

In analyzing labor market indicators, the article notes a decrease in the general unemployment rate to 3.2% in the first quarter of 2025, alongside an increase in women's participation in the workforce reaching over 36%. Abu Zaki highlights that "the new wealth of the Kingdom resides not only in its resources but also in the capabilities of its people, which is the foundation of its economic transformation."

In conclusion, Abu Zaki posits that the Saudi experience of economic sovereignty is now defined by the ability to make national financial decisions and invest national profits into knowledge development, rather than remaining vulnerable to external sources or fluctuations in the global market. This positions Saudi Arabia's economy as a unique model for redefining wealth in the 21st century.

The Financial Communication and Knowledge Center (Mutamem) praises the contribution of national media in shedding light on the profound economic transformations occurring within the Kingdom. The Center asserts that fostering financial and economic awareness in society is essential for achieving sustainable economic sovereignty.

Through its programs and initiatives, the Center continues to support the goals of the Ministry of Finance in promoting financial education and empowering society with financial knowledge tools, thereby contributing to the development of a responsible financial culture aligned with the objectives of Saudi Arabia's Vision 2030.