Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim stated that the Kingdom’s non-oil sector is poised for substantial growth by 2026, driven by the expansion of key industries. He also noted that infrastructure investments are expected to reach approximately $1 trillion by 2030, supported by clear economic objectives and long-term private-sector strategies.
Speaking at the Public Investment Fund (PIF) Private Sector Forum, Alibrahim emphasized PIF’s central role in Saudi Arabia’s economic growth by establishing and funding strategic companies. He highlighted how these initiatives have strengthened government integration and fostered new industries that contribute to economic development.
PIF critical to advancing knowledge economy
Alibrahim said that PIF’s mission extends beyond financial returns, playing a crucial role in advancing the knowledge economy and introducing innovative business models. He also underscored the fund’s commitment to developing national talent and human capital.
Commenting on Saudi Vision 2030, Alibrahim highlighted the importance of diversifying the economy and reducing reliance on a single revenue source by strengthening non-oil sectors and boosting high-value exports. He described the Kingdom’s economic transformation as more than a transitional phase, calling it a fundamental shift that redefines the national economy.
Private sector key in enhancing transport and logistics
At the PIF Private Sector Forum, Saleh Al-Jasser, Saudi Arabia’s Minister of Transport and Logistic Services, emphasized the private sector’s pivotal role in the transport and logistics ecosystem, highlighting its expanding contributions. He noted that 80 percent of the investment targets in the sector are expected to be met through various partnership models.
Al-Jasser underscored the progress Saudi Arabia achieved since the launch of the National Transport and Logistics Strategy (NTLS) in mid-2021. He pointed to successful private-sector collaborations, including more than SAR18 billion in maritime transport and port investments, where private companies account for the majority of funding.
He also highlighted the private sector’s involvement in aviation and airport infrastructure, including new airport construction projects. Currently, four airports—Abha, Taif, Qassim, and Hail—are open for private investment, alongside major road projects such as the Jazan-Abha highway, Jeddah-Jazan expressway, the new Jeddah-Makkah road, and the completion of the Yanbu-Jubail highway, which connects the Kingdom’s east and west.
Saudi Arabia makes strides in road quality and safety indicators
Al-Jasser also noted that air transport grew by 26 percent in 2023, while the number of flight destinations increased by 15 percent in 2024, representing a 50 percent increase over pre-strategy levels. He also highlighted improvements in road quality, safety indicators and regulatory frameworks. Additionally, he noted that localized passenger transport services facilitated around 80 million trips in 2024, with strong growth in various other areas driven by private-sector investments.
Reaffirming the strategic partnership with the private sector, Al-Jasser emphasized the high expectations for continued investment and service quality enhancements in the transport and logistics sector.
