Saudi set to enter Vision 2030 ‘maximising impact’ phase in 2026

Saudi Arabia’s Minister of Finance, Mohammed Al Jadaan, said 2026 will mark the start of the “maximising impact” phase of Vision 2030, as the Kingdom pushes ahead with its economic transformation plans.

Speaking at a press conference in Dammam after the Cabinet approved the 2026 general budget, Al Jadaan said the country had seen “historic and unprecedented growth in non-oil activities” in recent years and is progressing towards the targets set under Vision 2030.

He said the 2026 budget reflects the government’s commitment to sustained investment in development projects aligned with sector strategies and Vision programmes. He added that comments from Crown Prince Mohammed bin Salman following the budget approval underline the importance placed on citizens within national plans.

Vision 2030 enters new impact phase

Al Jadaan said he was proud of the role Saudis had played in delivering progress to date, noting that “realisation of 93 per cent of the Vision 2030 indicators are remarkable”. He said the early years of the reform programme brought major economic changes that laid the groundwork for the next phase.

The minister described the projected budget deficit as a “strategic and targeted” tool designed to support economic transformation. “I spoke last year, and I will briefly repeat, that the budget deficit varies depending on its uses, and the goal is for this deficit to generate a return greater than its cost,” he said.

He added that despite the presence of both debt and deficit, international rating agencies upgraded Saudi Arabia’s credit rating this year. The government will maintain spending as long as the economic return exceeds the borrowing cost, he said. “The impact of spending will outweigh the cost of borrowing in the coming years, and the government will continue to increase investment spending as long as the returns are higher than the cost of borrowing.”

Al Jadaan highlighted the rapid rise in non-oil exports, calling it “just the beginning” of a broader industrial shift. Strong non-oil revenue growth will continue to support economic performance, he said. “If the economy grows, non-oil revenues will increase.”

He said the government will continue expansionary spending to avoid reinforcing the economic cycle, adding that stable expenditure has been necessary as oil production declined, helping to support activity and provide clarity for investors.

Improving services for citizens remains the central focus of government spending, Al Jadaan said. Education, health and social services will continue to receive priority, alongside projects aimed at enhancing public services and infrastructure.

He said Saudi Arabia had successfully mitigated the economic effects of geopolitical risks, demonstrating the resilience of the national economy.