Saudi Finance Minister Mohammed al-Jadaan said today that the government has already begun discussing a strategy for the next five years – an update to the massive $2 trillion economic diversification plan. The focus, he said: tourism, industry, logistics and technology.
What is interesting here is not only the list of preferred sectors, but the timing: Saudi Arabia is under budgetary pressure, and is trying to convey that it is moving to a more calculated phase – less waste and ostentation, more efficiency, and more of an attempt to bring the private sector and foreign investors to the market.
The numbers explain why: the government expects a deficit of 3.3% of GDP in 2026 (after 5.3% in 2025), and at the same time a large financing need this year – around $58 billion – to close gaps and manage the debt.
In short, despite the difficulties, Saudi Arabia is not abandoning Vision 2030 but is “sharpening” it. If it succeeds, it could further strengthen its attempt to become a regional hub in areas such as logistics and industry. If not, the deficit and the need for financing will continue to haunt even the most flashy projects.