Crown Prince MBS Showcases Saudi Economic Progress in Shoura Council Address

Lead: On Sunday in Riyadh, Crown Prince Mohammed bin Salman inaugurated the second year of the ninth Shoura Council session, highlighting the Kingdom’s non-oil growth, foreign investment influx and Vision 2030 achievements.

Nut Graf: The speech underscored Saudi Arabia’s pivot from oil dependence toward a diversified, technology-driven economy, reinforcing the relevance of strategic reforms that have boosted GDP, attracted global firms and addressed social challenges.

Economic Transformation at the Forefront

  • Non-oil sectors now account for 56 percent of GDP, surpassing SAR 4.5 trillion and marking a historic shift in the Kingdom’s economic structure.
  • A record 660 international companies have chosen Saudi Arabia for their regional headquarters, exceeding the original Vision 2030 target by 160 firms.

Future-Facing Sectors and Innovation

  • Artificial Intelligence: MBS emphasized AI as a core pillar for future growth, positioning Saudi Arabia not just as a consumer but as a global innovator in cutting-edge technologies.
  • Local Defense Industry: Local military content has risen from under 2 percent to over 19 percent, strengthening sovereign capabilities and reducing import reliance.

Addressing Social and Housing Challenges

  • Housing Affordability: Acknowledging surging real estate costs, the government plans targeted policies to lower prices, stimulate development investment and expand affordable options.
  • Labor Market Advances: The Crown Prince highlighted record low unemployment and unprecedented female workforce participation as indicators of social progress.

Sustaining Momentum and Resilience

  • MBS praised the adaptability of public and private sectors in absorbing economic shocks, pledging ongoing evaluation of public spending to align resources with national priorities.
  • The speech conveyed a clear sense of urgency and ambition, signaling that Saudi Arabia aims to actively drive global trends rather than merely respond to them.