Saudi Arabia to invest $1 trillion in infrastructure by 2030, says economy minister

Saudi Arabia's Minister of Economy and Planning, Faisal Al-Ibrahim, stated that the Saudi non-oil sector is expected to experience significant growth by 2026, driven by the expansion of key industries. He also noted that infrastructure investments are projected to reach approximately $1 trillion by 2030, supported by clear economic objectives and a long-term private sector strategy.

During the Public Investment Fund (PIF) Private Sector Forum, Al-Ibrahim emphasized the PIF's central role in Saudi Arabia's economic growth, specifically through the establishment and funding of strategic companies. He highlighted how these initiatives strengthen government integration and foster the formation of emerging industries that contribute to economic development.

Al-Ibrahim stated that the PIF's mission is not limited to financial returns, but also plays a crucial role in driving the knowledge economy and introducing innovative business models. He also emphasized the fund's commitment to fostering national talent and human capital development.

Commenting on Saudi Vision 2030, Al-Ibrahim emphasized the importance of diversifying the economy and reducing dependence on single sources of income by strengthening the non-oil sector and promoting high value-added exports. He described Saudi Arabia's economic transformation as not merely a transitional phase, but a fundamental shift redefining the national economy.

At the PIF Private Sector Forum, Saudi Arabia's Minister of Transport and Logistics Services, Saleh Al-Jasser, emphasized the private sector's crucial role in the transport and logistics ecosystem, highlighting its expanding contributions. He pointed out that 80% of the sector's investment targets are expected to be achieved through various partnership models.

Al-Jasser highlighted the progress Saudi Arabia has made since the launch of the National Transport and Logistics Strategy (NTLS) in mid-2021. He pointed to successful private sector collaborations, including over 18 billion Saudi Riyals in maritime and port investments, with private companies contributing the majority of the funding.

He also emphasized the private sector's involvement in aviation and airport infrastructure, including new airport construction projects. Currently, four airports – Abha, Taif, Qassim, and Hail – have been opened for private investment, alongside significant road projects such as the Jizan-Abha highway, the Jeddah-Jizan highway, the new Jeddah-Mecca road, and the completion of the Yanbu-Jubail highway connecting the Kingdom's east and west.

Al-Jasser also noted that air transport grew by 26% in 2023, and the number of flight destinations increased by 15% in 2024, a 50% increase compared to pre-strategy implementation levels. He also highlighted improvements in road quality, safety indicators, and regulatory frameworks. Furthermore, he pointed out that local passenger transport services facilitated approximately 80 million trips in 2024, with robust growth achieved in various other areas driven by private sector investment.

Al-Jasser reaffirmed the strategic partnership with the private sector, emphasizing high expectations for continued investment and enhanced service quality in the transport and logistics sectors.