Saudi Arabia Redefines Wealth in Shift From Oil Dependence

RIYADH, Saudi Arabia, Oct. 31, 2025 /PRNewswire/ -- In an analytical article published in Asharq Al-Awsat titled "How is Saudi Arabia Redefining Wealth and Economic Sovereignty?", writer Faisal Abu Zaki explored the profound transformations taking place in the Kingdom's economic structure under Saudi Vision 2030. He emphasized that the Kingdom is not merely rebuilding its economy but fundamentally redefining wealth and economic sovereignty by transitioning to an economy based on knowledge, technology, and people.

Abu Zaki noted that Saudi Arabia's non-oil economy exceeded 57% of GDP in the first quarter of 2025, while non-oil revenues increased from SAR 164 billion in 2015 to more than SAR 502 billion in 2024. This reflects the success of the economic diversification policies implemented by the Saudi government, led by the Ministry of Finance and its specialized centers.

He explained that the concept of wealth has now shifted beyond natural resources to include investment in human capital and the development of national capabilities in AI, digital technologies, renewable energy, and semiconductors. Abu Zaki noted that Saudi Arabia is steadily moving toward building a sustainable sovereign economy that relies on knowledge production rather than oil rent.

Abu Zaki added that the Public Investment Fund (PIF) now represents a new model of economic sovereignty based on strategic expansion into future-oriented sectors. At the same time, the fiscal and financial policies overseen by the Ministry of Finance and the National Debt Management Center (NDMC) provide a framework that reinforces fiscal discipline and ensures long-term sustainability.

Abu Zaki also reviewed labor market indicators, noting that the overall unemployment rate declined to 3.2% in the first quarter of 2025, while women's participation in the labor force rose to more than 36%. He emphasized that "the Kingdom's new wealth lies not only in its resources, but in the capabilities of its people, who form the foundation of its economic transformation."

In his conclusion, Abu Zaki emphasized that the concept of economic sovereignty in the Saudi experience is now based on the ability to make financial decisions domestically and invest national returns in building knowledge, rather than relying on external sources or being vulnerable to global market volatility. This positions the Saudi economy as a distinctive model for redefining wealth in the 21st century.

Communication & Financial knowledge (Mutamem) values this national media contribution, which highlights the depth of the economic transformations taking place in the Kingdom. The Center affirms that raising financial and economic awareness in society is a fundamental pillar for achieving sustainable economic sovereignty.

Through its programs and initiatives, the Center continues to support the Ministry of Finance's objectives in promoting financial literacy and empowering society with financial knowledge tools, thereby contributing to building a responsible financial culture aligned with the objectives of Saudi Vision 2030.

Comm. & Financial Knowledge Center https://cfkc.gov.sa -@CFKC_KSA