Saudi Arabia is shaking off its oil-dependent past and embracing a new economic future, investing in key sectors like tourism, logistics, manufacturing, and renewable energy. According to Goldman Sachs, Saudi Arabia is pumping $1 trillion into six key sectors by 2030.

“We also expect more strategies and announcements as initial targets are met, supported by further technological breakthroughs across sectors,” Goldman Sachs Research analyst Faisal AlAzmeh writes in the report.

Goldman Sachs Research identifies six sectors that are already benefiting from increased investment and are likely to drive economic growth through the end of the decade:

Cleantech: With a total investment estimate of $206 billion. The government plans to add nearly 60 gigawatts of renewable energy capacity and 2 to 3 gigawatts of nuclear energy capacity by 2030. 

Metals and mining: In 2021, the government passed a new mining investment law that taps into an estimated $1.3 trillion worth of mineral resources. The report expects Saudi to invest $170 billion in the mining sector.

Transportation and logistics: The country recently launched an updated National Transport and Logistics Strategy, a Saudi Aviation Strategy, and a new national airline, with an estimated investment of $150 billion.

Digital transformation: The kingdom is investing an estimated $147 billion in telecommunications infrastructure, particularly 5G and fiber-to-the-home.

Upstream energy: With a total investment estimate of $245 billion, traditional energy production still heavily influences the nation’s economic plan.

Downstream energy: Seeing a growing demand for petrochemical products, the kingdom’s estimated investment lies at $100 billion, focused on areas such as crude oil to chemicals technology.

The government expects FDI to grow to 5.7% of GDP by 2030 and domestic investment to reach $1.3 trillion by 2030.

Goldman Sachs analysts note that Saudi’s international investment position has improved by $150 billion since 2021 due to high oil prices, making it home to some of the world’s largest sovereign wealth funds, including the Public Investment Fund, which has seen its assets balloon from $250 billion to $700 billion since 2018.

“Since the launch of Vision 2030 in 2016, Saudi Arabia has made meaningful strides in growing the non-oil economy through various developments and investments across strategic economic sectors,” AlAzmeh writes in the report. “Investment plans are likely to develop further in tandem with technological progress/availability over time as sector strategies are finalized.”