Saudi Arabia’s Minister of Finance, Mohammed Al Jadaan, stated that 2026 will mark the commencement of the “maximizing impact” phase of Vision 2030, as the Kingdom advances its economic transformation agenda.

Speaking at a press conference in Dammam after the Cabinet approved the 2026 general budget, Al Jadaan stated that the country has achieved “historic and unprecedented growth” in non-oil economic activity in recent years and is steadily progressing toward the Vision 2030 goals.

He said the budget reflects the government’s commitment to sustained investment in development projects tied to sector strategies and Vision 2030. He also noted that recent remarks by Crown Prince Mohammed bin Salman reaffirmed the central role of citizens in national planning.

Al Jadaan stated that 93% of Vision 2030 indicators have now been completed, describing the progress as “remarkable.” Early reforms, he added, triggered major structural shifts that positioned the economy for the next phase.

He described the projected deficit as a “strategic and targeted” tool to support transformation, saying it is intended to generate returns that exceed its costs. Despite higher debt levels, he noted that credit rating agencies upgraded Saudi Arabia this year. He emphasized that spending will continue as long as economic returns remain higher than borrowing costs.

Al Jadaan pointed to strong growth in non-oil exports, calling it the beginning of a broader industrial expansion. Continued increases in non-oil revenue will further support overall performance, he said, adding that growth across the wider economy will naturally lift non-oil income.

He said the government will maintain expansionary spending to avoid amplifying economic fluctuations, stressing that consistent expenditure has been necessary amid reduced oil output. This approach, he added, has helped sustain activity and provided clarity for investors.

Improving services for citizens remains the top priority for public spending, he said. Education, health, and social sectors continue to receive the largest allocations, alongside projects aimed at strengthening infrastructure and public services.

Al Jadaan added that Saudi Arabia has effectively managed the economic implications of geopolitical risks, highlighting the resilience of the national economy.