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The Saudi Press Agency reported that Faisal Alibrahim participated in the 2026 OECD Ministerial Council Meeting held in Paris, where he outlined Saudi Arabia’s industrial policy focused on long-term competitiveness, economic resilience and innovation. The minister emphasized how these elements form the foundation of the kingdom’s diversification strategy amid global economic shifts. He took the opportunity to engage in several bilateral meetings with officials from other nations to discuss potential areas of cooperation in trade and investment. Such engagements reflect Saudi Arabia’s active role as a key partner in international forums like the OECD.
Alibrahim showcased advancements under Saudi Vision 2030, the national framework designed to reduce reliance on hydrocarbons by expanding non-oil sectors. According to Ministry of Economy and Planning figures, the non-oil sector accounted for 56 percent of real GDP by late 2025, rising from 54.8 percent in 2024. This shift has been driven by targeted investments in tourism, manufacturing and technology, alongside incentives to boost foreign direct investment to levels equivalent to 5.7 percent of GDP annually by 2030. The minister’s presentation aligned these domestic reforms with broader discussions on sustainable global growth at the ministerial gathering.
Government statistics indicate that non-oil growth rates averaged 4.7 to 4.8 percent in the early quarters of 2025, contributing significantly to overall economic expansion. The Ministry of Economy and Planning has revised GDP calculation methods to incorporate informal sectors and align with international standards, an update Alibrahim announced in May 2025. These methodological changes provide a more accurate picture of the economy’s diversification, where non-oil activities have overtaken oil as the primary growth engine. The approach also incorporates fiscal planning that accommodates various oil price scenarios to maintain stability.
Direct and indirect oil dependency has declined from over 90 percent to 68 percent as a result of these policies, according to official assessments. This reduced reliance has helped the kingdom weather fluctuations in global energy markets while sustaining public spending on development projects. Real GDP growth is forecast at 4.6 percent for 2026, with the majority of the expansion coming from non-oil contributions that reached 3.9 percent in the first half of 2025. The minister positioned these outcomes as evidence of the strategy’s effectiveness during his OECD address.
The OECD Ministerial Council Meeting served as a platform for member countries and partners to address challenges including supply chain resilience and digital transformation. Alibrahim’s remarks highlighted how Saudi reforms complement these themes through emphasis on human capital development and private sector empowerment. Saudi Arabia has consistently engaged with the OECD on economic policy matters, using such meetings to share best practices and learn from global experiences. The Paris gathering this week built on previous collaborations aimed at fostering inclusive and sustainable growth worldwide.
Projections from the International Monetary Fund support the trajectory of Saudi economic reforms, with growth estimates for 2025 and 2026 revised upward to around 4 percent on the back of non-oil momentum. The Ministry of Economy and Planning has integrated these insights into its planning frameworks, prioritizing sectors that generate employment and technological advancement. Alibrahim noted in his interventions that continued implementation of Vision 2030 priorities remains central to achieving long-term objectives. The event concluded with calls for enhanced multilateral coordination to tackle emerging economic pressures.
