Saudi Arabia plans to reduce oil dependence to 50% – Fahd Mansour at Builders of Egypt

Saudi Arabia’s government plans to reduce its dependence on oil up to 50 percent to support non-oil economic growth, diversifying into sectors such as construction, tourism, and massive infrastructure projects, an official in investment ministry said on Sunday.

Speaking at the Eighth Edition of Builders of Egypt in Cairo, Fahd Mansour Al Hashem – head of the real estate, building, and construction division at the Saudi ministry of investment – said the kingdom aims not to fully rely on oil derivatives for domestic output of its 2030 plan.

Al Hashem further said at the Saudi Arabia’s Giant Projects … Vision, Goals, Partnership Opportunities panel that the Saudi economy grew by 8.7 percent over the past year, stressing that this is the result of strenuous and sincere efforts and work of six years.

Saudi Arabia is also working on a new plan to have foreign investment in all sectors to reach 100 percent, which will be done within 12 to 18 months, Al Hashem concluded.