Saudi Arabia prepares update to $2 trillion economic transformation plan

Saudi Arabia is preparing to unveil an updated strategy for Crown Prince Mohammed bin Salman’s $2 trillion economic diversification program as the kingdom recalibrates spending priorities amid mounting fiscal pressures. 2q. The review signals a new phase in the long-term transformation drive aimed at reducing dependence on oil revenues and strengthening non-oil sectors.

Finance Minister Mohammed Al-Jadaan said discussions are underway on how to present the next five-year roadmap. He made the remarks during the AlUla Conference for Emerging Market Economies.

While officials have not yet confirmed specific timelines or project allocations, the refreshed strategy is expected to prioritize tourism, manufacturing, logistics, and technology as core growth pillars.

The update comes as authorities reassess timelines and costs for several mega projects, including infrastructure and stadium developments linked to Saudi Arabia’s hosting of the 2034 FIFA World Cup.

The International Monetary Fund has called for clearer communication around fiscal plans and project execution, as global economic conditions remain uncertain and oil revenues fluctuate.

Saudi Arabia’s transformation agenda has driven rapid investment in giga-projects, entertainment, tourism destinations, and industrial zones. However, analysts say the updated roadmap may reflect a more measured approach, balancing long-term ambition with fiscal sustainability.

As the kingdom refines its strategy, the next phase is expected to emphasize efficiency, private sector participation, and targeted investments to sustain growth while managing financial pressures.