The Saudi Ministry of Finance has concluded the 2026 Budget Forum in Riyadh, drawing a large audience that included high-ranking officials, economists, and financial experts. The event served as a platform to discuss the government’s development plans and spending strategies for the coming year.
During the opening session titled “Sustainable Development in Budget 2026,” Minister of Finance Mohammed Aljadaan and Minister of Economy and Planning Faisal Alibrahim outlined how the budget is being used as a strategic tool to promote growth, diversify the economy, and protect national achievements.
Minister Aljadaan stated: “The Kingdom’s fiscal policy is designed to reflect the nature of its national economy. Since the launch of Saudi Vision 2030, public finance has served as a fundamental pillar of stability. With the contribution of non-oil activities now reaching 56%, the Kingdom continues to reinforce this trajectory and elevate its growth rates going forward.” He also emphasized that efficient spending does not necessarily mean cutting expenditure, but rather ensuring financial discipline across sectors.
Faisal Alibrahim highlighted that government expenditures are increasingly directed toward sectors with higher economic and social returns. He noted: “Saudi Vision 2030 has created a highly competitive environment that has attracted more than 600 global companies. Pharmaceutical localization has increased from 20% to 35%, and military localization growing from 4% to over 20%, reflecting a strong response from the private sector.” He added that several non-oil sectors have seen annual growth rates above five percent over recent years.
Ministers responsible for health, education, and human resources reiterated that investment in people remains central to budget priorities. Human Resources Minister Ahmed Alrajhi reported women’s labor force participation at 34% and unemployment among Saudis down to 6.8%. He said: “The Ministry launched an ambitious labor market strategy in 2020 comprising 28 reform initiatives, and is currently developing another strategy aimed at positioning Saudi Arabia among the world’s best labor markets.”
Health Minister Fahad Al Jalajel pointed out: “The health sector’s contribution to GDP has increased to 5%, and deaths from infectious diseases have dropped by 50%. Health coverage has reached 94.7٪, placing the Kingdom among the highest globally.”
Education Minister Yousef Al-Benyan stated: “The 2026 Budget allocated SAR 202 billion to education, including SAR 30 billion dedicated to operating expenses.” He added that two-thirds of Saudi scholarship students are enrolled at top global universities.
Sessions also focused on promising sectors such as tourism—where spending reached SAR 275 billion—and sports—with expectations for significant market growth by decade’s end. Infrastructure investments were discussed with an emphasis on smart cities and logistics improvements.
Other speakers highlighted efforts in military industry localization, digital transformation within justice services, expanded port capacity through significant investments since Vision 2030 began, and programs supporting home ownership.
The forum underscored ongoing work by the Ministry of Finance to improve transparency around budget decisions while enabling economic development through targeted spending strategies.
