Amine Mati, the International Monetary Fund’s (IMF) mission chief for Saudi Arabia
Amine Mati, the International Monetary Fund’s (IMF) mission chief for Saudi Arabia, said that the Kingdom’s dependence on oil revenues has witnessed a significant decline over the past decade. 
The main challenge currently is to further boost the deployment of non-oil revenues to reduce dependence on oil and direct spending to support the path of economic diversification, he added.
In response to Argaam during a press conference held at the conclusion the Article IV Consultations, Mati said that implementing Saudi Vision 2030 remains pivotal to achieving the goals of economic diversification and attracting foreign direct investment, regardless of oil price fluctuations.
Mati also pointed out that recent reforms to the regulatory environment, such as the development of investment law and the civil transactions law, will boost private sector participation and increase investor confidence. He stressed the importance of providing greater certainty and clarity to investors regarding economic and fiscal policies.
The Saudi government reviewed and adjusted its fiscal plans last year to avoid the risks of an overheated economy and developed medium-term spending plans linked to oil price fluctuations, said Mati. He called for continuing to clearly announce these plans to reassure investors and reduce uncertainty.
Mati further stated that domestic demand will likely remain a key driver of economic growth, expecting continued strong consumption and a rise in the pace of investment, especially as the Kingdom prepares to host major international events such as the Expo, the Asian Games, and the World Cup.
He added that investment grew by 6.3% in 2024, noting that, despite being lower than previous years, it remains at strong levels. He also expected the services and manufacturing sectors to continue their positive performance going forward.
Amine Mati, the International Monetary Fund’s (IMF) mission chief for Saudi Arabia
Amine Mati, the International Monetary Fund’s (IMF) mission chief for Saudi Arabia, said that the Kingdom’s dependence on oil revenues has witnessed a significant decline over the past decade.
The main challenge currently is to further boost the deployment of non-oil revenues to reduce dependence on oil and direct spending to support the path of economic diversification, he added.
In response to Argaam during a press conference held at the conclusion the Article IV Consultations, Mati said that implementing Saudi Vision 2030 remains pivotal to achieving the goals of economic diversification and attracting foreign direct investment, regardless of oil price fluctuations.
Mati also pointed out that recent reforms to the regulatory environment, such as the development of investment law and the civil transactions law, will boost private sector participation and increase investor confidence. He stressed the importance of providing greater certainty and clarity to investors regarding economic and fiscal policies.
The Saudi government reviewed and adjusted its fiscal plans last year to avoid the risks of an overheated economy and developed medium-term spending plans linked to oil price fluctuations, said Mati. He called for continuing to clearly announce these plans to reassure investors and reduce uncertainty.
Mati further stated that domestic demand will likely remain a key driver of economic growth, expecting continued strong consumption and a rise in the pace of investment, especially as the Kingdom prepares to host major international events such as the Expo, the Asian Games, and the World Cup.
He added that investment grew by 6.3% in 2024, noting that, despite being lower than previous years, it remains at strong levels. He also expected the services and manufacturing sectors to continue their positive performance going forward.
