Saudi Arabia’s non-oil sector is poised for substantial growth over the next two years, mainly driven by the expansion of prime industries, said its economy and planning minister.

Faisal Alibrahim was speaking at the Public Investment Fund (PIF) Private Sector Forum in Riyadh last month.

Addressing the gathering, the minister said infrastructure investments are expected to reach $1 trillion by 2030, supported by clear economic objectives and long-term private-sector strategies.

Alibrahim emphasised PIF’s central role in economic growth by establishing and funding strategic companies. He highlighted how these initiatives have strengthened government integration and fostered new industries that contribute to economic development.

On Saudi Vision 2030, Minister Alibrahim highlighted the importance of diversifying the economy and reducing reliance on a single revenue source by strengthening non-oil sectors and boosting high-value exports. He described the kingdom’s economic transformation as more than a transitional phase, calling it a fundamental shift that redefines the national economy, said the ministry.

He concluded by reaffirming PIF’s pivotal role in fostering public-private partnerships and supporting sustainable growth.

Meanwhile, according to a report by Saudi Contractors’ Authority (SCA), Saudi Arabia had inked contracts worth SAR6.5 billion ($1.7 billion) in January and planned to award more than 25 new projects in February. Nearly half of these projects cover infrastructure, housing and industry, stated SCA in its report in its online Muqawil (contractor) bulletin.

Most of the projects that were expected to be awarded last month were from Saudi Electricity Company, the National Housing Company, the Public Investment Fund (PIF) and Neom, it said.

The SCA report showed construction accounted for more than half the value of projects awarded in January, standing at around SAR3.7 billion followed by water and energy contracts worth SAR1.45 billion and industry in third place with a value of SAR1.36 billion. As per the report, Saudi capital Riyadh had the lion’s share of the projects in January to the tune of around SAR4.8 billion.