From Oil Wealth to Knowledge Power: How Saudi Arabia Is Redefining Economic Sovereignty

  

The Rise of a Knowledge-Based Economy

In the heart of **RIYADH, Saudi Arabia**, a profound economic transformation is unfolding. As explored in the analytical article published in *Asharq Al-Awsat* titled *"How is Saudi Arabia Redefining Wealth and Economic Sovereignty?"*, writer Faisal Abu Zaki paints a vivid picture of a Kingdom steering away from its historical reliance on oil. Under *Saudi Vision 2030*, the shift to an economy driven by knowledge, advanced technology, and empowered citizens is more than an ambition — it is becoming a reality.  

This transition is visible in hard numbers. Saudi Arabia’s non-oil economy now accounts for over 57% of GDP as of the first quarter of 2025. Furthermore, non-oil revenues surged from SAR 164 billion in 2015 to an impressive SAR 502 billion in 2024. These statistics are not merely milestones; they are proof of the success of strategic diversification policies implemented by the Ministry of Finance and its specialized centers. The Kingdom is cultivating wealth that extends beyond its natural resources, investing heavily in human capital, artificial intelligence, renewable energy, and cutting-edge sectors like semiconductors.  

Sovereignty Through Strategic Vision

Economic sovereignty in today’s Saudi Arabia is about more than controlling resources. As Faisal Abu Zaki highlights, it is also about controlling the narrative of growth — making domestic financial decisions that strengthen long-term sustainability while remaining resilient to external market volatility. The Public Investment Fund (PIF) spearheads this approach, expanding into future-oriented industries that promise enduring prosperity.  

Meanwhile, the fiscal and financial policies guided by the Ministry of Finance and the National Debt Management Center (NDMC) provide a stable backbone for responsible growth. These measures ensure fiscal discipline and protect against economic shocks. This stability has had a tangible social impact: unemployment dropped to just 3.2%, while women’s participation in the workforce rose to over 36%. The Kingdom’s “new wealth” lies in its people — their skills, creativity, and innovation — forming the foundation of an economy built not on oil rent, but on intellectual capital and sustainable vision. 

Empowering a Financially Conscious Society

Communication & Financial Knowledge (Mutamem) recognizes the importance of public awareness in sustaining this transformation. By promoting financial literacy through its initiatives, the Center equips citizens with the tools to navigate and contribute to Saudi Arabia’s evolving economic landscape. This helps cement a culture of financial responsibility aligned with *Saudi Vision 2030*.  

Ultimately, the Kingdom’s journey showcases a remarkable blend of ambition and pragmatism. Through strategic investments, disciplined policies, and empowered citizens, Saudi Arabia is carving a distinctive path toward an economy rooted in knowledge production. In doing so, it sets a precedent for redefining wealth and economic sovereignty in the 21st century. 

[Comm. & Financial Knowledge Center](https://cfkc.gov.sa) – **@CFKC_KSA**  

Samtah Rising: Saudi Arabia’s Shining Step Toward a Greener Tomorrow

A Landmark Day in Riyadh

In RIYADH, Saudi Arabia, history was written under the golden glow of progress. Under the supervision of the Ministry of Energy, the Saudi Electricity Company (SEC) and EDF Power Solutions’ consortium officially signed a 25-year Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC). This pact signals the launch of the **Samtah Solar PV Power Project**, a pivotal development in **Round 6 of the National Renewable Energy Program**.  

The signing ceremony radiated significance, with His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, gracing the event. Alongside him stood Bernard Fontana, Chairman & CEO of the EDF Group, and key leaders including Eng. Khalid bin Salem AlGhamdi, CEO of SEC; Mazin Al-Bahkali, CEO of SPPC; and Omar Al-Daweesh, CEO KSA of EDF Group. This unified presence reflected not just an agreement, but a shared vision — a determined stride toward a cleaner, more innovative energy future for the Kingdom.  

Powering Homes, Protecting Planet

Set in the sun-drenched landscapes of the Jazan Province — 35 kilometers southwest of Jazan City and 15 kilometers north of Samtah — the project will be developed, financed, built, and operated by the SEC–EDF consortium. Brimming with potential, the 600 MW Samtah Solar Power Project is scheduled to come online in the first quarter of 2028. Once operational, it will supply clean electricity to more than 100,000 homes each year, while cutting over **1.1 million tons of CO₂ emissions annually**.  

This strategic solar venture directly supports Saudi Arabia’s goal of producing 50% of its electricity from renewable sources by 2030. It stands as a beacon of decarbonization, innovation, and localization — with a significant portion of materials, equipment, and services sourced from Saudi companies during its construction phase. This means more than just power generation; it sparks job creation, boosts local industries, and strengthens national capabilities, ensuring that the benefits of renewable energy multiply across communities.  

Voices of Vision

For SEC, this represents a defining milestone — their first large-scale solar photovoltaic project. As Eng. Khalid bin Salem AlGhamdi expressed, it reflects a deep strategic commitment to expanding renewable generation, ensuring sustainability, and advancing the Kingdom’s Vision 2030 energy goals.  

For EDF, according to Omar Al-Daweesh, it reinforces their role as a trusted international clean energy developer, bringing global expertise and local insight to deliver a high-standard, people-centered renewable project. Together, the partners are shaping a diversified, low-carbon energy future, proving that collaborative ambition can pave the way for a more sustainable and prosperous tomorrow.  

The Samtah Solar PV Project isn’t just about harnessing sunlight — it’s about harnessing hope, innovation, and community growth.** In a changing world, Saudi Arabia is making sure the light shines brighter, cleaner, and longer into the future.