Saudi Arabia is working to reduce its dependence on oil exports, Economy Minister Faisal al-Ibrahim said.

Despite its goal of zero carbon emissions by 2060, the country remains heavily dependent on crude oil exports, which have supported its growth for decades, raising doubts about its potential for economic transformation in the near future.

The surge in oil prices after the war in Ukraine allowed the kingdom to record its first budget surplus in nine years in 2022, giving it financial firepower for economic development.

Saudi Arabia hopes to build on the momentum after Chinese President Xi Jinping's high-profile visit to Riyadh last month, when deals worth billions of dollars were signed in areas such as energy and infrastructure.

In Davos, Saudi officials announced a joint initiative with forum organizers to accelerate high-tech innovation in the country through a virtual reality meta-universe.