Minister of Economy Stresses Global Partnerships to Address Challenges

Photo : SPA

During the 8th Future Investment Initiative (FII8) conference, Minister of Economy and Planning Faisal Alibrahim emphasized the crucial role of global partnerships in tackling urgent challenges and stimulating economic growth. Alibrahim pointed out Saudi Arabia's remarkable achievements in renewable energy, highlighting the nation’s recent records in solar and wind energy production on a global scale. 

He reiterated the Kingdom's dedication to enhancing global supply chains, particularly through initiatives like the Gulf Cooperation Council (GCC) free trade agreements. “Today, we gather to discuss the pivotal axes of our global economy: energy transitions and artificial intelligence,” Alibrahim stated, reinforcing that the global economy is on the brink of significant growth and that international collaborations are vital for navigating upcoming challenges.

Alibrahim further noted that since the launch of Vision 2030, Saudi Arabia has made significant economic strides. The Kingdom has seen a remarkable 20% expansion in non-oil sectors, with private investments in these areas increasing by 70%. This growth underscores the effectiveness of the initiatives set in place under the Vision 2030 framework.

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The minister also highlighted the essential role of public-private partnerships in fostering economic development and innovation. He shared Saudi Arabia's ambition to emerge as a global leader in artificial intelligence, detailing efforts to establish a business-friendly environment that encourages innovation and provides regulatory clarity.

In conclusion, Alibrahim announced that more than 120 companies have successfully relocated their regional headquarters to Saudi Arabia, reflecting the Kingdom's attractiveness as a destination for international business and investment. His remarks at the FII8 conference encapsulated the ongoing efforts to position Saudi Arabia as a pivotal player in the global economy while addressing the critical challenges of today.

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