Saudi Vision 2030 designed for next 10-15 years: Al-Falih

Minister of Investment Khalid Al-Falih

The Saudi Vision 2030 was designed for "the world we are living in and the world we're going to live in 10 to 15 years from now", said Minister of Investment Khalid Al-Falih said during a session at the Future Investment Initiative (FII) in Riyadh today, Oct. 25.

Al-Falih added, during a dialogue session within the Future Investment Initiative, that we must focus on growth, which will become slower, but that there are many opportunities at the level of technologies and investments for countries to be able to deal with this new global order.

Al-Falih stated that more focus should be given to growth, which is set to become slower, adding that there will be many opportunities for the countries on the level of technology and investments, enabling them to deal with this global order.

He further noted that global challenges increased and are a cause for concern, adding that the transformation in energy and gas sectors accelerated due to climate change. He pointed out that the Europe crisis will contribute to this acceleration by developing new energy sources such as hydrogen.

The political as well as the security transformation, which will continue acceleration over the coming years, is deemed one of the current issues, in addition to the shift in terms of commerce and supply chains, all will impact countries, companies and even individuals.

These transformations are dominated by the economic change, higher inflation as well as interest rates, increased paid subscriptions, which will in turn, help reduce growth and income.

Al-Falih noted that energy prices will be costly in the future, amid an increasing usage of the renewable energy, developing new networks, and laying infrastructure, which will increase costs at the expense of humanity and society.

He confirmed that the Kingdom’s energy stance is well-known, adding that it has its own industry and mining strategy, disciplinary regulations, relations as well as partners, and it can easily reach the global market.