Saudi Arabia takes bold decision to unlock full economic potential, diversify away from oil: Alibrahim

Saudi Arabia, under the leadership of the Crown Prince, made a bold decision to unlock the full potential of its economy by planning long-term and looking at the big picture to move away from oil dependence, Minister of Economy and Planning Faisal Alibrahim said.

The country adopted a constructive approach based on innovative radical change, the minister said during a panel discussion at AlUla Emerging Markets Conference.

This approach stimulated innovation from top to bottom in the public sector and opened markets to innovators from within the Kingdom and globally.

There is progress and momentum and the Kingdom is on the right track, but the task is not yet complete, he noted.

"We will not accept the current situation, in which we see that we are working below our potential, which means that we are losing, and that this loss will accumulate over the years until it affects, in the future, the fundamentals, including family income,” Alibrahim  added.

The minister also stated that the Kingdom has a high competitiveness that makes it a key part of global value chains. It also has a long-term strategy for artificial intelligence that has been updated to keep pace with recent developments and new challenges.