Saudi Arabia seeks to diversify economic growth sources: Al-Ibrahim

Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim

Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim said that Saudi Arabia targets to diversify the sources of economic growth by investing in resources and capabilities, while providing globally competitive products.

Speaking to Asharq News, the minister indicated that Saudi Arabia is working to capitalize on the current rise in oil prices to drive growth in other industries and boost the private sector's contribution to the national economy.

There are discussions with several international companies that seek to engage in the Saudi economy, said Al-Ibrahim, adding that the Kingdom is keen on this in order to transfer knowledge to Saudi youth.

He also expressed his hopes for continued growth in the non-oil sectors, similar to last year and in line with expectations for 2022.

The minister also stressed that ways are being sought to store renewable energy (solar, wind, etc.) in Saudi Arabia in order to produce such resources locally for exporting.