Saudi Arabia continues to create investment opportunities in emerging sectors

Saudi Crown Prince Mohammed bin Salman

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister, and Minister of Defense, affirmed that Saudi Arabia has early recognized the importance of international cooperation, growth, and energy. It has worked on enhancing partnership and integration, stressing the Kingdom's leading role in making a global impact in growth and energy.

In a panel discussion in the World Economic Forum (WEF) Special Meeting, the Crown Prince highlighted the current geopolitical and economic challenges facing the world. He also pointed out the Kingdom’s efforts in enhancing international cooperation and acting as a growth driver within the framework of its role as a global economic hub in the Middle East, which is considered a cornerstone in the global trade system.

The Kingdom has also played a major and pivotal role in international issues by dedicating all efforts to building a stronger, more sustainable global system, alongside its significant economic and social transformation. He affirmed that it will continue its role in making a lasting global impact, stemming from its leadership towards common international issues.

Saudi Arabia is working with its international partners within the framework of enhancing innovation, trade integration, and energy security, aiming to achieve a cohesive global economy.

The meeting has multiple objectives which the Kingdom has worked to achieve in various sectors of life in partnership with the international community. Saudi Arabia has become a source of opportunities and an incubator for innovation today.

Prince Mohammed bin Salman also affirmed the Kingdom’s commitment to expanding the scope of international cooperation with its international partners to enhance comprehensive development for all, achieving integrated economic resilience, and acting as a supportive force for long-term stability, prosperity, and peace in the region and the world.

He also addressed the issue of the current volatile geopolitical environment, emphasizing that the most important factor in achieving security, stability, and economic progress lies in leveraging all opportunities and prioritizing cooperative partnerships with regional and global partners.

The Crown Prince also highlighted the Kingdom’s milestones under Saudi Vision 2030, noting that it continues to create transformative investment opportunities in emerging sectors in various aspects of its advanced economy.

He discussed the comprehensive reform package implemented by the Kingdom over the past eight years to empower private sector entities to contribute to the ongoing progress. He also pointed out the growth of the Public Investment Fund and its plans to transform into a sovereign wealth fund estimated at trillions of dollars.

The Crown Prince spoke about the recent achievement where, for the first time, the non-oil GDP of the Kingdom accounted for more than 50% of the total GDP in 2023. He underlined the importance of further investment in research and development, considering its significant role in enabling leading national companies, such as Aqua Power, CEER, and Alat, to continue their growth journey.

He highlighted that research and development (R&D) are a key foundation that enables these companies to leverage emerging technologies within their business models and enhance growth in this vital sector in the Kingdom. The Crown Prince also noted that these efforts have contributed to accelerating the pace of digital economy growth in the Kingdom, three times faster than the global growth rate.

The Crown Prince also touched upon the impact of Saudi Vision 2030 on all aspects of life in the Kingdom, which has resulted in building a vibrant society. He pointed out significant improvements in quality of life and social development, with the participation of women in the workforce doubling since 2016.

Saudi Vision 2030 is a journey, not a final destination, indicating that the current achievements of the Kingdom are only the beginning stage, and more should be done, which will generate numerous opportunities for cooperation, growth, and development with various international partners, he concluded.