Saudi Economy Minister Highlights Global Partnerships and Non-Oil Growth at FII8

KSA, 1 November, 2024 : At the 8th Future Investment Initiative (FII8) in Riyadh, Saudi Minister of Economy and Planning, Faisal Al-Ibrahim, emphasized the critical role of global partnerships in tackling major economic challenges and fostering growth. In his opening address, he underscored Saudi Arabia's leadership in renewable energy, revealing record-breaking achievements in solar and wind power.

Al-Ibrahim highlighted the Kingdom's economic diversification, noting a 70% surge in private investments within the non-oil sector. "Non-oil activities now make up 53% of Saudi Arabia's real GDP—a historic first, achieved since Vision 2030," he said, adding that the non-oil economy has grown by 20% since the vision’s inception.

Pointing to Saudi Arabia’s strategic position, Al-Ibrahim noted the Kingdom’s dedication to strengthening global supply chains, bolstered by GCC free trade agreements. He identified energy transitions and artificial intelligence as pivotal areas for the global economy, emphasizing Saudi Arabia's commitment to public-private partnerships to fuel innovation and regulatory improvements.

With the Kingdom now hosting over 120 regional headquarters of international companies, Al-Ibrahim affirmed Saudi Arabia's ambition to become a global AI leader while fostering a business-friendly environment for future growth.

Source : www.saudigazette.com.sa