The Finance Minister of Saudi Arabia, Mohammed Al-Jadaan, spoke at the 8th annual conference of the Future Investment Initiative (FII8) in Riyadh about the success of the Saudi Vision 2030 in attracting investors to the country. He highlighted that the non-oil economy now makes up 52 percent of the Saudi economy, showing the tangible results of the Vision. Al-Jadaan emphasized the importance of women’s empowerment in achieving the Vision’s goals, with an aim to have 40 percent of women participating in the labor market by 2030. He also mentioned the growth of tourism in Saudi Arabia, exceeding targets set by the Vision.
Al-Jadaan mentioned that Saudi Arabia plays a pivotal role in the stability of the region, which attracts investors despite geopolitical tensions. He stressed the importance of maintaining financial strength and discipline, as well as ensuring consistency in economic plans to support the private sector. The minister also addressed global challenges such as sovereign debt, highlighting the need for sustainable solutions to reduce debt levels for long-term growth and financial stability. Despite these challenges, Al-Jadaan expressed optimism about the resilience of the global economy and the opportunities available for investors in Saudi Arabia.
The performance report of the Vision 2030 showed that 87 percent of its goals have been achieved or are on track, with efforts to address the remaining 15 percent to ensure progress as required. Al-Jadaan mentioned that the Kingdom is not shy about acknowledging challenges, including global concerns about rising debt levels exceeding $300 trillion. He called for building bridges of understanding rather than burning them in the face of these challenges, emphasizing the importance of working towards a sustainable future to support economic growth and stability.
Overall, Al-Jadaan’s remarks at the conference highlighted the success of the Saudi Vision 2030 in attracting investors to Saudi Arabia and achieving key milestones in diversifying the economy and empowering women. The minister’s emphasis on financial discipline, consistency in economic plans, and addressing global challenges such as sovereign debt demonstrated Saudi Arabia’s commitment to long-term economic growth and stability. With the Kingdom’s role as a pillar of stability in the region, Al-Jadaan’s optimistic outlook on the global economy and the opportunities for investment in Saudi Arabia showcased the country’s potential for continued growth and development in the years to come.
