Saudi Minister of Economy and Planning Faisal Al-Ibrahim recently spoke at the 8th Future Investment Initiative (FII8) conference in Riyadh, emphasizing the importance of global partnerships in addressing challenges and driving economic growth. He highlighted the Kingdom’s advancements in renewable energy, noting that Saudi Arabia is setting new global records in solar and wind energy. Al-Ibrahim also mentioned that private investments in the non-oil sector have increased by 70 percent, with non-oil activities now accounting for 53 percent of the real GDP. Since the launch of Vision 2030, the non-oil economy has seen a growth of 20 percent.
In his speech, Al-Ibrahim expressed the country’s commitment to strengthening global supply chains through initiatives like the GCC free trade agreements. He emphasized the importance of discussing energy transitions and artificial intelligence, stating that international partnerships are crucial in navigating future challenges. With Saudi Arabia being historically known as an anchor of stability and prosperity, Al-Ibrahim stressed the significance of public-private partnerships in promoting economic growth and innovation.
Al-Ibrahim also highlighted the Kingdom’s efforts to become a global leader in artificial intelligence, creating a business-friendly environment that promotes innovation and provides regulatory clarity. He mentioned that over 120 companies have already moved their regional headquarters to Saudi Arabia, showcasing the country’s appeal as a hub for business. As the global economy prepares for significant growth, Al-Ibrahim reiterated the importance of partnerships in driving economic progress and overcoming obstacles.
