Saudi Arabia is building the economy of the future – the crown prince

Saudi Gazette reports

Riyadh – Crown Prince and Prime Minister Mohammed bin Salman said Saudi Arabia is building a future economy with global partners based on innovation, growth and opportunity.

On Sunday, the Crown Prince participated in a special dialogue session at a special meeting of the World Economic Forum in Riyadh, attended by world leaders from government, business and academia.

During the session, he addressed the current geopolitical and economic challenges facing the world and the Kingdom's proactive efforts to expand global cooperation to foster a more flexible and integrated global economy.

In his speech, the Crown Prince reaffirmed Saudi Arabia's commitment to being a stabilizing force in the region, stressing the need for coordination and cooperation with regional and global partners to achieve security and prosperity.

Building on decades of strong growth fueled by energy exports, Saudi Arabia now offers diverse opportunities for regional and global investors, serving as a gateway to the Middle East and a bridge between developing and developed economies.

The Crown Prince highlighted the Kingdom's achievements under Saudi Vision 2030, pointing out that the Kingdom continues to develop transformative investment opportunities in emerging sectors of its growing economy.

Noting the growth of the Public Investment Fund (PIF) and its goal of becoming a trillion-dollar sovereign wealth fund, he discussed the sweeping reforms implemented in the last eight years that made the private sector the engine of growth.

Speaking about Saudi Arabia's rapidly diversifying economy, the crown prince noted a recent milestone: „For the first time, in 2023, Saudi Arabia's non-oil GDP will exceed 50% of the country's total GDP.”

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He underlined the importance of investing in research and development, which has fueled the growth of national champions such as ACWA Power, Ceer and Alat, enabling these companies to incorporate emerging technologies into their business models and drive further sector growth in the Kingdom.

He noted that this has contributed to the rapid growth of the Kingdom's digital economy, which is growing three times faster than the global rate.

The Crown Prince also highlighted how Saudi Vision 2030 touched every aspect of life in the Kingdom, fostering a thriving civil society and improving lives.

She noted significant improvements in quality of life, social mobility and inclusion, with women's labor force participation doubling since 2016.

Through new economic integration initiatives such as IMEC, the Crown Prince emphasized that the Kingdom's global importance as a hub for transport, technology and trade will continue to grow.

He reflected on Saudi Vision 2030 as a journey rather than a destination, saying that while Saudi Arabia has made significant progress, there is still much to do to create compelling opportunities for cooperation, growth and development with international partners.

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