Tuesday, April 30, 2024
Saudi Arabia is building a Future-proof economy - Saudi Crown Prince
Mohammed bin Salman, the crown prince and prime minister of Saudi Arabia, has stated that the kingdom is working with international allies to construct a future economy that is centered on innovation, growth, and opportunity. Most Viewed : Saudi Arabia suspends 4 Social Media influencers for posting offensive content
At the World Economic Forum Special Meeting in Riyadh, the Crown Prince was one of many world leaders from academia, business, and government who gathered for a Special Dialogue session on Sunday.
- During the discussion, he discussed the world's present economic and geopolitical problems as well as the proactive measures taken by the Kingdom to increase international cooperation in order to build a stronger and more integrated global economy.
- During his conversation, the Crown Prince underlined Saudi Arabia's role as a regional stabilizing factor and stressed the need of unity and collaboration with neighbors and friends throughout the world in attaining stability and success.
- He said that Saudi Arabia has been a bridge between emerging and developed economies and a gateway to the Middle East, thanks to decades of strong growth supported by energy exports. The country today provides a variety of opportunities to investors from around the world. Recommend : Hajj permit is mandatory as per Shariah Law
- The Crown Prince praised Saudi Arabia's progress toward its Saudi Vision 2030, noting that the country is still opening up new avenues for groundbreaking investment in rapidly developing economic fields.
- In his speech, he outlined the eight years of reforms that have transformed the private sector into a growth engine, citing the expansion of the Public Investment Fund (PIF) and its aspiration to become a sovereign wealth fund worth a trillion dollars.
- The Crown Prince brought up a recent achievement in Saudi Arabia's increasingly diverse economy during which he said, "for the first time, in 2023, Saudi Arabia’s non-oil GDP accounted for more than 50% of the country’s total GDP."
- He stressed that spending on research and development is crucial, saying that it has helped national champions like ACWA Power, Ceer, and Alat flourish and that it will let these companies to take advantage of new technology to expand their businesses even further in the Kingdom. Read : All types of Saudi visa holders can now perform Umrah
- He made a point that, this is one reason why the digital economy of the Kingdom is expanding at a rate three times that of the world average.
- Additionally, the Crown Prince addressed how Saudi Vision 2030 has improved people's lives and contributed to an active civil society in the Kingdom.
- With women's labor force participation having doubled since 2016, he highlighted the notable improvements in quality of life, social mobility, and inclusiveness.
- With the help of new economic integration efforts like IMEC, the Crown Prince predicted that the Kingdom will continue to become an important center for transportation, technology, and trade on a global scale.
- He framed Saudi Vision 2030 as an ongoing process rather than an endpoint, noting that the kingdom has come a long way but that there is still a lot to do, opening up exciting possibilities for partnerships abroad to work together for mutual benefit. Like and Follow Saudi Expatriates on Facebook
Saudi Arabia is building a Future-proof economy - Saudi Crown Prince
