Saudi Arabia building an economy of the future — Crown Prince

Saudi Gazette report

RIYADH — Crown Prince and Prime Minister Mohammed Bin Salman said that Saudi Arabia is building an economy of the future based on Innovation, Growth, And Opportunity, with global partners.

The Crown Prince participated on Sunday in a Special Dialogue session at the World Economic Forum Special Meeting in Riyadh, attended by global 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 collaboration to foster a more resilient and integrated global economy.

In his dialogue, the Crown Prince affirmed Saudi Arabia’s commitment to being a stabilizing force in the region, emphasizing that cohesion and cooperation with regional and global partners are essential for achieving security and prosperity.

He noted that building on decades of robust growth fueled by energy exports, Saudi Arabia now offers diverse opportunities for regional and global investors, acting 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 create transformative investment opportunities across emerging sectors of its evolving economy.

He discussed the comprehensive reforms implemented over the past eight years which have enabled the private sector to become a growth engine, referencing the growth of the Public Investment Fund (PIF) and its goal to become a trillion-dollar sovereign wealth fund.

Talking about Saudi Arabia’s rapidly diversifying economy, the Crown Prince mentioned a recent milestone: “for the first time, in 2023, Saudi Arabia’s non-oil GDP accounted for more than 50% of the country’s total GDP.”

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

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

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

He noted the significant improvements in quality of life, social mobility, and inclusion, with women’s labor force participation having doubled since 2016.

Looking ahead, the Crown Prince emphasized that the Kingdom’s global importance as a hub for transit, technology, and trade will continue to grow, facilitated by new economic integration initiatives such as IMEC.

He reflected on Saudi Vision 2030 as a journey rather than a destination, saying that while Saudi Arabia has made significant strides, there is still much more to accomplish, creating compelling opportunities for collaboration, growth, and development with international partners.