Riyadh– Minister of Economy and Planning Faisal bin Fadhil Alibrahim, participated in the sixth edition of the Future Investment Initiative (FII) this week, highlighting how emerging sectors and the creation of thousands of new jobs are driving long-term value for the Kingdom.
Joined by Saudi ministers, global leaders and international investors at the annual conference, Alibrahim participated in two discussion panels on the importance of maintaining global trade security, and the positive role sovereign wealth funds are playing to address inequalities.
Alibrahim highlighted Saudi Arabia’s Supply Chain Resilience Initiative – a multi-billion-dollar project to make the Kingdom a location of choice for leading global industrial companies, launched last week by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister.
“FII presents an opportunity for the global community to convene, collaborate and make impactful decisions on the issues that matter most,” Alibrahim said.
“As the world confronts persistent supply chain disruption, we are focused on offering solutions that make global trade more predictable and reliable. The Supply Chain Resilience Initiative is a continuation of our economic diversification under Vision 2030, which has made our economy resistant to global supply chain shocks and an attractive business destination located at the heart of three continents.”
He also discussed how the Kingdom has promoted economic stability and diversification through strategic development initiatives during a panel titled ‘How Sovereign Wealth is Reordering the World’.
“Our challenge is diversifying our sources of growth. One good indicator in that direction is our non-oil GDP. Non-oil GDP in Saudi Arabia has growth at 6.1% in the last quarter. The highest in 11 years,” he said.
“Sovereign wealth funds are not only going to help developmentally but can help the world on many global issues, and many investment opportunities that are important, what PIF helps us do in this transitional period, is crowd-in the private sector, make more bold statements, and absorb the inefficiencies of new sectors,” he added.
While attending FII, Alibrahim also took the opportunity to meet with global leaders, international investors, and representatives from local, regional and international private sector companies.
Saudi Arabia is also offering opportunities for deeper and more meaningful partnerships with the private sector, stimulating their contribution to the growth and prosperity of the national economy. Legislative and regulatory reforms enacted under Saudi Vision 2030 have enhanced ease of doing business, empowered the spirit of entrepreneurship and attracted greater inflows of foreign direct investment.
Source: Saudi Press Agency