RIYADH – Saudi Arabia is on track to double the size of its economy and diversify its investment areas, aiming to become one of the world’s largest economies, said the Kingdom’s Investment Minister Khalid Al-Falih.
He shared these remarks during a discussion panel at the Financial Sector Conference, titled “Investments for Tomorrow: The 13 Strategic Sectors.”
The Gulf country’s GDP has reached US$1.7 trillion since 2016, said Al-Falih while highlighting the significant progress in achieving its ambitious Saudi Vision 2030.
The minister emphasized the country’s growth across various sectors, including energy, such as oil, gas, and renewable energy, contributing significantly to the economy’s prosperity.
He further highlighted that the financial sector plays a crucial role in any economy worldwide, making Saudi Arabia one of the most attractive markets for investment, offering a balance between risks and returns and providing profitable opportunities.
Al-Falih urged the international community to attend conferences like the Investment Initiative and the Financial Sector Conference to take advantage of the opportunities available in the Kingdom. These events focus on attracting different types of capital from around the world.
The panel discussed various growth sectors dedicated to investors, emphasizing ways to change policies, research and development, implement reforms to support the investment strategy, accelerate support for the financial sector in investment and partnerships and explore investment opportunities in the Kingdom.
It also stressed the importance of international cooperation and joint investment models to achieve further diversification and enhance the world’s economy.
The event featured notable individuals, including Alexandre Fleury, Co-Head of Global Markets at Societe Generale, Todd Leland, President of Goldman Sachs International, and Jim DeMare, President of Global Markets for Bank of America.
