Saudi Economy Minister Highlights Global Partnerships and Growth at Future Investment Initiative

At the 8th Future Investment Initiative (FII8) conference in Riyadh, Saudi Arabia’s Minister of Economy and Planning, Faisal Al-Ibrahim, emphasized the Kingdom’s commitment to international collaboration as a driving force for economic growth and innovation. In his opening remarks on the third day of the event, Al-Ibrahim pointed to Saudi Arabia’s ambitious strides in renewable energy and the expanding non-oil sector as key indicators of progress under Vision 2030.

“Saudi Arabia is setting new global records in solar and wind energy,” Al-Ibrahim declared, underscoring the Kingdom’s ongoing transition towards renewable energy. He noted that private investments in the non-oil sector have surged by 70 percent since Vision 2030 was launched, transforming the structure of the Saudi economy. “For the first time in the Kingdom’s history, non-oil activities now make up 53 percent of the real GDP. Since the launch of Vision 2030, the non-oil economy has grown by 20 percent,” he added, positioning Saudi Arabia as a regional leader in economic diversification.

Al-Ibrahim stressed the significance of global partnerships in overcoming shared challenges, particularly in areas of energy transition and artificial intelligence. “Today, we gather to discuss the pivotal axes of our global economy: energy transitions and artificial intelligence,” he said, highlighting the necessity of international cooperation in driving sustainable growth. He also pointed to Saudi Arabia’s historical role as a “stabilizing anchor and beacon of prosperity” in times of global uncertainty.

Public-private partnerships, the minister noted, are central to Saudi Arabia’s economic strategy, with the government actively working to create an environment conducive to innovation and business growth. By fostering regulatory clarity and economic reforms, the Kingdom aims to attract both domestic and international investment, reinforcing its commitment to becoming a global leader in artificial intelligence.

The Kingdom’s efforts to bolster its status as a strategic hub in the Middle East are evident, with Al-Ibrahim citing that more than 120 companies have recently relocated their regional headquarters to Saudi Arabia. This move aligns with the Vision 2030 goal of transforming Riyadh into a central business destination for the region.

The conference, attended by global business leaders and policymakers, serves as a platform for discussing major shifts in the world economy and exploring pathways for sustainable development. Al-Ibrahim highlighted that Saudi Arabia’s recent free trade agreements within the GCC are expected to further strengthen global supply chains, enhancing the Kingdom’s economic footprint and bolstering regional trade integration.

As Saudi Arabia continues its push for economic reform and sustainable growth, Al-Ibrahim reiterated the Kingdom’s dedication to fostering meaningful global partnerships to navigate the challenges of the future. The minister’s speech underscored the importance of collaboration, innovation, and sustainability in achieving Saudi Arabia’s ambitious economic transformation goals.