Khaberni - The Saudi Investment Minister, Engineer Khalid Al-Falih, revealed that direct foreign investment in the Kingdom has quadrupled, surpassing the set targets, pointing out that Saudi Vision 2030 has proven over the years to be reality, not a dream.
This was stated during his participation in a panel discussion titled "Leaders of Alliances Between the Public and Private Sectors" at the ninth edition of the Future Investment Initiative conference. He noted that the kingdom's economy no longer solely relies on oil, pointing out that (40%) of the kingdom's budget and expenditures are financed by non-oil revenues.
He also added that (90%) of the direct foreign investment in the kingdom is non-oil, indicating that the kingdom has achieved more progress and transformation in new and exciting sectors like advanced manufacturing, technology, tourism, entrepreneurship, deep tech, and venture capital.
The Investment Minister emphasized that Saudi Arabia has managed to overcome many obstacles such as the COVID-19 pandemic, oil price drops, and regional tensions, thanks to substantial reserves and high stability, which he said is a strength point for the kingdom.
In the same context, he pointed out that the non-oil economy rose to (5%), noting that the past two years have seen more new and promising investment opportunities in the kingdom like artificial intelligence and accelerated digital transformation, pointing out that major national projects continue their progress and some are preparing to open their doors.
Participants highlighted the importance of alignment between public and private sectors to face challenges and shocks, noting that high flexibility and operational capabilities can create many promising investment opportunities that provide market balance, pointing out that governments should work on clear frameworks for the operation of public and private sectors, which will pave the way for more investment opportunities among all countries.
