Saudi Gazette Report

DOHA — Saudi Finance Minister Mohammed Al-Jadaan said that Saudi Arabia is approaching to achieve the goals of its Vision 2030 with regard to unemployment and creation of jobs. Attending panel discussion on the theme of “Reshaping Middle East Economies” in the fourth edition of the Qatar Economic Forum in Doha on Tuesday, he said that that the Vision 2030 aims to diversify the Saudi economy and make it more sustainable, with a focus on reducing dependence on oil.

“Our non-oil revenues exceeded our expectations. We aim to increase the role of the private sector in the employment process,” he said while noting that the Kingdom’s gross domestic product (GDP) has increased by more than 15 percent since the launch of Vision 2030.

Al-Jadaan said that the global economy faces serious challenges. He noted that spending at a time of global inflation results in increased costs of projects, saying that this further fuels inflation and overheats the economy. The minister said that Saudi Arabia is in a position to reshape the Gulf region’s overall economy.

He noted that the entire Gulf Cooperation Council (GCC) states are marching toward a proper, sustainable and diversified economy that ensures enhanced role of the private sector. “The stability of the Gulf currencies has contributed to the decline in the costs of our imports. We will be the most suitable place for the next generation as we have created policies that ensure continuity and economic sustainability,” he added.

In his speech, Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdul Rahman Al-Thani said: “We are working in great cooperation with Saudi Arabia regarding joint investment opportunities between the two countries.”

On his part, Qatari Finance Minister Ali Al-Kuwari said at the session that the World Cup has “accelerated our construction of infrastructure,” and that Qatar’s current focus is building the capabilities of the private sector, and is also focusing on investing in human resources to achieve the goals of “Vision 2030.” He cited that the issue of inflation in the Gulf countries is not as worrying as it is in other countries of the world.

More than 1,000 global policymakers and leaders from government and the private sector gathered in Doha for the three-day forum, which is discussing five themes: geopolitics, globalization & trade; energy transition; technology innovation; business & investment outlook; and sports and entertainment