Saudi Gazette report

RIYADH — Saudi Minister of Economy and Planning Faisal Al-Ibrahim underscored the importance of global partnerships in addressing pressing challenges and driving economic growth. In his opening speech on the third day of the 8th Future Investment Initiative (FII8) conference in Riyadh on Thursday, Al-Ibrahim highlighted the Kingdom's significant strides in renewable energy, stating that Saudi Arabia is setting new global solar and wind energy records.

Al-Ibrahim said that private investments in the non-oil sector shot up by 70 percent. "For the first time in the history of the Kingdom, non-oil activities now constitute 53 percent of the real GDP, since the launch of Vision 2030. Non-oil economy has grown by 20 percent since the launch of the vision," he said.

The minister emphasized the nation's commitment to strengthening global supply chains through initiatives such as GCC free trade agreements. "Today, we gather to discuss the pivotal axes of our global economy: energy transitions and artificial intelligence," he said while noting that the global economy is poised for significant growth and that international partnerships are essential to navigating future challenges. "Throughout history, Saudi Arabia has been an anchor of stability and a beacon of prosperity in the face of global challenges," he emphasized.

Al-Ibrahim stressed the importance of public-private partnerships in driving economic growth and innovation. He highlighted the Kingdom's commitment to becoming a global leader in artificial intelligence and its efforts to create a conducive business environment that fosters innovation and regulatory clarity.

Over 120 companies have already relocated their regional headquarters to Saudi Arabia, the minister added.