Saudi Arabia aims to build new business sectors away from oil: Al Falih

Minister of Investment Khalid Al Falih

Minister of Investment, Khalid Al Falih, said that building new economic and business sectors away from oil is the policy adopted by the ministry as part of the Kingdom’s economic plan. Previously, limited resources, namely oil linked supply chains and petrochemical industries, were the main hindrance to attracting investors to the Kingdom.

Every sector in the Kingdom has a well-detailed strategy, Al Falih said in a panel discussion today, Feb. 20, on the sidelines of the Saudi Media Forum, the state-run SPA reported. He also highlighted the importance of these plans and strategies, which positively affect investor decisions in the Kingdom.

He also cited a mature and solid banking system in line with the highest standards of disclosure and transparency, noting that it intensifies response by local and global investors to the Kingdom.

Investors always look for economic, political, organizational and legislative stability, in addition to available investment opportunities. Al Falih added that the Ministry of Investment, in partnership with government authorities and the private sector, develop a investment strategy to develop favorable investment opportunities, ensure equality among all investors, finance, and reduce costs incurred by investors.

Al Falih stressed the solid position of the Kingdom and its economic and political resilience amid the pandemic, citing its ability to absorb shocks and overcome crisis under the Saudi Vision 2030.

Saudi Arabia’s economy grew from $600 billion to over $1 trillion in 2022.

Finally, Al Falih spoke about the role of media in highlighting the Kingdom’s breakthroughs.