Saudi Gazette report

RIYADH — Finance Minister Mohammed Al-Jadaan said that investors are coming to Saudi Arabia due to the deliverables made by the Saudi Vision 2030.

Speaking at a session titled “How will finance solve the risks of a fractured world?” on the second day of the 8th annual conference of the Future Investment Initiative (FII8) in Riyadh on Wednesday, the minister said that non-oil economy now constitutes 52 percent of the Saudi economy.

Al-Jadaan said that the Saudi Vision 2030 has yielded tangible results. "The investors are investing in the Kingdom, despite geopolitical tensions, because it constitutes a pillar of stability," he said while attributing this not only to the promises of the Vision, but also to what the Vision has already achieved," he said.

Al-Jadaan said that the global economy is more flexible than some believe. "Sovereign debt is a very big challenge that we are discussing at the global level. We need to build bridges, in light of geopolitical risks,” he pointed out.

The minister emphasized that women’s empowerment is a fundamental pillar of the Vision, as the number of small projects led by women has been doubled. He said that the Kingdom is currently targeting about 40 percent for women’s participation in the labor market by 2030, after exceeding the previously set target of 30 percent. "Tourism in Saudi Arabia is growing tremendously, and has exceeded our targets. A performance report, published a few months ago, showed that about 87 percent of the goals of the Vision 2030 have been achieved or are on track, and we are working to address the remaining 15 percent so as to ensure that it is progressing as required.”

Al-Jadaan said: "Our priorities are to maintain what we have done successfully, and to maintain our financial strength while maintaining financial discipline and appropriate reserves. We are working to ensure that our economic plans are consistent, and that the private sector is able to keep pace with the government efforts.”

He stressed that Saudi Arabia plays a pivotal role in the stability of the region, saying: “I believe that investors are investing in the Kingdom, despite geopolitical tensions, because Saudi Arabia is a pillar of stability.” He explained that the Kingdom is one of the good places in the world to invest and what investors are looking for. "There are many challenges, as well as opportunities and in the Kingdom we are not shy about mentioning the challenges. Globally, sovereign debt is a major challenge that has been discussed globally, and we are trying to get the world on a sustainable path and lower debt levels," he noted.

According to Al-Jadaan, global debt levels have exceeded $300 trillion, a figure that raises concerns about financial stability, long-term growth and financial sustainability. "There is a general feeling that the global economy has proven its resilience despite the challenges. In the current circumstances, we need to build bridges of understanding, rather than burning it," he added.