Ashraf AboArafe
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister – may God protect him – confirmed that the Kingdom early realized the importance of international cooperation, growth and energy, and worked to enhance partnership and integration. Emphasizing the Kingdom’s pioneering role in creating a global impact on growth and energy.
This came during His Highness’s participation yesterday in a special dialogue session within the special meeting of the World Economic Forum in Riyadh, in the presence of a number of leaders from the government and private sectors and a number of academics and representatives of international organizations from around the world. The special session discussed the current geopolitical and economic challenges facing the world, and the Kingdom’s efforts to enhance international cooperation and act as an engine for growth within the framework of its role as a global economic center in the Middle East region, which is an essential pillar of the global trade exchange system.
His Highness added during the session that the Kingdom played a major and pivotal role in international issues by devoting all efforts to building a stronger, more robust and sustainable global system, in parallel with the major economic and social transformation it is witnessing. His Highness stressed that it will continue its role in creating a lasting global impact. Based on its leadership towards common international issues.
His Highness stressed that the Kingdom is working with its international partners within the framework of promoting innovation, trade integration and energy security. This is with the aim of achieving a cohesive global economy, pointing to the Kingdom’s provision of direct support and development investments. With the aim of encouraging economic and financial stability in the world.
His Highness said: The special meeting of the World Economic Forum carries many goals that the Kingdom has worked to achieve in various sectors of life in partnership with the international community. His Highness stressed that the Kingdom has today become a source of opportunities and an incubator for innovation.
His Highness affirmed the Kingdom’s commitment to expanding the scope of international cooperation with its international partners with the aim of promoting comprehensive development for all, achieving integrated economic flexibility, and acting as a force supporting stability, prosperity and peace in the region and the world in the long term. His Highness addressed the issue of the volatile geopolitical environment currently prevailing, stressing that the most important factor for achieving security, stability and economic progress is taking advantage of all opportunities and giving priority to cooperative partnerships with regional and global partners.
During the session, His Highness shed light on the Kingdom’s achievements within the framework of Saudi Vision 2030, noting that the Kingdom continues to create transformative investment opportunities in emerging sectors in various aspects of its advanced economy.
His Highness discussed the comprehensive reform package implemented by the Kingdom over the past eight years with the aim of enabling private sector enterprises to contribute to the ongoing process of progress, pointing to the growth of the Public Investment Fund and its plans aimed at transforming into a sovereign fund whose wealth is estimated at trillions of dollars.
During his discussion of the Kingdom’s economy, which is witnessing rapid diversification, His Highness the Crown Prince spoke about the recent achievement achieved by the Kingdom, for the first time, as the Kingdom’s current non-oil gross domestic product represents more than 50% of its gross domestic product in the year 2023, stressing the importance of pumping More investments in the areas of research and development, given its significant role in enabling leading national companies, including ACWA Power, SER and ALAKAT, to continue the growth process. His Highness stated that the areas of research and development constitute a basic foundation that allows these companies to employ emerging technologies within their business models and promote growth in this important sector in the Kingdom. His Highness the Crown Prince also indicated that these efforts contributed to accelerating the growth of the digital economy in the Kingdom at a rate three times faster than the global growth rate.
His Highness the Crown Prince touched on the impact of Saudi Vision 2030 on all aspects of life in the Kingdom, which resulted in building a vibrant society. His Highness pointed to the significant improvements that have occurred in the quality of life and social development, as women’s participation in the workforce has doubled since 2016.
His Highness stated that Saudi Vision 2030 is a journey, not a final destination, indicating that the Kingdom’s current achievements are only the beginning stage, and more must be done, which will generate many opportunities for cooperation, growth and development with various international partners.
