Faisal Al-Ibrahim, the Saudi Minister of Economy and Planning, stressed the need for international collaborations to tackle urgent issues and promote economic expansion. In his opening remarks on Thursday, the 8th Future Investment Initiative (FII8) conference in Riyadh, Al-Ibrahim highlighted the Kingdom’s notable advancements in renewable energy. He said that Saudi Arabia is breaking international records for solar and wind energy.
According to Al-Ibrahim, private investments in the non-oil industry increased by 70%. Since the implementation of Vision 2030, non-oil activities currently account for 53% of the Kingdom’s real GDP for the first time in its history. Since the vision’s inception, the non-oil economy has expanded by 20%,” he stated.
The minister underlined through programs like the GCC free trade agreements, the country is committed to bolstering global supply networks. He noted that the global economy is set to grow significantly and that international collaboration is crucial to overcoming upcoming obstacles. “Today, we gather to discuss the pivotal axes of our global economy: energy transitions and artificial intelligence,” he stated. “Throughout history, Saudi Arabia has been an anchor of stability and a beacon of prosperity in the face of global challenges,” he said.
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