Minister Claims that there is a Fundamental Shift in the Saudi Economy.

Minister Claims that there is a Fundamental Shift in the Saudi Economy.

RIYADH: According to the Kingdom’s economy minister, Saudi Arabia has experienced a significant transformation in its economy since the introduction of Vision 2030, and the business environment is changing as a result of the emergence of new industries.

Speaking on Wednesday at a conference in Riyadh, Faisal Al-Ibrahim emphasized the Kingdom’s rapidly changing business environment and its efforts to diversify its revenue streams away from oil.

At a conference in Riyadh on Wednesday, Faisal Al-Ibrahim discussed the Kingdom’s rapidly changing business environment and its efforts to diversify its revenue streams away from oil.

The top official stated at the “Industrial Policies to Promote Economic Diversification” event that the economic and legislative frameworks supporting sustainable development have significantly modified since the introduction of the Vision 2030 plan.

The minister declared, “Long-term competitiveness will be developed by the presence of foreign investments.”

The minister expounded on the Kingdom’s efforts to concentrate on sector transformation that signifies a technological revolution in the medium run.

Saudi Arabia is committed to medium-term development through fostering long-term success and striking a balance between short-term profits. Al-Ibrahim emphasized.

Also Read:

Up to 320,000 More Hotel Rooms will be Added by 2030 in Saudi Arabia’s Thriving Hospitality Sector.  

EU Embassy and Arab News Recognize the Saudi “Horizon” Documentary Creators.

 

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