RIYADH: The Kingdom of Saudi Arabia’s (KSA) Minister of Economy and Planning Faisal Alibrahim, during his participation at the 8th Future Investment Initiative (FII8) conference, has underscored the importance of international partnerships in addressing pressing challenges and driving economic growth, the Saudi Press Agency (SPA) reported.
The SPA reported that Alibrahim has highlighted the Kingdom of Saudi Arabia’s significant strides in renewable energy, stating that the Kingdom is setting new international solar and wind energy records. The Minister has emphasized the Kingdom’s resolve to strengthening global supply chains through initiatives such as GCC free trade agreements, the SPA added.
“Today, we have gathered to discuss the pivotal axes of our international economy: energy transitions and artificial intelligence (AI),” said Alibrahim. The Minister also noted that the international economy is poised for key growth and that global partnerships are essential to navigating future challenges.
The minister said that since the launch of Vision 2030, the Kingdom of Saudi Arabia (KSA) has witnessed substantial economic progress, the SPA added. Non-oil sectors have also expanded by 20 percent, and private investment in these fields has surged by 70%, according to the SPA.
Alibrahim has stressed the significance of public-private partnerships in driving economic growth as well as innovation. He has highlighted the Kingdom of Saudi Arabia’s (KSA) commitment to becoming an international leader in artificial intelligence (AI) and its efforts to create a conducive business atmosphere that fosters innovation and regulatory clarity, the SPA added. More than 120 companies have already relocated their regional headquarters to the Kingdom of Saudi Arabia, he said.
