RIYADH: Crown Prince Mohammed Bin Salman outlined the Saudi Arabia’s vision for an ‘economy of the future’ based on innovation, growth-oriented with global partnerships.
Mohammed Bin Salman, who is also the Prime Minister of the Kingdom, was addressing at a special dialogue session at the World Economic Forum Special Meeting in Riyadh.
Addressing a diverse audience of global leaders, the Crown Prince emphasized the Kingdom’s proactive approach in tackling geopolitical and economic challenges. He underscored Saudi Arabia’s commitment to regional stability and emphasized the importance of collaboration with global partners for security and prosperity.
Highlighting Saudi Vision 2030’s transformative agenda, the Crown Prince showcased the Kingdom’s achievements in diversifying its economy, with non-oil sectors playing an increasingly prominent role. He discussed comprehensive reforms that have empowered the private sector, citing the growth of the Public Investment Fund (PIF) as a testament to Saudi Arabia’s economic evolution.
The Crown Prince celebrated milestones such as Saudi Arabia’s non-oil GDP surpassing 50% of the total GDP in 2023, reflecting the success of economic diversification efforts. He emphasized the significance of investment in research and development, noting the emergence of national champions like ACWA Power, Ceer, and Alat, driving innovation and sectoral growth.
Highlighting the Kingdom’s burgeoning digital economy, the Crown Prince underscored the transformative impact of Saudi Vision 2030 on society, citing improvements in quality of life and women’s labor force participation.
Looking ahead, the Crown Prince projected Saudi Arabia’s continued ascent as a global hub for transit, technology, and trade, facilitated by initiatives such as IMEC. He portrayed Saudi Vision 2030 as an ongoing journey, ripe with opportunities for collaboration and growth with international partners.
