The rapid economic transformation of Saudi Arabia and its economic resilience were highlighted by a high-level delegation at the World Economic Forum at Davos. 

 

At a session, titled “Saudi Arabia’s Transformation in a Changing Global Context”, four speakers from the kingdom offered their insights on how Saudi Arabia's strategic investments, geopolitical bridge-building and industrialisation are transforming Saudi Arabia into a beacon of economic optimism amid gathering macroeconomic challenges.

 

Princess Reema bint Bandar Al Saud, Saudi Arabia’s Ambassador to the US, underlined the importance of the Saudi-US relationship. 

 

“We are strategic partners, and we've stood by each other where it counts and where it matters. That’s not just good for the United States of America or good for Saudi Arabia, it creates a more stable world,” she said.

 

Mohammed bin Abdullah Al Jadaan, Saudi Arabia’s Minister of Finance, spoke on the economic reforms ushered in by Saudi Vision 2030, in providing a pathway for the region. 

 

“Because we invested heavily in technology, we were able to seamlessly move from ‘actual’ to ‘virtual’ in sectors such as health and education,” Al Jadaan said. “Also, we saw inflation coming earlier than many people. While inflation in the world was above 8 percent in 2022, ours averaged below 3 percent.”

 

Abdullah bin Amer Alswaha, Saudi Arabia's Minister of Communications and Information Technology, highlighted how the kingdom is a reliable partner for closing global divides powered by talent and technology, explaining what the kingdom has done to “connect the unconnected” with the Non-Terrestrial Network Program exploring how space can deliver the internet to the 2.7 billion people who don't have access.

 

“To scale these solutions, we have laid out a roadmap with what we call the three Cs: common frameworks, collective action, and collaborative tools. We believe the kingdom can be a global force for integration and a partner of choice for bridging these divides,” he said.

 

Bandar Alkhorayef, the Minister of Industry and Mineral Resources, pointed to the investment in the nation’s industrial sector and the focus on new sources of national wealth. 

 

“We are aiming to create an agile, competitive, and sustainable industrial economy. The sector is designed to fulfil local demand and ensure resilience, but export is also key. We are creating an ecosystem that is enabling the private sector to invest in the right technologies that allow our production facilities to produce beyond the global average,” Alkhorayef said.

 

The panel also included Kristalina Georgieva, Managing Director of the International Monetary Fund, and Jane Fraser, CEO of Citi.

 

Georgieva said: “When I visited Saudi Arabia, I was incredibly impressed by the progress that the country has made in implementing Vision 2030 and becoming a bright spot for the world economy.”  - TradeArabia News Service