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Saudi Arabia’s biggest challenge is to diversify its economy farther from oil: Al Ibrahim

Bynewshuntexpress

May 3, 2023
Saudi Arabia’s biggest challenge is to diversify its economy farther from oil: Al Ibrahim

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Saudi Gazette report

CALIFORNIA — The biggest challenge that Saudi Arabia is facing is to diversify its economy farther from oil, the Minister of Economy and Planning Faisal Bin Fadhil Al Ibrahim said.

According to Bloomberg, Al Ibrahim said during his speech at the Milken Institute Global Conference that Saudi Arabia aims to increase the shares of the private sector in the economy by 65% ​​from its current percentage levels in the 40s.

He added, at the event held in Beverly Hills, California, that the Kingdom also aims to develop several sectors such as advanced manufacturing which would help Saudi Arabia to leapfrog beyond oil.

Al Ibrahim confirmed that Saudi Arabia will not shy away from investing in tourism and in the sectors related to this field. “These are sectors that did not exist in the past, and we’re trying to catch up,” he said.

The Kingdom has a very large venture capital (VC) ecosystem that is growing rapidly, he said, adding that the country still has a long way to go, but it is something it prioritises.

Saudi Arabia’s desire to expand away from oil comes amid new measures to attract foreign investment and workers.

One of the measures is to impose restrictions on the state entities from practicing the trade business with international companies, which do not have a regional headquarters in the Kingdom by 2024.

It is noteworthy that, in accordance with the Investment Minister Eng. Khalid Al-Falih, starting from the end of 2022, about 80 companies have requested an application to obtain a permit to move their headquarters to Riyadh.

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