Al-Jadaan: Saudi Arabia to continue economic diversification beyond 2030

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DOHA — Saudi Minister of Finance Mohammed Al-Jadaan said that the Gulf countries in general, and the Saudi Arabia in particular, take the path of reform and economic diversification very seriously.

“This path will not stop at the end of 2030, the date set for achieving the goals of the vision launched by Crown Prince and Prime Minister Mohammed bin Salman, but rather it is a continuous work,” he said while addressing a dialogue session discussing enhancing the global competitiveness of the Gulf countries at Qatar Economic Forum (QEF) here on Wednesday.

In his remarks on the topic “Maximizing the Gulf’s Global Competitiveness” Al-Jadaan emphasized that Saudi Arabia will not stop after 2030 because there are me any opportunities that can be seized.

“This journey is not going to end in 2030. This is an ongoing journey, and there are a lot of opportunities that you can capture and harness,” the minister said.

He stressed the role of companies and investors in driving the development of the economy, saying that “if we fail to involve the private sector that is more effective than the government, it will be difficult to achieve the diversification program according to Vision 2030.”

Al-Jadaan also praised Gulf countries for spending wisely by focusing on sectors that generate jobs and more sustainable growth without requiring significant financial support from the government.

The minister said that Saudi Arabia is about to achieve a growth rate of 5.8 percent this year, stressing that the Saudi economy is growing steadily, and has been able to achieve the highest growth rate among the G20 nations. “Saudi Arabia achieved a growth rate of 5.4 percent last year, and the employment rate in the private sector and the employment rate of women increased to six percent,” he said.

Al-Jadaan stressed that the Gulf region is a promising region and has a unique strategic location that enables it to achieve its investment ambitions, as it was able to achieve long-term visions, as well as its investment in infrastructure, technology and human capital.

Al-Jadaan added that the Gulf region is promising in the currently difficult world. “The pace of development in this region is a model to be followed, as these countries spend wisely while improving the level of services,” he said.

The minister pointed out that there are many opportunities that the Kingdom can seize, stressing the involvement of the private sector in economic diversification, in addition to paying attention to training and providing appropriate skills.