RIYADH — Minister of Investment Eng. Khalid Al-Falih said that Saudi Arabia was able to transform global economic crises into points of strength. Addressing the 7th edition of the Future Investment Initiative in Riyadh on Tuesday, he said that Saudi Arabia possesses components that attract both foreign investors and capital.

Al-Falih emphasized that the Kingdom’s currency riyal has been pegged to the US dollar since a long time and it will continue so in future also. He noted that high interest rates are still influential in the global scenario and that the Kingdom has a good financing structure compared to other countries featuring financial institutions that can provide loans at lower rates of interest.

Al-Falih also spoke about the recent efforts of the Public Investment Fund to make the Saudi economy among the 10 largest economies in the world. The minister said that Saudi Arabia is moving towards achieving the well-being and welfare of the society and raising the quality of life despite the crises that the region is experiencing. The Kingdom was able to overcome global crises thanks to the sagacity and wisdom from the leadership to withstand the challenges in the security, economic and financial sectors, in addition to ensuring uninterrupted flow of supply chains, he said.

Al-Falih noted that the world faces many challenges, starting from interest rates, disruption of supply chains, the effects of the pandemic, inflation, and others, but Saudi Arabia was able to overcome them and turn them into strengths with political and economic stability and a long-term investment outlook.

The minister also drew attention to the Kingdom’s efforts to convert challenges into opportunities by investing in youth, entrepreneurship, innovation and modern technologies and that is in partnership with friendly countries and foreign companies. “Investment is available and diverse in all fields with an attractive investment environment,” he said

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