Saudi Arabia posts highest growth rate among G20 countries, reaching 7.8% in 2022: Al-Rumayyan

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RIYADH — Yasir Al-Rumayyan, governor of the Saudi Public Investment Fund (PIF) and chairman of the Board of Directors of Saudi Aramco, said that Saudi Arabia had achieved a growth rate of 7.8 percent in 2022, which was the highest among the G20 countries.

“We at the Public Investment Fund are committed to transformation on a large scale to reach new levels of growth and new economic opportunities, as the PIF focused on 90 companies and created 560,000 job opportunities,” he said while addressing the opening session of the 7th Future Investment Initiative (FII7) forum in Riyadh on Tuesday.

In his speech, Al-Rumayyan expressed his thanks to the participants in light of the difficult circumstances that the world is witnessing, while emphasizing that the future depends on the hope of humanity. He noted that the FII brings together those interested in shaping the world economy for the future.

Referring to the priorities of FII7, the PIF chief said that the world is witnessing tremendous developments within a short span of time and that artificial intelligence is one of the most important of these developments. “It is expected that the global gross domestic product (GDP) will increase by 14 percent, with the need to continue developing vital industries, such as health, renewable energy and tourism,” he said while predicting that 70 percent of companies will adapt to at least one type of artificial intelligence by 2030.

Regarding Saudi Arabia’s efforts to confront climate challenges, Al-Rumayyan pointed out that the Kingdom owns more than 100 oil fields, 40 refinery plants, and 7,000 energy sources. “Hence, the Kingdom is working to monitor their emissions. It also focuses on developing new types of fuel,” he said while pointing out that Saudi Aramco is now focusing on this type of fuel to produce gasoline, and this will reduce emissions by less than 70 percent of traditional gasoline.

In his speech, World Bank President Ajay Banga said that innovation is essential to reducing carbon emissions. He stressed the need for the private sector to participate to achieve the green transformation.

Banga pointed out that the war between Israel and Hamas threatens serious economic damage in the Middle East, and that geopolitical changes have serious impacts on economic development in the region. He also stressed that the World Bank is working closely with the African continent to help it get out of its crisis.