Crown Prince Mohammed Bin Salman: Saudi Arabia's Economy of the Future - Innovation, Growth, and Opportunity
Crown Prince Mohammed Bin Salman of Saudi Arabia spoke at the World Economic Forum in Riyadh about building a future economy focused on innovation, growth, and opportunity with global partners.
He addressed geopolitical and economic challenges and Saudi Arabia's role as a regional stabilizer, emphasizing the importance of collaboration for security and prosperity.
The Crown Prince of Saudi Arabia spoke about the country's economic growth and investment opportunities.
After decades of growth fueled by energy exports, Saudi Arabia is now a gateway to the Middle East and a bridge between developing and developed economies.
The Crown Prince highlighted achievements under Saudi Vision 2030, including transformative investment opportunities in emerging sectors and comprehensive reforms that have made the private sector a growth engine.
The Public Investment Fund (PIF) has grown significantly and aims to become a trillion-dollar sovereign wealth fund.
A recent milestone was reached in 2023 when non-oil GDP accounted for over 50% of the country's total GDP. The Crown Prince of Saudi Arabia emphasized the significance of investing in research and development, which led to the growth of national champions like ACWA Power, Ceer, and Alat, allowing them to adopt emerging technologies and expand the digital economy in the Kingdom.
The digital economy is growing three times faster than the global rate.
The Crown Prince also highlighted the impact of Saudi Vision 2030 on various aspects of life in the Kingdom, including a thriving civil society, improved quality of life, increased social mobility, and higher women's labor force participation.
He also mentioned the Kingdom's role as a global hub for transit, technology, and trade, and the upcoming economic integration initiatives like IMEC to facilitate this growth.
The text discusses a reflection on Saudi Vision 2030, which is described as a journey rather than a destination.
The speaker acknowledges the progress made in Saudi Arabia but emphasizes that there is still work to be done, presenting opportunities for collaboration, growth, and development with international partners.