Saudi Press

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Wednesday, Jul 24, 2024

Saudi Arabia's Remarkable Position for Sustained Economic Growth

Saudi Arabia's savings, natural resources, and state capabilities position it well for sustained economic growth, said Finance Minister Mohammed Al-Jadaan at the OPEC Fund Forum in Vienna. He outlined efforts to diversify the economy, increase non-oil revenue, and enhance workforce participation, in line with Vision 2030. The OPEC Fund also approved $605 million in new financing for global development projects.
Saudi Arabia’s collective savings, abundant natural resources, and robust state capabilities position it favorably for ongoing economic development, as articulated by Finance Minister Mohammed Al-Jadaan at the OPEC Fund Development Forum and Ministerial Meeting held June 25-26 in Vienna.

Al-Jadaan discussed challenges for low-income nations and emphasized that long-term sustained development hinges on each country's actions.

He highlighted Saudi Arabia’s strides to bolster non-oil revenue and diversify its economy under Vision 2030, focusing on sectors enabling sustainable growth, and efforts to enhance female workforce participation, youth education, and private sector investments.

Additionally, Al-Jadaan stressed the necessity of strategic focus and adaptive planning.

A trilateral agreement with the OPEC Fund and Somalia was signed to aid Somalia's economic recovery, aligned with the IMF and World Bank’s HIPC initiative.

The minister also attended the inauguration of the OPEC Fund's expanded headquarters in Vienna.

A memorandum of understanding was finalized between the Saudi Export-Import Bank and the OPEC Fund to strengthen development initiatives and expand Saudi non-oil exports.

The OPEC Fund approved $605 million in new financing, prioritizing global food security, climate action, and critical infrastructure.

Founded in 1976, the Vienna-based OPEC Fund supports social and economic advancement in developing nations, particularly low-income countries.
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