Saudi Official: Global Collaboration Crucial for Addressing Economic and Social Challenges Amid Unique World Situation
A leading Saudi official, Ammar Nagadi, emphasized the importance of global collaborations in addressing economic and social challenges during the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh.
He noted that the world is experiencing unique economic and social challenges and that human development is at a critical stage.
Therefore, Nagadi believes that global collaboration is increasingly important to advance economic cooperation and tackle these challenges.
The text describes the ongoing process of Saudi Arabia serving as a platform for bringing together diverse groups of people from around the world to discuss and address global challenges.
The World Economic Forum special meeting in Riyadh is an example of this, with over 1,000 leaders from various sectors, including heads of state, private and public sector leaders, and entrepreneurs from 70 countries in attendance.
The Saudi economy is currently undergoing a period of strong transformation, as reflected in its growth and diversification.
Saudi Arabia's non-oil economic activities grew by 4.4% last year, making up 50% of the country's total GDP for the first time in history.
This is a significant milestone in the ongoing efforts to diversify the economy, bringing investment opportunities and improved job prospects for Saudis.
Unemployment reached an all-time low of 7.7% in the last quarter, and the momentum towards growth and diversification is expected to continue.
Saudi Arabia aims for a 5% growth in non-oil activities this year, with the IMF forecasting a 6% growth in 2025.
The country is making progress towards sustainability goals as part of Vision 2030, which includes economic, social, and environmental objectives.
The Saudi Green Initiative, launched in March 2021, is an example of efforts to drive economic growth while protecting the environment.
The speaker aims to reach net-zero emissions by 2060 and intends to increase renewable energy to 50% of the total energy mix, plant 10 billion trees by 2030, and protect land and sea.