Crown Prince Calls For Strengthened Global Ties To Boost Economic Resilience At WEF Riyadh

At the World Economic Forum Special Meeting in Riyadh, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister of Saudi Arabia, took a pivotal role in leading a Special Dialogue session. The session was marked by the presence of distinguished global leaders from various sectors including government, business, and academia. The dialogue centered on addressing the pressing geopolitical and economic challenges that the world currently faces, with a particular focus on enhancing global collaboration to foster a more resilient and integrated global economy.

During the dialogue, HRH the Crown Prince underscored Saudi Arabia's dedication to serving as a stabilizing force within the region. He emphasized that unity and cooperation with both regional and global partners are essential for ensuring security and prosperity. The Crown Prince also highlighted how Saudi Arabia, leveraging its decades of substantial growth driven by energy exports, has successfully diversified its economy. This diversification has not only created a plethora of opportunities for regional and global investors but has also positioned the Kingdom as a crucial gateway to the Middle East and a connecting bridge between developing and developed economies.

HRH the Crown Prince shed light on the Kingdom's significant achievements under Saudi Vision 2030. He pointed out that these accomplishments have paved the way for transformative investment opportunities across emerging sectors within the Kingdom's evolving economy. A comprehensive suite of reforms over the last eight years was also discussed, which have been instrumental in enabling the private sector to emerge as a key driver of economic growth. This includes the growth ambitions of the Public Investment Fund (PIF), aiming to reach a valuation of a trillion dollars.

An important milestone was shared by HRH the Crown Prince, revealing that for the first time in 2023, Saudi Arabia's non-oil GDP exceeded 50% of the country's total GDP. This achievement underscores the Kingdom's rapid economic diversification efforts. The Crown Prince also underscored the critical role of investing in research and development, which has significantly contributed to the growth of national champions like ACWA Power, Ceer, and Alat. These companies are at the forefront of integrating emerging technologies into their business models, thereby accelerating sectoral growth within the Kingdom.

Furthermore, HRH the Crown Prince highlighted that Saudi Vision 2030 has profoundly impacted every aspect of life in Saudi Arabia, fostering a vibrant civil society aimed at enhancing quality of life. Notable improvements include increased social mobility and inclusion, with women’s labor force participation having doubled since 2016. Looking ahead, Saudi Arabia is set to further cement its global significance as a hub for transit, technology, and trade. This will be supported by new economic integration initiatives such as IMEC, which will facilitate building an innovative, growth-oriented future economy.

In reflecting on Saudi Vision 2030, HRH the Crown Prince described it as an ongoing journey rather than a final destination. He acknowledged the substantial progress made thus far while recognizing that there remains much more to accomplish. This journey presents numerous opportunities for collaboration, growth, and development with international partners, signaling an open invitation for global stakeholders to engage with Saudi Arabia’s ambitious vision for the future.

With inputs from SPA