Minister Of Finance Mohammed Al-Jadaan Discusses Kingdom Vision 2030 Achievements At FII8 Conference

The Minister of Finance, Mohammed Al-Jadaan, has confirmed that inflation is under control and is generally declining globally. He noted that global trade continues to grow despite facing challenges. This was stated during his participation in a session titled "How Will Finance Manage Risk in a Fractured World?" at the 8th Future Investment Initiative (FII8) Conference in Riyadh from October 29 to 31.

Al-Jadaan highlighted the Kingdom Vision 2030's achievements, particularly in non-oil GDP, which now makes up 52% of Saudi Arabia's economy. He pointed out that women's empowerment and their participation in the workforce have reached 35%, surpassing the vision's target of 30%. The unemployment rate in the Kingdom is currently at a low of 7.1%.

Investors are drawn to environments where they can expect good returns and leadership capable of making tough decisions. Al-Jadaan stressed that investors seek a supportive private sector environment facilitated by clear consultations and flexible regulatory frameworks. The Ministry of Finance focuses on maintaining financial and economic stability, which attracts investors who value fiscal discipline and substantial reserves.

Al-Jadaan also mentioned that the number of small and medium enterprises led by women in Saudi Arabia has doubled over the past seven years. This growth reflects the broader economic transformation underway as part of Vision 2030. The tourism sector has also exceeded expectations, with over 100 million tourists anticipated by the end of 2023.

The Kingdom plays a crucial role in ensuring regional and global stability, working closely with international partners to achieve this goal. Al-Jadaan emphasized that this stability is a key reason why investors are eager to engage with Saudi Arabia's national transformation initiatives.

He reiterated that the Ministry's main aim is to safeguard the state's financial health, which reassures investors about Saudi Arabia's commitment to economic stability. This commitment is evident through maintaining significant reserves and adhering to fiscal discipline.

Al-Jadaan concluded by underscoring Saudi Arabia's pivotal role in fostering regional stability while collaborating with global partners. This collaboration aligns with investor interests in participating in the country's transformative journey under Vision 2030.

With inputs from SPA