IMF Raises Growth Forecast for Saudi Economy to 6% in 2025

The International Monetary Fund (IMF) HQ2 Atrium on day 2 of the 2024 Spring Meetings of the IMF and the World Bank Group (WBG) in Washington, DC, USA, 16 April 2024. EPA/SHAWN THEW
The International Monetary Fund (IMF) HQ2 Atrium on day 2 of the 2024 Spring Meetings of the IMF and the World Bank Group (WBG) in Washington, DC, USA, 16 April 2024. EPA/SHAWN THEW
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IMF Raises Growth Forecast for Saudi Economy to 6% in 2025

The International Monetary Fund (IMF) HQ2 Atrium on day 2 of the 2024 Spring Meetings of the IMF and the World Bank Group (WBG) in Washington, DC, USA, 16 April 2024. EPA/SHAWN THEW
The International Monetary Fund (IMF) HQ2 Atrium on day 2 of the 2024 Spring Meetings of the IMF and the World Bank Group (WBG) in Washington, DC, USA, 16 April 2024. EPA/SHAWN THEW

The International Monetary Fund has raised its expectations for Saudi Arabia’s economic growth in 2025 to 6 percent – up from 5.5 percent predicted in January.

The IMF also said the Kingdom’s output will grow by 2.6 percent in 2024, down 0.1 percent compared to the previous projection.

Earlier in April, the World Bank also raised the growth prospects of the Kingdom’s economy to 5.9 percent in 2025, up from an earlier projection of 4.2 percent.

The World Bank said Saudi Arabia’s non-oil private sector is expected to grow by 4.8% during the current year due to expansionary public finance policies.



Al-Ghais: It's about Reducing Emissions, Not the Demand for Crude

Workers in an oil field in Hubei Province, China (Reuters)
Workers in an oil field in Hubei Province, China (Reuters)
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Al-Ghais: It's about Reducing Emissions, Not the Demand for Crude

Workers in an oil field in Hubei Province, China (Reuters)
Workers in an oil field in Hubei Province, China (Reuters)

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, stressed that the pace at which global demand for energy is increasing means that alternatives cannot replace oil in the same proportion.
Al-Ghais wrote an opinion piece for the media platform Middle East Economic Survey (MEES) entitled, “It’s about reducing emissions, not oil demand”, in which he talked about the spread of terms such as “the end of oil,” which reduce or ignore key details related to current and future demand for oil.
“Such assertions, despite all evidence to the contrary, are all the more dangerous given their potential to foster energy policies that stoke energy chaos,” Al-Ghais said, adding: “What if investments in supply fall as a result, but demand for oil keeps increasing, as we are seeing today?”
He continued: “Although the main goal of the Paris Agreement on climate change is to reduce emissions – not to choose energy sources – it feels like this has been forgotten, replaced by rigid narratives to reduce demand for hydrocarbons without thinking through the effects on energy security, socio-economic development, or reducing energy poverty.”
He stressed that such narratives “forget that oil continues to be irreplaceable in fostering global prosperity and maintaining energy security.”
Touching on the centrality of oil, the OPEC secretary general wrote: “It is sometimes easy to forget just how critical oil is to our everyday lives, but without it we would not have gasoline, heating oil, jet fuel, syringes, soap, computers, car tires, contact lenses, artificial limbs, many types of medicine and much more. The fiberglass, resin and plastic needed to construct most wind turbines and the ethylene for solar panels would not exist either.”
He added: “The reality is that the end of oil is not in sight. Oil continues to make up almost a third of the global energy mix today and global oil demand continues to rise.”
In another article published on the OPEC website, Al-Ghais called on all job seekers, of all generations, to consider working in the oil industry, stressing that it is “an opportunity... to provide energy to the world.”
“The oil and gas industry has a significant role to play in employment globally. In terms of direct employment, the industry recruits highly skilled and specialized workers, but its impact extends far beyond this. For local and national economies, it has significant multiplier benefits, generating opportunities for a wide range of businesses. This includes various other parts of the manufacturing supply chain, transportation companies, hotels, restaurants and shops. All told, the oil industry alone supports around 70 million jobs worldwide,” he stated.
In this context, Al-Ghais voiced concern over reports of a “‘hiring crisis’ facing the industry, an impending labor shortage, that the younger generation is being ‘put off’ from pursuing a career in the industry, and that fewer petroleum related subjects are being offered at universities.”
He noted that a number of factors could be behind these trends, “including the perception that the industry is not a viable long-term employment option, driven by the misguided view that oil is not part of a sustainable energy future.”
He stressed that the oil industry is spread all over the world, and is found in regions, towns, villages and communities, where it has the main say.
“At OPEC, we have a clear and consistent message on oil industry jobs – the world will need more of them! We foresee oil demand growing to 116 mb/d by 2045 and to meet this, and further evolve technologies to reduce emissions, we will need more workers,” Al-Ghais underlined.
He concluded by saying: “And finally, to all jobseekers – of all generations ̶ I encourage you to consider a career in the oil industry. It is one of boundless opportunities for professional fulfillment, and a vital cog in providing energy to the world.”

 

 


Abdulaziz bin Salman: Saudi Arabia Has Adopted Circular Carbon Economy Since 2019

The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
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Abdulaziz bin Salman: Saudi Arabia Has Adopted Circular Carbon Economy Since 2019

The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)

Saudi Minister of Energy Prince Abdulaziz bin Salman said that the Kingdom was focusing on transforming energy management methods into economically valuable and environmentally beneficial systems, in line with climate change initiatives.

He added that Saudi Arabia has adopted the circular carbon economy model since 2019, a concept further endorsed during its G20 presidency in 2020.

Speaking during a session entitled, “Advancing Carbon Capture and Utilization Innovations through Global Partnerships”, on the sidelines of the special meeting of the World Economic Forum in Riyadh, the Saudi minister noted that electricity production in the Kingdom is provided at the lowest cost and at competitive prices.

He stressed that the government has a number of programs and projects that are aimed at reducing costs and maintaining competitiveness in electricity production.

This not only attracts investment but also emphasizes the Kingdom’s commitment to energy security and sustainability, he remarked.

According to Prince Abdulaziz, the Saudi government is committed to achieving energy security and sustainability. He pointed to the Energy Efficiency Program launched in 2011, highlighting its unique position in realizing the state’s targets and advancing the circular carbon economy.

The minister discussed the potential benefits of carbon dioxide sinking, which could produce more carbonates and foster recycling applications, aligning with the Saudi Green Initiative and aiding climate change mitigation efforts.

He added that maintaining competitive prices will attract more investments into electricity and energy production in the Kingdom, noting that Saudi Arabia aims to determine the pace of the energy industry’s transition based on a future system supported by renewable energy sources.


Oil Slips as Investors Eye Israel-Gaza Truce Talks

The Olmeca oil refinery stands at the Dos Bocas port in Paraiso, Tabasco state, Mexico, Nov. 30, 2023. (AP Photo/Felix Marquez)
The Olmeca oil refinery stands at the Dos Bocas port in Paraiso, Tabasco state, Mexico, Nov. 30, 2023. (AP Photo/Felix Marquez)
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Oil Slips as Investors Eye Israel-Gaza Truce Talks

The Olmeca oil refinery stands at the Dos Bocas port in Paraiso, Tabasco state, Mexico, Nov. 30, 2023. (AP Photo/Felix Marquez)
The Olmeca oil refinery stands at the Dos Bocas port in Paraiso, Tabasco state, Mexico, Nov. 30, 2023. (AP Photo/Felix Marquez)

Oil edged down on Tuesday after Israel-Hamas ceasefire talks in Cairo helped quell market fears of an expanding conflict in the Middle East, while worries about the outlook for US interest rates dragged on the market.

Brent crude futures dipped 19 cents, or 0.21%, to $88.21 a barrel at 0630 GMT, while US West Texas Intermediate crude futures slipped 20 cents, or 0.24%, to $82.43 a barrel, Reuters reported.

The front-month contract of both benchmarks lost more than 1% on Monday.

"The ongoing negotiation for a potential ceasefire between Israel and Hamas has led market participants to further unwind the geopolitical risk premium in oil prices, while the upcoming Fed meeting also drives some near-term reservations," said Yeap Jun Rong, market strategist at IG.
"Rates being kept at elevated levels for longer could trigger a further rise in the US dollar, while also putting some risks to oil demand outlook."
Hamas negotiators left Cairo late on Monday to consult with the group's leadership after talks with Qatari and Egyptian mediators on a response to a phased truce proposal that Israel presented on the weekend.
The delegation was expected to report back within two days, two Egyptian security sources said.
On the economic front, investors are on watch this week for the US Federal Reserve's May 1 policy review, with stubborn inflation pushing out market expectations for any rate cuts, which could bolster the US dollar and hamper oil demand.
Some investors are cautiously pricing a higher probability that the Fed could hike interest rates by a quarter percentage point this year and next as inflation and the labor market remain resilient.
Additionally, concerns over demand have also weighed on sentiment, ANZ analysts said in a research note, as premiums for diesel and heating oil over crude oil have fallen to their lowest level in months.
"The four-week average consumption in the US is near the average seasonal low of the past five years," said ANZ, citing data from the Energy Information Administration (EIA).


Asia's First Spot Bitcoin, Ether ETFs Start Trading in Hong Kong

Hong Kong on Tuesday launched trading of Asia's first spot bitcoin and ether exchange-tranded funds. DALE DE LA REY / AFP
Hong Kong on Tuesday launched trading of Asia's first spot bitcoin and ether exchange-tranded funds. DALE DE LA REY / AFP
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Asia's First Spot Bitcoin, Ether ETFs Start Trading in Hong Kong

Hong Kong on Tuesday launched trading of Asia's first spot bitcoin and ether exchange-tranded funds. DALE DE LA REY / AFP
Hong Kong on Tuesday launched trading of Asia's first spot bitcoin and ether exchange-tranded funds. DALE DE LA REY / AFP

Hong Kong on Tuesday launched trading of Asia's first spot bitcoin and ether exchange-traded funds (ETFs), moving forward in the city's race to become a regional virtual asset investment hub.
The debut comes three months after the United States gave the greenlight to ETFs pegged to bitcoin's spot price, making it easier for mainstream investors to add the unit to their portfolio, AFP said.
Hong Kong's pioneering crypto ETFs on the city's bourse include six funds issued by three managers -- Bosera Funds, China Asset Management (Hong Kong) Limited and Harvest Global Investments.
Each company issued a spot bitcoin and a spot ether ETF, which can be traded in both Hong Kong and US dollars, while ChinaAMC (HK) also allowed trading in Chinese yuan.
In the first 30 minutes of trading on Tuesday, the new ETFs all recorded a price rise of between 0.62 percent and 3.81 percent.
CCData, a digital assets analysis firm, said Friday that the new funds were "predicted to not attract the same level of inflows as those in" the United States.
But "industry experts believe they might encourage other nations to approve cryptocurrency ETFs and could help promote the wider adoption of digital assets", it said.
Hong Kong also allows investors to carry out in-kind creation and redemption through eligible dealers. That means bitcoin and ether -- instead of official currencies like the US dollar -- can be used to invest in the ETFs.
Han Tongli, CEO of Harvest Global, said having in-kind trading in Hong Kong was an "obvious advantage over the United States".
"I believe we are not rivalling against our peers in Hong Kong but the large fund management companies in the US," Han said, according to Hong Kong-based news outlet Techub News.
"We are competing with them on behalf of Hong Kong, we are defending and developing Hong Kong's status as an international financial hub."
Han added that Hong Kong could also be a sandbox for China to test virtual asset trading -- which remains banned in the mainland.
In the United States, demand for bitcoin ETFs has slowed after a strong start in early February, according to data from Farside Investors.
Hong Kong has been trying to edge ahead as a regional digital asset hub.
Last December, the city's regulatory Securities and Futures Commission said it was ready to allow retail investors to buy funds that are 100 percent invested in some of the digital assets, triggering the first wave of applications from fund managers.


QatarEnergy Signs $6bn Deal with China Shipbuilder

QatarEnergy Signs $6bn Deal with China Shipbuilder
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QatarEnergy Signs $6bn Deal with China Shipbuilder

QatarEnergy Signs $6bn Deal with China Shipbuilder

A Chinese ship-building giant will construct 18 huge gas carriers for QatarEnergy under a $6 billion deal the Gulf firm announced on Monday, hailing it as the largest ever such contract.

The China State Shipbuilding Corporation (CSSC) is set to deliver eight Liquified Natural Gas (LNG) vessels in 2028 and 2029, and the others in 2030 and 2031, the energy company said, AFP reported.

The LNG carriers will be built at China's Hudong-Zhonghua shipyard and measure 271,000 cubic metres each, the emirate's state-owned company said in a statement following a signing ceremony in Beijing.

"With a total value of almost $6 billion for these ultra-modern, largest ever LNG vessels by size, the agreement we signed today is the industry's largest single shipbuilding contract ever," said Energy Minister Saad al-Kaabi, who is also QatarEnergy's CEO.

Asian economies led by China, Japan and South Korea have been the main market for Qatari gas, but demand has also grown from European countries since Russia's war on Ukraine threw supplies into doubt.


UAE, Ukraine Conclude Talks on Bilateral Trade Deal

The conclusion of negotiations was confirmed with the signing of a joint statement by UAE's Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade. WAM
The conclusion of negotiations was confirmed with the signing of a joint statement by UAE's Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade. WAM
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UAE, Ukraine Conclude Talks on Bilateral Trade Deal

The conclusion of negotiations was confirmed with the signing of a joint statement by UAE's Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade. WAM
The conclusion of negotiations was confirmed with the signing of a joint statement by UAE's Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade. WAM

The United Arab Emirates and Ukraine have completed negotiations for a bilateral trade deal, according to a joint statement released on Monday, ahead of its formal signing.

The conclusion of negotiations was confirmed with the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade, Yulia Svyrydenko.

The Comprehensive Economic Partnership Agreement (CEPA) will remove or reduce tariffs on a range of good and products, remove trade barriers and ease market access to exporters from both sides, the statement said.

In addition, the CEPA will also "support Ukraine's recovery and the rebuilding of key industries and infrastructure, while also helping to strengthen supply chains to the (Middle East and North Africa) region for major exports such as grains, machinery and metals."

“Ukraine is a bridge to Europe for our exporters and an important ally in our food security imports. Once implemented, the CEPA will offer Ukraine’s industrialists and entrepreneurs a new platform from which they can expand into the growth markets of Asia and Africa through the UAE, while unlocking new investment pathways that can reconstitute sectors such as logistics, manufacturing and IT and rebuild essential infrastructure,” said Al Zeyoudi.

He added: “The agreement will play an active role in the revitalization of the Ukrainian economy, and we look forward toward the ratification of the deal and the new opportunities it will create for the business communities on both sides.”

Svyrydenko said that the conclusion of the CEPA negotiations marks a historic milestone in the bilateral relations of the two countries.

“I am confident that the Ukrainian and Emirati business communities will fully capitalize on the opportunities presented by the Ukraine-UAE CEPA, thereby unlocking the immense potential in our trade and economic cooperation,” she added.


IsDB Meetings in Riyadh Earmark $400 Million to Fund African States

The IsDB annual meetings are currently held in Riyadh. (Asharq Al-Awsat)
The IsDB annual meetings are currently held in Riyadh. (Asharq Al-Awsat)
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IsDB Meetings in Riyadh Earmark $400 Million to Fund African States

The IsDB annual meetings are currently held in Riyadh. (Asharq Al-Awsat)
The IsDB annual meetings are currently held in Riyadh. (Asharq Al-Awsat)

The International Islamic Trade Finance Corporation (ITFC) signed on Sunday agreements worth $440 million to finance African countries.

The World Bank had expected growth in Africa to recover, rising from a low of 2.6 percent in 2023 to 3.4 percent in 2024.

The Chairman of the IsDB, Dr. Mohammad Al-Jasser, said on Sunday that the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provides insurance solutions to its clients, with the aim of mitigating commercial and political risks related to trade and investment in member countries.

Speaking during the second day of the Private Sector Forum, which was held on the sidelines of the IsDB annual meetings in Riyadh, Al-Jasser said the corporation, since its establishment 30 years ago, has secured more than $108 billion in project funding, in addition $51 billion in trade and investment among the Organization of Islamic Cooperation countries.

He added that the Islamic Corporation for the Development of the Private Sector, since its establishment in 1999, has provided financing for a total of 451 projects, with a total value of $6.9 billion, in various sectors, including finance, infrastructure, agriculture, manufacturing, and energy.

The CEO of the Saudi Fund for Development, Sultan Al-Murshed, told Asharq Al-Awsat that a memorandum of understanding was signed with the Islamic Development Bank Group, with the aim of coordinating efforts and participating in financing development projects around the world.

In addition, the International Islamic Trade Finance Corporation - a member of the Islamic Development Bank Group - concluded an agreement worth $40 million with the Bank of Commerce and Development, to contribute to enhancing economic growth and trade financing capabilities in East and South Africa.

The corporation also signed a framework agreement with the government of Uganda, worth $150 million, extending over three years, to support key sectors such as energy, agriculture, and health, in addition to promoting private sector development, trade cooperation, and coordination to advance sustainable development across these vital sectors.

Moreover, the corporation signed a financing agreement worth $250 million with the African Export-Import Bank, as part of the trade financing program for Africa’s adaptation to the crisis in Ukraine.

It also announced the signing of a support package with the government of Cameroun, to enhance the country’s infrastructure and agricultural productivity.


Saudi Space Agency to Launch Center for Space Futures with World Economic Forum

The center will be hosted by the Saudi Space Agency. SPA
The center will be hosted by the Saudi Space Agency. SPA
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Saudi Space Agency to Launch Center for Space Futures with World Economic Forum

The center will be hosted by the Saudi Space Agency. SPA
The center will be hosted by the Saudi Space Agency. SPA

The World Economic Forum has signed an agreement with the Saudi Space Agency to establish the Center for Space Futures, set to open this autumn.

The center, to be hosted by the Saudi Space Agency, aims to facilitate public-private discussions on space collaboration, incorporating best practices from the forum and its communities into the global space sector, and generating forward-looking contributions to accelerate space technologies.

“The center is committed to fostering a vibrant, prosperous, and sustainable space economy globally. By developing principles, expanding knowledge, refining models and cultivating partnerships, we aim to responsibly harness the vast opportunities of space,” said Saudi Space Agency CEO Dr. Mohammed Altamimi.

“From monitoring the effects of climate change to increasing human connectivity via satellites, the impact of the global space sector on Earth cannot be overstated,” World Economic Forum Managing Director Jeremy Jurgens said.

He added that the Center for Space Futures is integrated into the C4IR Network due to the importance of addressing various topics such as space technological innovation, policies and regulatory, as well as sustainability.

The Center for Space Futures is the first in the network of the Fourth Industrial Revolution Centers to focus exclusively on space. It will work alongside the existing center in the Kingdom (C4IR Saudi Arabia) to advance Saudi Vision 2030, the country’s roadmap for economic diversification, global engagement, and improved quality of life.


GCC Secretary-General to Asharq Al-Awsat: Gulf States Advancing Unified Tourist Visa

Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh
Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh
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GCC Secretary-General to Asharq Al-Awsat: Gulf States Advancing Unified Tourist Visa

Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh
Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh

Gulf Cooperation Council Secretary-General Jassim Al Budaiwi confirmed that GCC nations are working towards introducing a unified Gulf visa for global travelers.

Al Budaiwi mentioned that during their recent summit in Doha, Gulf leaders greenlit a single tourist visa for the region.

They urged the General Secretariat, along with member states, especially the Ministry of Interior representatives, to fast-track its implementation.

This move aims to allow any international visitor to explore the Gulf countries with just one visa.

Speaking to Asharq Al-Awsat on the sidelines of the World Economic Forum’s special meeting in Riyadh, Al Budaiwi expressed hope that this step would boost regional tourism and save travelers time and money.

Recent data shows that the travel and tourism sector contributed 7.8% to the GDP of GCC countries in 2022. They aim to raise this to 10% in the future.

Al Budaiwi confirmed progress on the unified visa, with discussions in their final stages among Gulf countries. He stressed the need for careful consideration due to security and technical concerns.

Regarding trade agreements, Al Budaiwi mentioned completed deals with Pakistan and South Korea last year and a recent one with Türkiye.

Talks are ongoing for a trade agreement with the UK, with discussions planned in the next two weeks.

Talks with the EU have been on hold for over a decade, but both sides are interested in resuming discussions.

“A delegation from the GCC General Secretariat will visit to initiate preliminary discussions, not negotiations, with EU representatives,” said Al Budaiwi.


Leaders in Riyadh Forge Policies Safeguarding Global Economy from Shocks

Part of the launch of the World Economic Forum activities in Riyadh (SPA)
Part of the launch of the World Economic Forum activities in Riyadh (SPA)
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Leaders in Riyadh Forge Policies Safeguarding Global Economy from Shocks

Part of the launch of the World Economic Forum activities in Riyadh (SPA)
Part of the launch of the World Economic Forum activities in Riyadh (SPA)

The bustling scene in Saudi Arabia is echoing the triumph of its economic overhaul under the national transformation plan, “Vision 2030.”

As the world converges for the World Economic Forum’s special gathering on global collaboration, growth, and energy for development in Riyadh on April 28 and 29, all eyes are on the Kingdom’s strides towards prosperity and sustainability.

Bringing together more than 700 participants, including stakeholders from governments and international organizations, politicians and corporate leaders, the gathering is expected to address global challenges as geopolitical tensions increase.

Vision 2030 has turned the Kingdom into a global hub for discussions, according to Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning.

Energy was a major focus at the forum’s start, with Saudi Energy Minister Prince Abdulaziz bin Salman highlighting the challenges of transitioning to green energy. Saudi Arabia aims to provide all types of energy to the world, he stressed.

Saudi Finance Minister Mohammed Al-Jadaan discussed how regional conflicts, like those in Gaza, affect economies by putting pressure on emotions. Stability is crucial for the region’s welfare and growth, he emphasized.

The success of Vision 2030 in Saudi Arabia is proof that nations can transform, said Kristalina Georgieva, the managing director of the International Monetary Fund (IMF). She stressed the need to share economic growth benefits among all countries.

Georgieva said that changes in interest rates can harm overall growth. She called for more cooperation, stabilizing finances, and lowering inflation.

Georgieva pointed out that the coronavirus pandemic cost the world about $3.3 trillion and stressed the immediate need to control inflation and rebuild financial safety nets. She warned against relying too much on one source for essential supplies, as it could hurt economic growth.

Al-Jadaan talked about how conflicts in the region put pressure on economies and people’s feelings, affecting economic stability. He urged a focus on people and economic growth over political issues.

Al-Jadaan highlighted Saudi Arabia’s goal of reducing tensions in the region in recent years and emphasized the need for economic plans to adapt to changing circumstances. He praised Vision 2030 for boosting investor confidence and driving positive economic progress in the country.

Moreover, the Minister mentioned the increased role of the private sector under Vision 2030, which focuses on quality rather than quantity of growth. He explained the importance of non-oil economic growth and strengthening the private sector for economic development.

Al-Jadaan also pointed out the global shocks of the past four years and the need for countries, including Saudi Arabia, to ensure their plans can withstand such challenges.

On his part, Alibrahim stressed using new technology for human welfare.

He highlighted how artificial intelligence will bring in billions economically over the next decade. Alibrahim noted Saudi Arabia’s role in creating opportunities under King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman’s guidance.

The Minister emphasized the importance of international cooperation, growth, and energy discussions during the forum in Riyadh, focusing on investing in people’s skills and well-being.

Alibrahim also mentioned Vision 2030’s aim to tackle various challenges, including social, economic, and humanitarian ones.

He stressed responsible energy production and consumption, advocating for new clean solutions for sustainability, and underlined energy’s crucial role in the economy.