Saudi Arabia is strengthening its commitment to a plan designed to wean the economy off oil, its finance minister said on Wednesday.
Mohammed Al Jadaan was addressing the second day of the Future Investment Initiative (FII) conference in Riyadh, which is hosting top global business, technology and financial leaders.
"Overall, I think we are very, very excited and happy with what we have achieved in the Saudi 'Vision 2030', but we are not complacent. We are doubling down, making sure that we do the right thing," the finance minister said.
In one deal signed during the conference, PIF will be an anchor investor in a new $2 billion Middle East-focused private equity fund from Canada's Brookfield Asset Management, which it plans to use for investments in sectors such as industrials, technology and healthcare, Reuters reported.
At least half of the capital will be invested in Saudi Arabia and international companies that are looking to expand in the Kingdom, the two companies said in a joint statement on Wednesday.
Jerry Inzerillo, CEO of Diriyah, a $64 billion "giga-project" located at a UNESCO World Heritage site outside the capital Riyadh, told the audience at FII that the project was "on time and on budget" and that its value and assets could rise to "well over" $100 billion by 2030.
"We are having a great FII because we closed so many deals here," Inzerillo added.
Jadaan told the audience on Wednesday investors were confident in the kingdom's plans.
"I really did not come here for Saudi Vision promises. I came here for what Saudi Vision delivered," Jadaan quoted a "prominent" investor attending the event as telling him.
