CEO of Thales Group: ‘Saudi Arabia is Prepared to Attract Global Investments’

Logo of Thales Group
Logo of Thales Group
TT

CEO of Thales Group: ‘Saudi Arabia is Prepared to Attract Global Investments’

Logo of Thales Group
Logo of Thales Group

Patrice Caine, Chief Executive of the multinational Thales Group, which designs and builds electrical systems and provides services for the aerospace, defense, transportation and security markets, said that the Saudi environment has become prepared more than ever to attract institutional investments on the global level.

Caine expected Riyadh to move to leading positions in this field in order to write a new chapter in its history of economic development, which reaches four percent annually.

CEO of the French-based group said that the qualitative change in Saudi exports is a very important indicator of the Kingdom's efforts to diversify the economy, with encouraging data showing the growth of non-oil exports at a rate that exceeds the growth rate of oil exports in recent years.

However, oil still constitutes the largest share of the country’s foreign sales, reflecting the volume of the challenge the Kingdom faces in order to achieve economic diversification.

During his visit to Riyadh and on the sidelines of his participation in the Future Investment Initiative recently, Caine told Asharq Al-Awsat that in order to enhance non-oil exports, the Saudi government has established the Saudi Export Development Authority (SEDA), which has undertaken the duty of promoting non-oil products at the external level in parallel with supporting local companies and helping them export their goods.”

“Within this framework, SEDA constitutes a step in the right direction towards creating an economic environment of an international character, which will enhance the economy, create jobs and accelerate growth."

Caine also said Thales is ready to participate in future changes in Saudi Arabia in the framework of joint research programs and to promote the development of local capacities to match the programs of Vision 2030 through technological innovation, digital transformation, creating exceptional opportunities and enhancing areas of technology such as artificial intelligence, digital security, smart and secured cities and self-transport.

Saudi economy is considered one of the largest economies on the level of the Middle East, according to Caine, who added that it constitutes one of the 20 most important markets in the world as it has been achieving four percent growth annually for the past 25 years, contributing to the creation of millions of new job opportunities.

He pointed out that Thales will boost its work in the region, especially in Saudi Arabia, in light of the great opportunities available to it within the various sectors in which it operates.



FAO Official: Gulf States Shielded Themselves from Major Shocks

 David Laborde, Director of the Agrifood Economics Division at the UN's Food and Agriculture Organization (FAO)
David Laborde, Director of the Agrifood Economics Division at the UN's Food and Agriculture Organization (FAO)
TT

FAO Official: Gulf States Shielded Themselves from Major Shocks

 David Laborde, Director of the Agrifood Economics Division at the UN's Food and Agriculture Organization (FAO)
David Laborde, Director of the Agrifood Economics Division at the UN's Food and Agriculture Organization (FAO)

David Laborde, Director of the Agrifood Economics Division at the UN's Food and Agriculture Organization (FAO), told Asharq al-Awsat that global hunger increased sharply during the coronavirus pandemic, noting that the GCC countries were able to shield themselves from major shocks affecting food security.
Laborde added that global hunger affected over 152 million people, with no improvement in the past two years.
Today, 733 million people suffer from chronic hunger, and 2.3 billion face food insecurity, according to the UN annual report on “The State of Food Security and Nutrition in the World.”

Laborde explained that the global economic crisis has worsened food insecurity, keeping hunger levels high.
Alongside this, climate shocks and conflicts are major causes of hunger. He also pointed out that food insecurity is closely tied to inequality, and the economic crisis, rising living costs, and high interest rates are deepening existing inequalities both within and between countries.
On whether economic diversification in Gulf Cooperation Council (GCC) countries is boosting food security, Laborde said: “A move towards a more diversified economy and enhancing the ability to rely on various sources of food supplies are key drivers of food security resilience and stability.”
“GCC countries have managed to shield themselves from major shocks, primarily due to their high income levels and ability to cover import costs without difficulty,” he explained.
Regarding the FAO’s outlook on reducing global hunger, Laborde insisted that ending hunger will require a significant increase in funding.
When asked for suggestions on how governments could enhance food security, Laborde said: “Despite global figures remaining stable, improvements are seen in Asia and Latin America, showing that the right policies and conditions can reduce numbers.”
“Hunger is not inevitable. Investing in social safety nets to protect the poor, along with making structural changes to food systems to be more environmentally friendly, resilient, and equitable, is the right path forward,” emphasized Laborde.
The annual State of Food Security and Nutrition in the World report, published on Wednesday, said about 733 million people faced hunger in 2023 – one in 11 people globally and one in five in Africa.
Hunger and food insecurity present critical challenges affecting millions globally.
The annual report, released this year during the G20 Global Alliance for Hunger and Poverty Task Force ministerial meeting in Brazil, warns that the world is significantly lagging in achieving Sustainable Development Goal 2—ending hunger by 2030.
It highlights that global progress has regressed by 15 years, with malnutrition levels comparable to those seen in 2008-2009.
Despite some progress in areas like stunting and exclusive breastfeeding, a troubling number of people still face food insecurity and malnutrition, with global hunger levels rising.