Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Saudi Emphasis on Role in Supporting Regional Stability, Preserving Energy Supplies

Saudi Emphasis on Role in Supporting Regional Stability, Preserving Energy Supplies

Thursday, 14 January, 2021 - 09:00
Crown Prince Mohammed bin Salman was speaking at a strategic dialogue virtual event held by the World Economic Forum. (SPA)

Saudi Crown Prince Mohammed bin Salman on Wednesday stressed the role played by Saudi Arabia in the framework of promoting development, supporting the stability of the region and preserving the energy supply market, stressing the continuation of that role in the interest of the region through establishing security and peace, and enhancing economic cooperation.

Investment opportunities in Saudi Arabia will amount to $6 trillion over the next 10 years, he revealed at a World Economic Forum (WEF) strategic dialogue session.

The session was attended by more than 160 influential international leaders and business leaders, representing 28 sectors and 36 countries.

The Crown Prince also reviewed the achievements made by Saudi Arabia since the announcement of Vision 2030, in terms of doubling non-oil revenues, empowering women in the labor market, raising the level of competitiveness in the business environment, the significant improvement made in environmental protection, and the Kingdom's initiative regarding the circular carbon economy, which was approved by the G20 summit chaired by Saudi Arabia.

Confirming that major investments in the Kingdom will amount to $6 trillion over the next decade, the Crown Prince said $3 trillion of those investments would be in new projects as part of opportunities offered by the Vision 2030 reform program.

He indicated that 85% of this huge economic program will be funded by the Public Investment Fund and the Saudi private sector, while the remainder will be through stimulating foreign capital from the Gulf states and all countries of the world.

The Crown Prince added that the investments are in line with Saudi Arabia’s intention to rise to a leadership position in renewable energy and the fourth industrial revolution, tourism, transportation, entertainment and sports.

The Kingdom's previous achievements in accordance with Vision 2030 came within the framework of rapid transformation and reforms in the past four years, and that these reforms will double in the next ten years, he asserted.

Acknowledging that 2020 was full of challenges, the Crown Prince reaffirmed that Saudi Arabia was prepared given that it had undertaken a transformation journey a few years ago.

The Crown Prince added that the transformation journey took all the country's axes to new dimensions, in the economic aspects, government work and social aspects, and created quality investment opportunities.

Established in 1971 in the Swiss city of Geneva, the WEF is an international non-governmental organization and aims to improve the state of the world by strengthening cooperation between the public and private sectors.

The forum also seeks to involve the most prominent leaders of politics and the private sector with the aim of forming international, regional and industrial agendas, and the forum is keen to involve a number of competent holders, including leaders, politicians, decision-makers, leaders of the private sector, educational institutions and think tanks.

Editor Picks