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FII: Ministers Call for Further Diversification of Income Sources

Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)
Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)
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FII: Ministers Call for Further Diversification of Income Sources

Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)
Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)

Ministers of finance, who took part in the Future Investment Initiative (FII) Forum held in Riyadh on Wednesday, stressed the importance of further diversifying income sources, especially in new sectors, during the post-pandemic period.

These sectors include renewable energy, waste treatment, water and modern technology.

They highlighted the importance of ending dependence on oil revenues in plans to bolster the growth of economies.

Saudi Finance Minister Mohammed al-Jadaan said the Kingdom has begun achieving its 2030 Vision’s objective.

He affirmed that it has successfully passed the coronavirus test with its new regulations and laws that contributed to mitigating the effects of the COVID-19 disease.

Diversifying sources of income is a profitable option for the Kingdom, the minister noted, saying it is currently planning to invest in technology, renewable energy, waste treatment, and other significant sectors.

“Opportunities provided in Saudi Arabia are tremendous,” he said, adding that the youth will be able to invest in future sectors and face the next challenges.

“The Kingdom has raised the spending limit on water, waste treatment and other sectors in 2021, given the importance of these activities, in addition to debt and stock market reforms.”

Bahrain’s Minister of Finance and National Economy Sheikh Salman bin Khalifa said 85 percent of his country’s GDP comes from non-oil revenues.

The Kingdom targeted reducing dependence on oil revenues, he said, noting that it succeeded by reaching less than 20 percent.

Former White House Special Envoy to the Middle East Jason Greenblatt, for his part, said Saudi Arabia and other regional countries have managed to overcome the effects of the pandemic through other initiatives and programs.

Thomas Barack, founder and CEO of Colony Capital, stressed the importance of “diversifying sources of income to maintain economic growth in the Gulf States and the region in general.”

Having 75 percent of the youth population in Saudi Arabia stimulates the development of sectors and future economic activities for future generations, he noted.

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US Trade Delegation in Iraq to Boost Economic Ties

Iraqis walk through the book market in the Mutanabi Street of Baghdad, Iraq, Friday, April 4, 2025. (AP)
Iraqis walk through the book market in the Mutanabi Street of Baghdad, Iraq, Friday, April 4, 2025. (AP)
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US Trade Delegation in Iraq to Boost Economic Ties

Iraqis walk through the book market in the Mutanabi Street of Baghdad, Iraq, Friday, April 4, 2025. (AP)
Iraqis walk through the book market in the Mutanabi Street of Baghdad, Iraq, Friday, April 4, 2025. (AP)

A US trade delegation representing 60 companies was visiting Iraq to sign economic cooperation agreements with the private sector, Washington's embassy in Baghdad said Tuesday.

The three-day visit, which began on Monday, comes amid fears of an international recession after US President Donald Trump imposed sweeping tariffs on numerous countries, which included 39 percent duties on Iraqi imports.

The US delegation consists of 101 members from 60 companies in the energy, technology and health sectors, who are set to meet with senior Iraqi officials and sign agreements, said an embassy statement to AFP.

It is the largest US trade mission to Iraq in the more than 100-year history of the United States Chamber of Commerce, the embassy added.

In a post on X, the US mission said that a "pivotal memorandum of understanding to strengthen ties between the US and Iraqi private sectors" was signed on Monday between the US Chamber of Commerce and the Federation of Iraqi Chambers of Commerce.

"This partnership will foster long-term economic collaboration," it said.

According to the office of the US trade representative in Iraq, total goods trade with the oil-rich country reached $9.1 billion in 2024, with US exports amounting to $1.7 billion.

US goods imports from Iraq totaled $7.4 billion.

During the visit, Iraq is expected to sign a "landmark agreement" with General Electric to develop a high-efficiency power plant, according to Farhad Alaaldin, foreign policy adviser to the Iraqi Prime Minister Mohammed Shia al-Sudani.

Last year, during Sudani's visit to Washington, Iraq and the United States signed several memoranda of understanding in the energy sector, including one with General Electric to ensure the maintenance of the Iraqi electricity grid.

Iraq's power plants are currently highly dependent on gas imported from Iran, which provides about a third of its neighbor's energy needs.

But Tehran has often cut supplies, exacerbating regular power outages.

Baghdad has repeatedly stressed the need to diversify energy sources to reduce its dependence on Iran.

Iraq has been trying to move past decades of war and unrest, including a sectarian struggle after the US-led invasion 2003 toppled Saddam Hussein.