Amidst Saudi Arabia’s push for economic diversification, the localization of emerging industries, the adoption of green energy technologies like ammonia and hydrogen, climate-conscious initiatives, and the integration of artificial intelligence, experts stress the vital importance of business councils affiliated with the Federation of Saudi Chambers to assume a proactive role.
Their task involves not only keeping pace with the ever-evolving modern economic and industrial landscape but also spearheading the necessary adaptations to effectively respond to transformative developments.
Experts stressed the importance of business councils adopting a strategic plan to attract top investments, form successful partnerships, produce high-quality products that can compete globally, and draw on innovative experiences from various fields, especially in aerospace and technology.
“Business councils play a crucial and primary role in fostering economic and trade relations, facilitating investment flows between Saudi Arabia and other countries,” affirmed Shura Council member Fadl al-Buainain.
“Additionally, they enhance mutual cooperation and contribute to translating commercial and investment opportunities into tangible and high-quality partnerships,” he told Asharq Al-Awsat.
“The more business councils receive the support and guidance of leadership, the more effective their role becomes in overall development,” explained Buainain.
“Saudi Arabia is keen on enhancing the role of the private sector through joint business councils, with increasing support in line with the government’s vision to strengthen strategic partnerships with friendly countries.”
“These councils are envisioned as a bridge for development and investment flows, aligning with a comprehensive vision.”
Buainain further highlighted that within the private sector, there are large companies in which the government holds the majority of ownership. As a result, economic decisions intertwine with sovereign developmental decisions, ultimately serving the public interest.
Regarding the new trends that business councils are expected to focus on, Buainain emphasized the importance of exploring opportunities for green economic development.
He highlighted that this is one of the Kingdom’s main objectives, noting that there is a package of initiatives, including financial investments exceeding SAR 700 billion ($186.6 billion).
According to Buainain, this means expanding investments in two main areas: first, enhancing energy sources to ensure supply sustainability and market stability, and second, promoting green economic development that safeguards the environment and human health.
These efforts are directed towards achieving long-term carbon neutrality.
Buainain also highlighted that the completion of the green hydrogen plant project, which is the world’s largest green hydrogen project with a cost of $5 billion, will enable the Kingdom to export clean fuel in the coming years.
He emphasized that diversifying economic sources is the primary goal of Crown Prince Mohammed bin Salman, stating that hydrogen production is a significant part of his strategy.
