Saudi Arabia underscored on Monday its ambition to position itself as a global hub for logistics, finance, and industry.
Saudi Minister of Investment Khalid al-Falih stressed that the Kingdom strives to become a leading destination for sustainable investment.
He announced a collaboration with a Swiss fund to launch financing initiatives in the debt market. The partnership is set to mobilize billions of euros, showcasing Saudi Arabia's commitment to becoming a leading destination for sustainable investment.
The Saudi-Swiss roundtable met in Riyadh and was attended by notable figures, including Swiss Federal Councillor Guy Bernard Parmelin and Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef.
Saudi investment plan
Saudi Arabia has plans for mega projects, with over $3.3 trillion earmarked for various sectors, including airports, factories, and green energy networks, announced al-Falih.
A substantial portion of this investment, approximately $1.8 trillion, is anticipated to be financed through bids to attract global investors from Switzerland and beyond, ensuring the highest quality standards for these projects.
According to the Minister, the Kingdom allocated $60 million annually to healthcare and life sciences, anticipating the active participation of Swiss companies in developing healthcare solutions.
He underlined Saudi Arabia’s ambition to becoming a global hub for added value in healthcare investments, supply chains, industrial development, energy transition, green energy, and other fields.
The Kingdom has devoted its efforts to increase the private sector's contribution to 65 percent, said al-Falih.
Saudi Arabia and Switzerland enjoy strong economic partnerships and deep-rooted bilateral relations and are poised to celebrate a century of cooperation by 2027.
Switzerland is one of the European countries that maintains strong relations with the Kingdom, which were boosted by the meetings of the joint economic committee on the sidelines of the Saudi-Swiss Forum held last year in Zurich.
New investments
Al-Falih pointed out that Saudi Arabia’s Vision 2030 is working to add new investments, indicating that the Kingdom is setting ambitious targets, aiming for an investment volume of $3.3 trillion by 2030.
He explained that the Saudi policies from Vision 2030 pushed towards exceeding the annual investment target during the past three years, including direct internal and external investment.
Saudi Arabia ranked tenth in the world in direct investment, including all economic sectors with investment in traditional energy, oil, gas, and petrochemical industries.
In terms of financial services, the Kingdom has become a global center for exporting capital abroad, and one of the destinations is Switzerland, said al-Falih, adding that financial transactions will continue with central Swiss and international banks.
Saudi industrial strategy
For his part, AlKhorayef highlighted a strategy that enables the private sector to create the required momentum by focusing on the industrial and mining industries, which is one of the most important Vision 2030 pillars.
He cited four significant strategies that transform the industrial and mining sector into a repository of promising opportunities, making the Kingdom a global logistics center and energy source.
AlKhorayef highlighted the opportunities for future cooperation with Swiss sectors, emphasizing the Kingdom's role as a critical economic bridge linking the Middle East and Africa with neighboring countries.
Moreover, he outlined Saudi Arabia's strategy to diversify the economy across 12 industrial sectors, categorized into three main groups focusing on national security, maximizing natural resources, and pioneering future industries such as space and renewable energy.
He also expected a significant transformation in light of the introduction of several programs and initiatives, including the Human Capability Development Program, to maximize human capabilities, training, skills, and education headed by Prince Mohammed bin Salman, Crown Prince and Prime Minister.
