The Human Capability Initiative (HCI) conference, held over two days in the Saudi capital, Riyadh, focused on preparing the next generation to tackle modern technologies like artificial intelligence.
Sponsored by Saudi Arabia’s Crown Prince Mohammed bin Salman, the event aimed to find sustainable funding for education and strengthen public-private partnerships.
During the conference, Saudi Investment Minister Khalid Al-Falih announced licenses for 450 international investors to set up regional headquarters in the Kingdom.
He highlighted a significant increase in international licenses since the launch of Saudi Arabia’s national transformation plan, “Vision 2030.”
Al-Falih revealed that the number of licenses for international investments in Saudi Arabia has increased from 3,000 at the beginning of the vision to 30,000 business licenses, stressing the Kingdom’s commitment to creating the best conditions for investors to develop skills and learn to enhance innovation and entrepreneurship and to consolidate the growth of the private sector.
Al-Falih also shared plans to double the economy by the end of the decade, with a focus on increasing partnerships with the private sector.
“By the end of this decade, our economy aims to be two and a half times larger than what it was before the beginning of Vision 2030,” said Al-Falih while noting that the private sector’s participation in the economy will jump from 40 % to more than 65 % and the size of the private sector will be four times higher than that of its current size.
He outlined a target of adding over $3 trillion in investments, with a focus on new sectors like digital economy, tourism, finance, healthcare, pharmaceuticals, and biotechnology.
Al-Falih emphasized that these investments will create huge opportunities for skill development.
He pointed out that as new sectors like renewable energy and biotechnology emerge, skill gaps will be filled through training, ensuring the Kingdom has a skilled workforce ready for deployment.
Al-Falih pointed out that Vision 2030 is the most comprehensive transformation in the Kingdom’s history.
“We are transforming and developing our economy into a green economy and enhancing the business environment and our international competitiveness,” said the minister.
