Saudi Arabia showcases its promising investment opportunities at the World Economic Forum
In a move reflecting the Kingdom of Saudi Arabia’s unwavering commitment to achieving the goals of Vision 2030, His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, intensified his efforts on the international stage by holding a series of bilateral meetings with leaders of major global companies. These discussions took place on the sidelines of the Kingdom’s high-level delegation’s participation in the World Economic Forum in Davos, Switzerland, the world’s leading platform for decision-makers in the fields of politics, economics, and business.
Background of participation: Davos as a strategic platform
The World Economic Forum in Davos is an annual gathering of the global elite, offering a unique opportunity for countries to showcase their economic plans and attract investment. Saudi Arabia's participation this year comes within the context of a comprehensive economic transformation led by Vision 2030, which aims to diversify the Kingdom's sources of income away from oil and transform it into a global investment powerhouse. The Ministry of Industry and Mineral Resources is a key player in this vision, working to develop vital sectors capable of competing globally.
Discussion topics: Quality opportunities and strategic partnerships
Minister Al-Khorayef's meetings focused on reviewing the significant opportunities the Kingdom offers in several promising industrial sectors. The ambitious goals of the National Industrial Strategy were highlighted, including enhancing local content, ensuring the sustainability of supply chains, and localizing advanced technologies. The incentives and enablers provided by the Saudi government to facilitate the journey for foreign investors were also reviewed, including advanced infrastructure and a stimulating regulatory and legislative environment.
The list of companies the minister met with included prominent figures in diverse sectors, such as the chairman and CEO of UPL (agrichemicals), the executive vice president of Pfizer (pharmaceuticals), the head of supply chain at Unilever (consumer goods), the head of international affairs at Citibank (financial services), and the CEO of Enveda (biotechnology). This diversity reflects the Kingdom's pursuit of building an integrated and interconnected industrial base.
Expected impact: Strengthening the national economy and international standing
These discussions are expected to yield tangible positive results both domestically and internationally. Domestically, attracting these investments will contribute to creating quality jobs for citizens, transferring knowledge and innovative technologies, and enhancing the Kingdom's industrial capabilities. Regionally and internationally, these partnerships will solidify Saudi Arabia's position as a leading industrial and logistical hub in the region and a reliable partner in the global economy, thus strengthening its appeal as a safe and stable investment destination capable of delivering profitable returns for investors.
These moves confirm the Kingdom’s commitment to building a sustainable and diversified economy, and turning global challenges into real opportunities for growth, in line with the objectives of the National Industrial Strategy and the Kingdom’s ambitious Vision 2030.
