Riyadh - Mubasher: Saudi Minister of Economy and Planning Faisal Al-Ibrahim said that the Kingdom's economy has grown by 20% without oil since the launch of "Saudi Vision 2030".

Al-Ibrahim added during his speech at the eighth edition of the Future Investment Initiative conference, today, Thursday, that we have witnessed a 70% increase in private investment in non-oil sectors, and this has paved the way for openness and many partnerships with businesses, companies and investors.

He explained that non-oil activities constitute 53% of the actual GDP, pointing to the importance of partnerships between the public and private sectors.

He pointed out that more than 120 companies moved their regional headquarters to the Kingdom in the first half of this year, and the percentage of capital increased by 50%.

He stressed that the progress in the Kingdom is relentless, and it is a bright spot in the global economy. He explained that the Kingdom seeks to achieve its 2030 vision by enhancing economic diversity and achieving sustainable development.

He pointed out that Saudi Arabia will be a pioneer in artificial intelligence, and is working to create a business environment that integrates innovation, provides more regulatory clarity, and offers practical solutions.

He continued: “We seek to find new solutions such as different technologies and therefore set a world record or a new record in solar energy and wind energy, pointing to Saudi Arabia’s commitment to keeping the world connected and enhancing the strength and durability of supply chains.”