RIYADH: With its strong economic growth posted after the pandemic, Saudi Arabia is a safe place for investments — especially those focusing on long-term value creation, according to Faisal Al-Ibrahim, the Kingdom’s minister of Economy and Planning.
Speaking at the Future Investment Initiative in Riyadh on Oct. 25, Al-Ibrahim said the Kingdom’s Public Investment Fund is playing a crucial role in this transitional period as Saudi Arabia diversifies its economy in line with the goals outlined in Vision 2030.
“PIF is making bold investments. We have four relatively new sectors: entertainment, sports, tourism, and culture. These sectors did not materially exist before seven years, and PIF is making investments in these seven sectors,” he said.
Al-Ibrahim added that Saudi Arabia’s non-oil gross domestic product grew at 6.1 percent in the previous quarter which is the highest in 11 years. He, however, added that this growth is still below the Kingdom’s ambitions and targets.
He also noted the unemployment rate in Saudi Arabia has gone down significantly in recent years.
“We have one of the lowest Saudi female unemployment rates in 21 years, and the lowest male unemployment since recording started,” said Al-Ibrahim.
